Loan Administration Specialist

POSITION SUMMARY STATEMENT

The Loan Administration Specialist will be responsible for the servicing of all nationwide real estate and consumer loans. Ensure all tasks are completed in accordance with all regulatory requirements and guidelines while being responsive to the needs of our internal and external members.

PRIMARY DUTIES AND RESPONSIBILITIES:

• Receive, monitor and release vehicle/boat/RV titles to ensure MIT FCU has perfected its liens on all secure
• Maintain, manage and processes all UCC liens to safeguard and secure loan
• Monthly Heat Loan billing and reconciliation while maintaining MassSave
• Monitor paid ahead loans report and send out correspondence to
• Review close HELOC draw loan report and process letters to
• Processes GAP and credit life and credit disability claims though CUNA by compiling critical documentation for review.
• Responsible for reviewing customer payment or late charge disputes and calculates daily interest to determine if an adjustment is warranted.
• Accesses eOscar system to review and decide if Member disputes warrant a credit report adjustment and make necessary changes, if required.
• Process approved forbearance or skip-a-pay tasks for loans
• Perform end of day (EOD) reporting on mortgage servicing system (MSS) for daily reconciliation of full portfolio loan payments and data
• Maintains mortgage pipeline to accurately identify loans for sale to investors and review wire funding sheets to closing attorney/title company for mortgage closings
• Responsible for performing post-closing quality assurance for accuracy of onboarded mortgage products onto MSS
• Review and upload closing packages to MSS
• Monitor and file required original trailing documents
• Ensure all loans are transferred and assigned to the correct investor in the
• Processing daily reports, exceptions and balances in the MSS General Ledger for
• Process, research and balance daily investor remittances by generating reports for resolution of any exception/rejects to balance investor accounts
• Processing daily reports, exceptions and balances in the MSS General
• Perform daily/monthly reconciliation and repair discrepancies between MERS and MSS in addition to generating reports and attestations required for annual reporting to third party vendor.
• Perform MERS PIF deactivation
• Generate and analyze New Loans Entered Report to reaffirm accuracy of onboarding and Unapplied Balances Report prior to closing investors at EOM.
• Process, review and deliver loan payoff statements and process payoff wires/checks
• Generate PIF real estate loans report, draft, review and record Discharges/Lien Release
• Generate and review monthly late fees and billing statement for all mortgage loans ensuring data
• Analyze real estate tax documents to identify pertinent tax data for the creation of a TAR (Tax Amounting Reporting) on tax servicing agency (CoreLogic)
• Perform quality control checks on real estate tax disbursements for accuracy by reviewing historical data and analyzing real estate tax duplicate record prior to generate tax disbursement and scheduling of wire
• Monitor and maintain CoreLogic portfolio for accuracy of loan level data
• Monitor and processes flood insurance, homeowner’s insurance, private mortgage insurance, and any other escrow payments to ensure all payments are timely
• Monitor flood insurance and homeowner’s insurance for consistent coverage or notify member of
• Monitor lapsed insurance and process force placed
• Support and assist members with insurance claims and determine the required action for claim checks for property damage.
• Order required inspections and ensure insurance claim repairs are completed per plans and specifications prior to releasing fund per guidelines.
• Perform and review required Annual Escrow Analysis per regulatory guidelines in addition to responding to member inquiries.
• Processes and researches member requests for PMI cancellation and decides if regulations are met for
• Monitor LTV percentages for PMI cancellation per guidelines and generate annual PMI
• Process principal payments and produce re-amortization schedule with modification documentation, per investor guidelines.
• Gathers documentation for modification, partial release, subordination, and utility easement
• Communicates with members as needed to answer questions, resolve concerns, and keeps members

Other Duties and Responsibilities

• Implement and comply with all MIT FCU, MIT policies and procedures in a fair and equitable manner within scope of accountability.
• Ensure compliance ethical/legal standards and state and Federal laws within departmental scope and take action when violations occur anywhere in the credit union
• Assist in retrieving loan documentation for all annual audits
• Supports department needs and other duties as needed or required
• Utilize opportunities to present to and/or refer current and potential members to the products and services of the Credit Union

SKILLS/QUALIFICATIONS

• Working knowledge of consumer and real estate loan servicing regulatory requirements
• Knowledge of Mortgage Electronic Registration System (MERS) procedures
• Knowledge of CFPB Regulations
• Strong computer skills required with proficiency in MS Office (including Word and Excel); Outlook experience preferred.
• Knowledge of Fannie Mae and general loan servicing
• Excellent organizational skills and ability to handle multiple tasks with speed and
• Strong written and verbal communication skills
• Superior member service skills with ability to form long-term business relationships
• Displays initiative and dependability
• Attention to detail

EXPERIENCE AND EDUCATION REQUIREMENTS

• High school diploma or equivalent
• Minimum two (2) years’ experience in banking or credit union
• One (1) year experience in loan servicing, lending, credit union operations or related field experience preferred
• Knowledge of Fannie Mae, Freddie Mac and FHLB investor delivery, servicing, and reporting strongly
• Experience with FISERV DNA core system.