Loan Servicer III

Park Community Credit Union • Louisville, KY

3d

About The Position

By emphasizing ONE Park, ONE mission, ONE team, the Loan Servicer III supports the credit union by ensuring the accuracy and integrity of loan records and processes to minimize risk and potential loss. This role requires an advanced level of commercial, mortgage, and consumer loan servicing expertise and includes responsibility for secondary market execution and investor related activities, supporting work of high complexity. The position is designed to provide operational flexibility through differentiated primary assignments. All individuals in this role are fully trained and capable of performing both loan servicing and secondary market functions, with each position assigned a primary area of responsibility and expected to provide back'up coverage and additional support as operational needs require. The Loan Servicer III serves as a departmental resource for expertise, guidance, and continuity.

Requirements

• Three to five years of similar or related experience.
• (1) A two-year college degree, or (2) completion of a specialized certification or licensing, or (3) completion of specialized training courses conducted by vendors, or (4) job-specific skills acquired through an apprenticeship program.
• Work involves much personal contact with others inside and/or outside the organization for the purpose of first-level conflict resolution, building relationships, and soliciting cooperation. Discussions involve a higher degree of confidentiality and discretion, requiring diplomacy and tact in communication.
• Extensive knowledge of consumer, commercial and real estate lending practices and procedures. Should be able to run spreadsheet and word processing software.

Responsibilities

• Perform servicing duties for complex loan types including loan advances, rate change notices/ maturity letters, tax agency reporting, payment maintenance, payoffs, partial or full releases, assignment of rents, UCC filings, etc.. Responsible for servicing functions regarding participation loans and payment remittances. Act as liaison with CUSOs to gather month-end data and work reports for loans with outsourced servicing. Work reports to gather trailing documentation, such as recorded mortgages, assignment of rents and title insurance/attorney opinion letters, etc. Respond to member and originator inquiries in a timely manner. Assist processing/underwriting with renewing matured loans. Research and resolve complex payment, insurance and tax issues, etc. Employees whose primary assignment is secondary market execution are expected to maintain proficiency in loan servicing functions and provide coverage as a designated backu2011up or during periods of elevated volume.
• Review and evaluate information on closed mortgage loan files to determine if loans meet Secondary Market requirements. Lock, commit, and deliver loans to Investors. Responsible for maximizing profitability of secondary market loans through best efforts execution and pricing accuracy. Stay informed of investor requirement changes and ensure adherence to all applicable guidelines. Verify lock price, investor, and loan level pricing adjustments (LLPA) on all lock requests. Reprice locked loans based on applicable changes throughout the loan process. Follow up on expiring locks and extend or cancel as needed. Ensure complete loan files are delivered timely to investors and complete annual certifications on all investors and coordinate investor-required audits, documentation requests, and follow-up items as needed. Employees whose primary assignment is loan servicing are expected to maintain proficiency in secondary market functions and provide coverage as a designated back up or during periods of elevated volume.
• Assist in other areas of the lending department which may include training new employees, new user set up , rate changes, etc. as needed or assigned. Work on special projects or assignments as needed.
• Maintain knowledge of rules, policies and procedures governing all classes of loans, with a focus on commercial and mortgage lending regulations, secondary market investor guidelines, and compliance
• Perform other job-related duties as assigned.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: Associate degree
• Number of Employees: 1-10 employees