What are the responsibilities and job description for the Loan Servicing Specialist I (Part-time) position at Mountain Valley Bank?
Job Title: Loan Servicing Specialist I
Part-Time: Monday, Tuesday, Thursday, Friday (Average 28 hrs/week)
Department: Loan Operations
Reports To: SVP, Director of Operations
FLSA Status: Non-Exempt
Job Summary
The Loan Servicing Specialist provides essential administrative and operational support to multiple lending functions. This role involves maintaining accurate records, ensuring timely submission of documents, and assisting with problem resolution. The Loan Servicing Specialist coordinates with various departments to meet schedules and deadlines and is responsible for preparing reports, conducting research, and ensuring compliance with bank policies and procedures.
Key Responsibilities
- Administrative Support: Provide administrative support to the loan operations team by processing loan documentation, organizing files, and managing records in accordance with bank policies.
- File and Record Maintenance: Ensure all loan files and records are accurately maintained, complete, and up-to-date. Review documents before submission to ensure compliance with internal and external requirements.
- Document Review and Submission: Conduct thorough reviews of loan documents prior to submission, ensuring completeness, accuracy, and compliance with regulatory standards and bank policies.
- Coordination and Communication: Coordinate with other departments, including underwriting, compliance, and customer service, to ensure timely completion of loan processing activities and problem resolution as necessary.
- Report Preparation: Develop, compile, and prepare reports related to loan servicing activities, projects, and other tasks as assigned.
- Research: Conduct necessary research to support loan operations activities, solve problems, or complete projects efficiently.
- Problem Resolution: Assist in resolving issues related to loan servicing, coordinating with team members and management as needed to ensure prompt and effective solutions.
- Compliance and Quality Control: Follow established policies, procedures, and systems to ensure accuracy, compliance, and quality control throughout loan servicing processes.
- Support to Director of Operations: Provide support to the Director of Operations, including assistance with special projects, ad hoc requests, and other duties as assigned.
Assigned Detailed Tasks
- Scan and index loan documentation which includes but not limited to financial documents, executed loan packets, vehicle titles, recorded instruments, insurance, customer identification documents, and any other document related to the customer and their credit file, in the bank’s electronic filing system to ensure accurate and accessible records
- New Loan Packets – Pull a report listing the new loans booked the previous day and monitor when the original executed loan packet is received in Loan Servicing. Once received, the loan packet documentation is reviewed to make sure all documents have been scanned and indexed.
- Paid Loans – Pull a report listing all loans that were paid off the previous day. The specialist will work the paid loans to determine how the loan was paid off and will pull the appropriate collateral and/or prepare releases.
- Filing – Responsible for filing original loan documentation to the appropriate file in collateral cabinets.
- Cross training in various other tasks within the loan operations area when needed.
Qualifications
- Education: High school diploma or equivalent required; associate degree in finance, business administration, or related field preferred.
- Experience: 1-2 years of experience in loan servicing, banking, or administrative support within a financial institution is preferred.
Skills and Abilities:
- Strong attention to detail and accuracy in processing loan documentation and maintaining records.
- Effective organizational and time management skills to meet deadlines and handle multiple tasks.
- Excellent written and verbal communication skills to interact effectively with team members and other departments.
- Proficiency with Microsoft Office Suite, including Excel and Word; experience with loan servicing software is a plus.
- Problem-solving skills with the ability to conduct research and resolve issues as they arise.
- Knowledge of banking and lending procedures, compliance regulations, and basic financial principles is beneficial.
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