Loan Servicing Clerk

WEBSTER FIRST FEDERAL CREDIT UNION•Worcester, MA

2d•Onsite

About The Position

The Loan Servicing Clerk is responsible for executing the day-to-day tasks primarily associated with collateral and title management but also support department operations which include servicing the consumer loan portfolio and ancillary services. Experience in loan servicing is not necessary though preferred. Training for all functions is provided by the Consumer Lending team.

Requirements

Ability to read, analyze, and interpret written and oral instruction.
Ability to present information and respond to questions from members of management and credit union members.
Ability to add, subtract, multiply, and divide in all units of measure, using whole numbers, common fractions, and decimals.
Ability to define problems, collect data, establish facts, and draw valid conclusions.
High school diploma or GED and six months to one year of credit union/banking experience preferred.

Nice To Haves

Experience in loan servicing is not necessary though preferred.

Responsibilities

Manage titles and security interest of collateral.
Perform various duties related to vehicles titles:
-Process paperwork to produce vehicle titles on new loans
-Manage Vin-TEK system to track titles
-Process the release of vehicle titles to members at payoff
-Send letters of guarantee to insurance companies stating that the title will be mailed once a payoff is received by the Credit Union
-Complete UCC-1 forms to release WFFCU’s security interest on a title when a member has paid off a loan, but a title was not required at time of purchase
-Complete lien release affidavit when a member has lost a title
Perform post-closing quality/error review of completed loans including income analysis.
Prepare mailings.
Assist members with account-related questions and concerns.
Performs all tasks related to CPI (force-placed insurance) including insurance add-on’s, refunds, recalculating payments, working reports, and notifying members.
Process Skip-A-Pay requests
Prepare paperwork/files on delinquent loans and forward to the Collections department.
Quote payoff amounts to members, dealers on trade-ins, and insurance companies on losses.
Process loan payments and payoffs
Perform duties relative to the department such as:
-Scanning documents
-Sort and process incoming mail
-Filing
Train and educate new staff upon request.