Loan Operations Specialist
Vibrant Credit Union•Moline, IL
•Onsite
About The Position
The Loan Operations Specialist will assist in all functions of consumer loan operations. This role will serve as an expert in payoff processing, GAP/Warranty claims and insurance tracking, and account verification. This role will also provide the highest level of service to members needing to perform maintenance on their loans.
Requirements
- High School Diploma or General Education Degree required
- Six months experience working at a financial institution is preferred
- Basic knowledge of core banking systems, phone and ticketing systems, and loan servicing systems to complete tasks
- Basic knowledge of loan servicing compliance requirements
Responsibilities
- Process total loss claims, Skip a Pay on eligible retail products, and EFT payments
- Answer inquiries and verify data with third-party insurance providers and provide proper documentation through appropriate channels
- Complete CPI-related claims/refunds/exceptions on all loans and products
- Execute payment reversals and receivable corrections on all loan products
- Process consumer loan payoff payments, product cancellations refunds, and repossession recovery payments
- Complete and provide members with Adverse Actions
- Complete Serviceman Civil Relief Act (SCRA) requests, maintenance, and compliance
- Review and respond to credit disputes from credit reporting agencies through third-party vendor
- Responsible for sorting incoming mail to the proper department
- Generate loan-specific reports from core system as requested by management
- Able to complete bankruptcy support, reports, and DNA maintenance
- Review and process product cancellations on indirect auto loans that have been paid off early, repossessed, or declared a total loss by a member’s insurance carrier
- Calculate unearned premium refunds based on pro-rata or Rule of 78’s methods as specified per each contract and applicable state regulations
- Initiate cancellation requests directly with GAP, VSC, MBP, CLDI, and other ancillary product providers and track submissions thoroughly to receipt of refund or credit
- Apply refund proceeds correctly to outstanding loan balances, member accounts, or issue refund checks in accordance with credit union policy and state law
- Complete loan file document maintenance and clean up
- Administer rate maintenance on loans and products
- Resolve assigned tickets meeting Service Level Agreements
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What This Job Offers
Job Type
Full-time
Career Level
Entry Level
Education Level
High school or GED
