What are the responsibilities and job description for the Loan Servicing Officer position at Windsor Federal Bank?
Position Summary
Performs loan servicing functions to include, but not limited to processing loan modifications, payment processing, ARM processing, and any other loan servicing tasks, as needed. Maintain abreast with compliance and regulatory requirements, investor guidelines and adherence to Bank policies and procedures to aid the loan servicing team with questions. Maintains a working knowledge of (1) programs used by department, (2) department procedures, (3) transaction processing, and (4) investor requirements in order to perform more complex activities and assist the Loan Servicing Specialist(s), as needed. Maintain and reconcile the mortgage suspense account, monitor and review department reports/logs, and review/approve the daily work folder. Prepare and process all audit requests. Act as core provider liaison (which includes creating minors, DDA accounts, system updates, etc.)
Essential Functions
Performs loan servicing functions to include, but not limited to processing loan modifications, payment processing, ARM processing, and any other loan servicing tasks, as needed. Maintain abreast with compliance and regulatory requirements, investor guidelines and adherence to Bank policies and procedures to aid the loan servicing team with questions. Maintains a working knowledge of (1) programs used by department, (2) department procedures, (3) transaction processing, and (4) investor requirements in order to perform more complex activities and assist the Loan Servicing Specialist(s), as needed. Maintain and reconcile the mortgage suspense account, monitor and review department reports/logs, and review/approve the daily work folder. Prepare and process all audit requests. Act as core provider liaison (which includes creating minors, DDA accounts, system updates, etc.)
Essential Functions
- Maintains a working knowledge of the Loan Servicing Department's policies and procedures.
- Provides ongoing leadership and development of the lending operations staff.
- Remains current on all regulatory changes that are impactful to the Loan Servicing Department.
- Remains current on all investor guidelines that are impactful to the Loan Servicing department.
- Resolves customer complaints in a tactful and effective manner. Assist staff with customer queries in order to improve overall services to the Bank's customers.
- Prepare and process all audit requests.
- Monitor daily, weekly, and monthly reports to identify and resolve tasks requiring completion and errors requiring resolution.
- Monitor, review, process and approve all items in the daily work folder for the Loan Servicing department.
- Release review and sign-off for all loans that have paid in full.
- Support and assist with Loan Servicing department ongoing projects, as needed.
- Manage and maintain PIC requirements for the Loan Servicing department.
- Update system records as appropriate.
- Serve as core provider liaison to ensure creation of minors, proper mapping of general ledgers and deposit accounts related to all bank loan portfolios.
- Meet with management regularly to identify potential investor scorecard risks and/or compensatory fees.
- Performs Credit Bureau reporting including corrections and dispute processing.
- Provides support to branches and customer service as needed regarding mortgage servicing issues.
- Complies with all bank policies, procedures, and BSA, Deposit and Lending regulations.
- Performs FHA monthly audits.
- Processes residential and consumer modifications.
- Create and inactivate system reconciliation document requests in INSIGHT.
- Updates comments for document request items for QC Specialist.
- Backup to all team members for absences and vacations.
- Performs other related duties as required.
- Associates degree or its equivalent with 3 - 5 years of mortgage loan servicing, accounting, and supervisory experience or some comparable combination of education and experience.
- Excellent written and verbal communications skills.
- Strong customer service orientation.
- Proficient operation of the Bank's loan servicing platform, Laser-Pro, Abrigo and Microsoft Software (e.g. Word and Excel).
- Working knowledge of the Bank's loan product offerings, Bank loan regulations and the Bank's loan policies and procedures.
- Ability to interact with co-workers and customers in a positive manner.
- Ability to exchange information with others clearly and concisely: to present ideas, facts and technical information.
- Ability to perform under stress when confronted with critical timeline constraints and large work volumes.
- Ability to perform a variety of duties within the department, after receiving appropriate cross training, without the loss of efficiency or composure.
- Ability to receive guidance and supervision and follow work rules and procedures. Ability to meet deadlines, and to meet punctuality and attendance standards.
- Ability to systematically identify task requirements and monitor progress towards accomplishment.
- Ability to maintain relationships that facilitate task accomplishment, to cooperate and resolve conflicts, to recognize needs and be sensitive to others.
- Ability to work independently as well as in a team environment.
- Ability to learn quickly with a strong attention to detail and problem-solving.