Collateral Specialist

Hills Bank•Iowa City, IA

About The Position

The Collateral Specialist reports to the Loan Servicing Supervisor and works closely with the Loan Servicing Specialist, lenders, customers, and third-party companies. The role ensures proper filing and release of recorded mortgages, vehicle titles, deposit accounts, and Uniform Commercial Code (UCC) filings; processes escrow holdback agreements and disbursements; and performs other loan-collateral duties. The specialist researches, prepares, and files mortgage and UCC releases, subordinations, and partial releases. The position also processes insurance policies, maintains insurance escrow billing, follows up on lapsed coverage, and manages the force-placed insurance portfolio, including submissions, reconciliations, and customer communications about insurance requirements in accordance with state and federal regulations.

Requirements

Bachelor's degree in business or a related field, or 2–3 years of related experience.
Computer and communication skills appropriate for a typical office environment.
Ability to use office equipment.

Responsibilities

Follow up on outstanding collateral to ensure proper filing.
Prepare and file mortgage releases from weekly collateral release reports; research and prepare requested mortgage releases, subordinations, and partial releases.
Complete monthly reconciliation of the Mortgage Release Fee general ledger.
Process incoming hazard and flood insurance policies.
Document and communicate insurance cancellation and renewal issues with customers and lenders to help maintain appropriate coverage.
Arrange force-placed insurance when necessary and process monthly reconciliations, refunds, and renewals.
Ensure proper lien filing for vehicles and deposit accounts held as loan collateral.
Process weekly vehicle-title and deposit-account release reports and special release requests.
Review UCC filings for loans secured by commercial and agricultural security agreements and work to resolve incorrect filings or lien-placement issues.
Follow up monthly on UCC continuations and amendments.
Process escrow holdback agreements and disbursement items, follow up with lenders regarding fees, and process customer distributions.
Process incoming loan payoff requests.
Answer questions and provide backup support to the Assistant Collateral Specialist, Flood Insurance Specialist, Title Work Administrator, and Loan Servicing Specialists.
Assist with filing and other Loan Servicing Department duties and projects as needed.
Assist in supporting other bank activities when requested.
Help develop manuals and supporting documentation for tasks and duties associated with the position.