What are the responsibilities and job description for the Loan Servicing Specialist position at Kennebec Savings Bank?
Description
POSITION SUMMARY: This position is responsible for performing loan servicing functions within the Bank’s core operating system. These tasks would include, research and problem resolution, assisting Bank employees with loan issues, timely and accurate processing of real estate tax and insurance payments on all commercial, mortgage and consumer loans, collection support, loan account set-up, and compliance with all regulations; as well as supporting Bank products and services.
KEY RESPONSIBILITIES:
Loan maintenance: Perform maintenance on all types of loans, after doing research as necessary. Follow up on completed maintenance, review reports for loan accuracy, process and correct loan payments and payoffs as needed. Refer problems or unusual situations to the Loan Processing Manager.
Real estate tax processing: Coordinate all aspects of real estate tax payments on a timely basis, according to established procedures. Review loan accounts to determine amount of property taxes due and monthly payment required from the borrowers; establish and maintain escrow accounts and records. Process the input, disbursement and reconciliation of tax bills; ensure timely remittance to municipalities so that neither the borrowers nor the Bank are penalized. Communicate with borrowers and municipalities as necessary to obtain missing tax bills and resolve real estate tax-related problems. Refer problems or unusual situations to the Loan Processing Manager.
Insurance processing: Monitor hazard/homeowners insurance coverage on all mortgage loans according to established procedures. Process Forced Order Hazard (FOH) insurance policies working with the assistance of the Collections Officer. Review all loans to verify insurance coverage is in place and complies with Bank requirements.
Prepare and process loan accounts that have life, accident, disability and/or PMI insurance, according to established procedures; process remittances and cancellations. Process all mail pertaining to the above.
Commercial Servicing: Process manual payments for participation loans as well as initiate wires to other banks when appropriate. Process commercial loan payoffs and change in terms. Set up new commercial loans on the system. Track line of credit decreases and commercial loans that complete the construction phase. Reconcile commercial loan suspense general ledger. Responsible for insurance tracking for loans over 1 million. Respond to commercial loan officer inquiries.
Collections support: Perform core system maintenance and processing for Collections Officer. Support the Collections Officer with his/her core system functions as necessary.
Loan account set-up: Set-up new loan accounts in accordance with established Bank policy and procedures. Input new loan information into the computer system; establish escrow accounts as applicable.
Compliance: Comply with all Federal and State banking regulations and all Bank and department policies and procedures.
Customer service: Respond to lenders, customers, attorneys, and realtors' inquiries concerning loan rates, products or application status. Provide prompt, courteous service to customers. Refer prospective customers to loan officers or other Bank staff members as appropriate; refer problems and complaints to the Loan Servicing Manager.
Other loan processing duties: Assist with other loan processing/closing functions when necessary to meet customer or department workload needs.
Support Bank products/services: Maintain knowledge of current KSB products and services. Actively utilize as many Bank products and services as possible in order to fully understand their features and benefits and to be able to communicate effectively with customers and prospective customers.
Talk to customers and listen for “cues and clues” to determine needs; respond to customer inquiries and evaluate their needs; suggest Bank products/services to customers to meet their needs; make referrals to other Bank personnel as appropriate.
Community/public relations: Actively participate in community organizations and events. Represent the Bank in the community.
Other duties: Demonstrate reliable attendance and punctuality. Handle telephone inquiries and provide information to customers, vendors and other departments in a professional and courteous manner. Attend and participate in Bank meetings. Attend internal and external training to improve skills and knowledge relevant to the loan operations clerk position.
Perform other duties as required.
Requirements
EDUCATION/EXPERIENCE REQUIRED:
- High school graduate.
- 3 years' experience in mortgage or commercial servicing preferred.
- Experience on the Fiserv system is desirable.
- Ability to analyze problem situations and determine appropriate options for resolution of the issues.
- Computer literate, with experience in Microsoft Office; experience with loan processing systems desirable.
OTHER REQUIREMENTS:
- Must be able to lift files and other documents of approximately 20 pounds.
- Must be able to stand or sit for extended periods of time.
- Must be able to spend extended periods of time working at a computer.
- Must be able use the telephone to converse with customers; must be able to communicate clearly by telephone; must have good listening ability and skills.
- Must be able to prioritize and organize work flow; must have good attention to detail; must be able to handle multiple jobs.
- Must have the ability to think through a problem, following proper steps in finding resolution.
- Must have a high degree of ethics and maintain confidentiality of customers and accounts.
- Must be friendly, courteous and sensitive to the needs of customers and coworkers.
