Collateral Specialist

Old National Bank•Evansville, IN

1d•Onsite

About The Position

Old National Bank has been serving clients and communities since 1834. With over $70 billion in total assets, we are a regional powerhouse deeply rooted in the communities we serve. As a trusted partner, we thrive on helping our clients achieve their goals and dreams, and we are committed to social responsibility and investing in our communities through volunteering and charitable giving. We are currently seeking a Collateral Specialist which will be responsible for the tracking and receipt of titles securing loans as collateral as well as ensuring the timely processing of all consumer purpose paid loans for the corporation. This includes the accurate releasing of mortgages, titles, UCC’s and motor vehicle lien statements. The Collateral Specialist will be corresponding 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 secure missing titles and/or rectify other type of issues. This position must know the state laws for perfecting the liens in each state in order to perfect our collateral. You would also work with the manager to prepare and verify missing title and other reports for management. Accuracy in this position is essential to protect the bank from incurring a loss when releasing collateral. You must research and analyze reports from Title Companies and Attorney’s offices for release of old liens. Also, ensure that dealerships receive proper paperwork for cancellation of add on packages purchased by the customer.

Requirements

High school diploma or equivalent
Proficient in use of Microsoft Word, Excel, PowerPoint
Query experience
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.
Contact and work with license bureaus and county clerks regarding issues that would cause collection concerns if loan goes into default.
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.
Update existing title, paid and payoff procedures as processes change.
Timely and accurately process consumer purpose paid-in-full loans for all banking centers.
Prepare 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.
Determine whether collateral should be held in the event the paid loan has been refinanced.
Verify that the loan is not cross collateralized.
Research & analyzing of requests from title companies and attorney’s offices for release of old liens.
Ensure 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.
Determine 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.
Communication will be required with banking center associates, customers and other financial institutions.