Residential Loan Servicer

SCU Credit Union has a mission to positively impact the financial well-being of our members by providing access to a wide range of products and services; to support the diverse communities we serve through education and collaboration; and to foster a rewarding environment for our employees!

We put our members at the heart of everything we do and strive to exceed their expectations by providing: empathy, giving back, integrity, stability, and an inclusive culture. If you align with these values too, we would love for you to join our team!

SUMMARY

Reviews documentation after each closing to ensure the accuracy and consistency of all transactions. Verifies that all conditions are satisfied. Works with branch personnel and outside vendors in obtaining missing or incomplete documentation. Organization and set-up of loan files. Works with borrowers, attorneys, and other lending institutions in the preparation of loan payoffs. Processes payoffs and cancellations of loan Notes. Maintains all aspects of obtaining and releasing of mortgages. Prepares discharges and letters to borrowers. Reconciles and maintains various General Ledger accounts. Assists in all Loan Servicing department functions as directed by Supervisor.

ESSENTIAL DUTIES AND RESPONSIBILITIES:

• Reviews the loan file when closing documents are returned to determine if additional information is needed or corrections to the closing documents. Ensures accuracy of the documents.
• Reviews the closing conditions. Contacts member service representative or borrowers to obtain missing documentation. Updates the files after receipt of documentation.
• Reviews and updates all documentation sources for Automatic transfer ACH, payroll deduction, checking or savings transfer of loan payments. Works with various departments and personnel to ensure accuracy and finalization of automatic transfers.
• Reviews the input of the loan specifics on the Host system. Assists in the correction of input errors. Notifies appropriate personnel for corrective action.
• Prepares payoff calculations and notifies the appropriate parties. Handles phone inquires faxes and member service questions regarding payoff requests.
• Prepares disbursement of payoff funds and discharges all applicable documents along with the cancellation of the Note. Maintains loan records of disbursement amounts. Maintains all paid Note files.
• Generates mortgage verification forms and mails out accordingly.
• Assist with the organization and filing of Mortgage loan files. Scanning and indexing into the imaging system, if necessary.
• Quality control review of first and second mortgage loan files for accuracy and correction of data on the Host system. Scanning of documents to Host system.
• Reconciles various general ledger accounts and billing invoices. Maintains weekly or monthly reconciliation reports on various vendors.
• Maintains a number of logs (tracking) in order to generate weekly or monthly reports.
• Assists with phone calls to/from members regarding servicing issues and cross sells applicable products and services.
• Continuance review of Credit Union policy and procedures. Incorporating any changes in compliance within areas of responsibility.
• Performs scanning, indexing and filing
• Reviews periodic reports
• Assists Contact Center, Branches and borrows with payment reversals or corrections.
• Manages loans with Private Mortgage Insurance (PMI). Ensures proper letters and notifications are provided to borrowers according to regulations. Termination of PMI, when applicable.
• Performs Escrow analysis, initial, annual, and short year analysis.
• Assists with the annual 1098 review, reading for distribution to borrows
• Ensures that all Home Improvement mortgages are recorded properly with the Register of Deeds. Files recorded mortgages in loan file folders, or imaging system .
• Maintenance of forced placed homeowner and flood insurance. Annual review of flood insurance coverage on residential loans. Maintenance of accounts with Flood zone changes and notifications to borrowers.
• Reviewer and maintenance of flood insurance reports from vendor.
• Performs related duties as assigned.
• Assists with job duties of a Consumer Loan Servicer when requested.

Disclaimer: The job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee. Duties, responsibilities and activities may change or new ones may be assigned at any time with or without notice.

SUPERVISORY RESPONSIBILITIES: NONE

QUALIFICATIONS:

• Wide range of banking knowledge plus a good understanding of standard servicing procedures and regulations.
• Excellent communication skills, both verbal and written, in dealing effectively with members and third party vendors.
• Ability to organize and prioritize multiple tasks.
• The ability to operate a computer terminal.
• Proficient clerical and typing skills.
• Ability to research and resolve problems.
• Good interpersonal skills necessary to represent the Credit Union in a positive manner.
• Must have a basic understanding of debits and credits- prior experience or coursework in accounting is desirable.
• Knowledge of various residential, consumer and commercial products and policies is desirable.

EDUCATION:

• At least two years of lending, banking or loan processing or servicing experience is desired.
• Bachelor's degree and a minimum of seven years of experience in Consumer Lending; or an equivalent combination of education and experience.
• Two to three years of increasingly responsible experience in many of the mortgage lending functions in order to become familiar with origination functions.

WORK ENVIRONMENT

The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. This position will be set-up to work in the office. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

The noise level in the work environment is usually quiet.

PHYSICAL DEMANDS

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties of this job, the employee is regularly required to sit; use hands to finger, handle or feel, reach with hands and arms; and talk or hear. The employee is occasionally required to stand and walk. The employee must regularly lift and/or move up to 10 pounds. Specific vision abilities required by this job include close vision, peripheral vision, and ability to adjust focus.

SCU Credit Union is an equal employment opportunity employer.