Payment Processing Specialist

Reports to: Loan Servicing Manager

Classification: Full-Time Non-Exempt

Supervisory Responsibilities: No

Position Mission

We are seeking a detail-oriented Payment Processing Specialist to join our Mortgage Loan Services team. The ideal candidate will be responsible for processing mortgage loan payments, ensuring accurate and timely application of payments, managing cash remittances to investors like Fannie Mae, and handling related loan servicing inquiries. This role is critical in maintaining financial accuracy and customer satisfaction by efficiently processing loan transactions, preparing reports, and addressing payment discrepancies.

Essential Duties and Responsibilities:

• Process incoming mortgage payments (checks, electronic transfers, and other payment methods) and apply them to the appropriate loan accounts.
• Reconcile daily payment transactions and ensure that all payments are processed accurately and on time.
• Remit cash to Fannie Mae and other investors in accordance with established guidelines, ensuring compliance with reporting and remittance deadlines.
• Upload loan activity reports and cash remittances to Fannie Mae and other relevant investor platforms.
• Monitor payment exceptions and discrepancies, investigate causes, and take corrective actions.
• Assist with returned mail, including updating borrower contact information and addressing correspondence issues in a timely manner.
• Provide support to customers regarding payment inquiries, payment histories, loan balances, and other account-related questions.
• Collaborate with the accounting and loan servicing teams to ensure smooth and efficient operations, including accurate posting of payments and reconciliation.
• Maintain accurate records of all payment activities, loan reports, and remittances, and produce reports for management and investors as needed.
• Assist in managing delinquent loan accounts and communicate with borrowers to resolve payment issues.
• Identify process improvements and support the implementation of new payment technologies or system upgrades.
• Ensure compliance with regulatory and industry standards regarding mortgage payments, loan servicing, and financial data security.

Qualifications:

• High school diploma or equivalent (Bachelor’s degree in finance, Accounting, or a related field preferred).
• 2+ years of experience in payment processing, loan servicing, or a related role within financial services.
• Knowledge of mortgage loan servicing procedures and regulations (including RESPA, TILA, CFPB guidelines, and Fannie Mae requirements).
• Familiarity with payment processing systems and investor reporting platforms.
• Strong attention to detail and ability to work with large volumes of financial data accurately.
• Experience with remittance processing and reconciling payments for investors like Fannie Mae.
• Proficient in Microsoft Office Suite (Excel, Word) and loan servicing software.
• Effective communication skills, both written and verbal, with the ability to interact professionally with customers, investors, and internal teams.
• Ability to work in a fast-paced environment while maintaining a high level of accuracy and compliance.
• Preferred Skills
• Experience with mortgage servicing software (e.g., Servicing Director, Fiserv, or similar platforms).
• Familiarity with ACH and EFT payment processing methods.
• Experience with Fannie Mae remittance and reporting requirements.
• Prior experience in a customer service role within the financial or mortgage industry.
• Understanding of data privacy laws and security practices in payment processing.
• Work Schedule
• Ability to travel as needed.
• Availability to work flexible hours, including evenings or weekends, as needed.
• Physical Requirements.
• This is largely a sedentary role.
• Must be able to occasionally lift objects up to 20 pounds.