Mortgage Loan Servicing Specialist

Overview

Responsible for the administrative support of mortgage loans after they are closed and through the life of the loan. Is a point of contact for members who have questions or need assistance with their mortgage loan. Assists in verifying and setting up new loans in the mortgage system. Manages and tracks payments for homeowner’s insurance to ensure disbursements are made in a timely manner. Assists with posting and reconciling payments to mortgage loans. Facilitates the payoff process by preparing and reviewing payoff quotes. Prepares lien release documents and paperwork to ensure proper loan closure. Performs job duties while ensuring regulations, compliance and investor guidelines are upheld.

Responsibilities

1. Assumes responsibility for effectively and accurately setting up mortgage loans.

a. Onboard new mortgage loans that have closed into mortgage servicing system software. b. Audit new loans to verify data accuracy. c. Verify escrow details, including tax account, hazard insurance, HOA, and private mortgage insurance policies. d. Run initial escrow disclosures. e. Set up automatic payments.

2. Accurately monitors hazard insurance policies are active and in place.

a. Track loans to ensure active and proper hazard insurance coverage is maintained. b. Coordinate with members and insurance companies to receive updated policy information. c. Process insurance premium disbursements from escrow accounts to insurance companies in a timely manner. d. Place force-placed policies when there are lapses in insurance to protect the credit union’s and investors' assets.

3. Assumes responsibility for accurately processing, posting and adjusting payments to mortgage loans.

a. Post mortgage payments timely and accurately. b. Handle reversals and adjustments of payments. c. Post external ACH payment transfers. d. Set up recurring automatic payments.

4. Processes mortgage loan payoffs, lien releases and other items related to closing out mortgage loans.

a. Accurately calculate and prepare payoff quotes for members and title companies. b. Validate loan payoff quotes prepared by other staff. c. Post payoff payments to mortgage loans accurately to properly close out loans. d. Handle proper lien releases with counties by properly preparing and recording reconveyance documents. e. Prepare and mail final pay off documents to members. f. Archive documents.

5. Assumes responsibility for ensuring that professional business relations are established and maintained with Credit Union members and third parties such as title companies and insurance agents.

a. Maintains the Credit Union’s professional reputation in all phone and email contact. b. Maintains confidentiality. c. Receives phone calls and provides accurate and clear information as requested.

6. Assumes responsibility for establishing and maintaining effective communication and coordination with Credit Union personnel.

a. Assist area personnel as needed. b. Communicates with area personnel and management regarding activities and significant problems. c. Attends and participates in meetings as required.

7. Assumes responsibility for related duties as required or assigned.

a. Stays well informed of investor policies, procedures, and related legal requirements.b. Maintains cleanliness and security of work area, desks, and equipment. c. Performs other duties as required or assigned.

Qualifications

Training/Education/Certification:

• High school graduate or equivalent.

Required Knowledge:

• General understanding of mortgage loans and mortgage processes. • General office skills.• General knowledge of computer use.• Understanding of related legal and regulatory standards.

Experience Required:

• Previous experience with a full-service financial institution is preferred. • Varied office experience.

Skills/Abilities:

• Math and accounting abilities. • Well organized and attentive to detail.• Accuracy and thoroughness in work. • Excellent grammar, communication and telephone skills. • Professional appearance, dress, and attitude. • Ability to work independently as well as in a team environment.• Ability to handle stressful situations. • Ability to operate computer applications and basic business equipment. • Sound judgment supported by solid analytical skills.• Excellent problem-solving skills.