Loan Servicing Specialist

Date posted:

Department:

Lending

Location:

Long Island City (HQ) - Queens, NY

Description:

Responsible for day to day loan servicing activities and has knowledge of various functional areas across the loan servicing area. Ensure the quality and timely processing, disbursement and maintenance of mortgage and consumer loans. Responsible for compliance with applicable Federal, State and NCUA rules, regulations and laws while upholding UNFCU’s commitment to quality member service and representing UNFCU in a positive and professional manner.

Accountabilities:

• Maintain availability to answer inbound calls from members regarding various loan servicing issues.
• Professionally answer members’ questions and concerns regarding the servicing of their mortgage loans to include billing statements, escrow questions (tax, insurance, and escrow analysis), ARMS, PMI, misapplied payments and other servicing issues.
• Process consumer loan and mortgage loan updates and adjustments and record in appropriate information systems.
• Post regular, past due and principal payments via lockbox or ACH.
• Conduct/monitor escrow analysis and process escrow disbursements in a timely manner.
• Complete verification of first mortgage and payoff requests with the necessary/proper authorization from the member.
• Process members’ requests for payment histories, amortization schedules, payoffs, and provide members with documentation requests related to mortgage loans.
• Maintain confidentiality of member information.
• Ensure all member issues and complaints are resolved in a timely manner including escalating the complaint to management, as needed or required.
• Must have a good working knowledge of servicing guidelines and regulatory requirements established under RESPA and implemented through CFPB.
• Meet established standards and guidelines with regard to compliance, job knowledge, quality attendance and punctuality, efficiency, initiative, member service and overall performance.
• Keep abreast of changes to current policies and procedures.
• Report, monitor, and balance UNFCU’s secondary market portfolio, including Fannie Mae and FHLB:
o Review, research, and resolve all variances in the Investor Reporting Fannie Mae Application.
o Prepare monthly trial balances and remittance reports for investors.
o Facilitate the accurate and timely submission of reports and funds transfer to investors as specified by the servicing agreement
o Perform an audit, analysis and comparison of remittance reports to investor’s edit reports, and ensure the proper and accurate identification and clearing of all variances
o Perform monthly reconciliation of general ledger and custodial bank account activity to loan servicing details and to investor’s remittance activity
o Responds to investor inquiries and performs research.
o Participates in testing of servicing system and Fannie Mae upgrades/releases.
• Manage the tax payments for all mortgage loans, requesting tax bills, disbursing payments, researching discrepancies, and updating information systems as necessary.
• File all related documentation in appropriate information systems and follow the proper procedures when filing a mortgage satisfaction.
• Ensure proper insurance coverage is maintained on member auto and mortgage loans.
• Take appropriate steps to protect UNFCU’s interest in collateral, including forced placement coverage and/or refer to repossession/foreclosure staff.
• Ensure proper lien recordings and releases for auto and mortgage collateral. This includes file storage, document safekeeping and tracking of collateral to ensure UNFCU has perfected liens.
• Maintain proper logs of removal of legal documents from secure files.
• Perform document review and audits.
• Service UNFCU’s Home Equity Loan portfolio including disbursing initial funding requests.
• Provide coverage for other Loan Servicing Representatives as needed.
• Handle more complex levels of transactions with limited supervision to complete daily tasks and duties.

Qualifications:

TYPE & AMOUNT OF EXPERIENCE:
• Bachelor’s degree, or equivalent experience, plus 2 years of related work experience in loan servicing or in work that provided a working knowledge of mortgage and consumer loan products, including secured and unsecured loans, auto loans, lines of credit, and credit cards

TECHNICAL COMPETENCIES:
• Must have general knowledge of federal, state, county or city, investor, insurer, and internal laws, policies and procedures with regard to mortgage loan servicing and consumer loan servicing
• Knowledge and understanding of Investor Accounting, reporting and remitting concepts
• Familiarity with loan related documents such as Note, Mortgage/Deed of Trust, Riders, PMI and Flood certificates, and Closing Disclosures/TRID
• Strong Microsoft Office skills; experience with FICS Mortgage Servicer is a plus

BEHAVIORAL COMPETENCIES:
• Ability to pay attention to detail while handling a high volume of work with multiple interruptions
• Ability to work effectively in a team-oriented environment as well as independently
• Excellent communication skills, both verbal and written
• Ability to work on cross-functional teams
• Professional appearance and willingness to work flexible work hours

WORK ENVIRONMENT/CONDITIONS:
• Standard office conditions

In addition to any specific job requirements in connection with Bank Secrecy Act and/or OFAC (BSA), employee must (i) be aware of BSA matters commensurate with the position; (ii) report any suspicious activity to the manager or compliance department; and (iii) satisfactorily complete any required BSA training.