Collateral Specialist

Old National Bank • Evansville, IN

1d • Onsite

About The Position

Old National Bank, established in 1834 with over $70 billion in total assets, is a regional financial institution committed to client service, community investment, and social responsibility. The bank is seeking a Collateral Specialist to manage the tracking and receipt of titles securing loans as collateral and ensure the timely processing of all consumer purpose paid loans. This role involves accurately releasing mortgages, titles, UCC’s, and motor vehicle lien statements. The specialist will interact with external customers, other financial institutions, state government offices, recorder’s offices, Bureau of Motor Vehicles, loan officers, banking center personnel, auto dealers, and insurance companies to resolve title-related issues. A key aspect of the position is understanding state laws for perfecting liens to protect the bank's collateral. The specialist will also assist the manager in preparing and verifying reports for management, with a strong emphasis on accuracy to prevent financial losses. Responsibilities include researching and analyzing reports from Title Companies and Attorney’s offices for lien releases and ensuring proper paperwork for cancellation of add-on packages purchased by customers.

Requirements

• High school diploma or equivalent
• Proficient in use of Microsoft Word, Excel, PowerPoint
• Query experience
• Minimal physical requirement in office environment
• Excellent organization skills and excellent attention to detail.
• Ability to manage time and work efficiently
• Ability to work in a team-oriented environment
• Ability to work under strict time constraints
• 2 + years loan system/banking/documentation experience

Responsibilities

• Track receipt of titles and lien statements for titled collateral securing loans. It is necessary to contact and work with license bureaus and county clerks regarding issues that would cause collection concerns if loan goes into default. Also is necessary to work with other financial institutions, insurance companies and customers to rectify issues with perfecting our lien.
• Create and mail correspondence to customers requesting titles and VIN modification affidavits. Complete requests for titles from other states. Process requests from Insurance companies guaranteeing release of title to the proper party at loan payoff. Research outstanding items on perfecting liens and determine how to obtain title and/or listing of proper lien holder on title.
• Work with collections to obtain delinquent titles for lien perfection. Complete title and lien requests from banking centers, dealers, and customers.
• Complete daily checklists used by management to complete quality/condition reports to senior management. Also, update existing title, paid and payoff procedures as processes change.
• Timely and accurately process consumer purpose paid-in-full loans for all banking centers. Responsibilities include: preparing documentation to send to loan customers, proper release of car titles, boat/trailer titles, UCC’s, and preparing mortgage releases for Jr. Liens and home equity lines of credit. This also requires determining whether collateral should be held in the event the paid loan has been refinanced. Also, verifying that the loan is not cross collateralized. This includes the research & analyzing of requests from title companies and attorney’s offices for release of old liens. Also, ensuring dealerships receive proper paper work for cancellation of add on packages purchased by customers.
• Assist the banking centers and customers by completing special requests for mortgage and title lien releases. Determining that the collateral can be released without bank loss by reviewing the loan records housed in loan operations.
• Complete loan payoff requests for consumer residential and non-residential products. Requests are submitted via fax or centralized e-mail box to Loan Servicing. Communication will be required with banking center associates, customers and other financial institutions.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: High school or GED