Loan Servicing Rep III

Tower•Laurel, MD

10d•$28 - $36

About The Position

The Loan Servicing Representative III is responsible for providing effective loan servicing to Tower members, quality control of post closing issues, and effectively supporting investor loan sales and service.

Requirements

Associates degree plus 1-2 years experience or 4 years directly related experience
Demonstrates a thorough knowledge of real estate lending practices, including federal regulatory requirements, state regulations, FNMA/FHLMC guidelines, VA, and private investor guidelines.
Ability to apply concepts of fractions, percentages, ratios and proportions to practical situations with a high degree of accuracy.
Ability to interpret, understand and apply Investor and regulatory requirements.
Ability to grasp and understand legal documents.
Ability to operate a personal computer, to include: word-processing and excel.
Ability to grasp and understand loan servicing operating procedures and standards.
Ability to read, write and accurately interpret documents such as procedure or technical manuals
Ability to communicate verbally or in writing, either independently or with minimum supervision.
Ability to effectively communicate with title companies or attorneys.
Ability to read, analyze and accurately interpret and apply policies, procedures, operating manuals and instructions related to loan servicing functions.
Ability to define problems, collect data, establish facts and draw valid conclusions
Ability to solve problems with many concrete variables in a variety of situations
Ability to focus on detail and verify accuracy of numbers and text
Ability to exercise discretion with members and co-workers.
Ability to adapt to changes with internal, market or regulatory environments.
Ability to prioritize diverse job assignments and meet established deadlines
Ability to work under stress
Able to arrive at work routinely and promptly
Ability to effectively organize loan files and documents.
Ability to perform in a multi-task environment with excellent skills in prioritizing tasks.
Ability to understand and respond to needs of others
Ability to persuade others to consider a course of action
Ability to respond to sensitive inquiries, objectives and complaints
Ability to maintain sensitive and confidential information
Ability to coach and effectively train staff on their job duties
Has knowledge of and adheres to credit union policies and procedures and all regulations related to the Bank Secrecy Act, the USA PATRIOT Act and OFAC.

Responsibilities

Provides timely and effective service to members, employees, and related business relationships to the administration and servicing of Tower Federal Credit Union’s loan products.
Provides training and job task assistance to fellow employees.
Provides escrow administration for new and existing real estate loans.
Maintains quality control of mortgage and consumer loans.
Prepares accurate and timely required daily and monthly investor reports as required by Freddie Mac and Fannie Mae.
Produces and reconciles all daily, FICS (mortgage) settlements.
Researches and processes FICS exception payments.
Researches and resolves all general ledger differences.
Participates in audits both internal and external.
Prepares all daily and monthly reports plus handles all remittance requirements for the Federal Home Loan Mortgage Corporation (FHLMC) and the Federal National Mortgage Corporation (FNMA).
On a monthly basis, researches “Cash to Test” and “Pool to Security” or actual shortage/surplus differences including gathering supporting documentation, reconciling the difference, and correcting the investor or Tower information.
Responsible for accurate timely preparation, input, and delivery of loans for sale to Freddie Mac and Fannie Mae.
Processes complex Summit and FICS corrections and is responsible for partial releases, insurance loss, etc.
Responsible for tracking, processing, and payment of all real estate taxes, hazard insurance, private mortgage insurance, and other miscellaneous escrow items based on standard mortgage system reports.
Responsible for the set up of escrow items in the FICS (mortgage system).
Accurately completes FICS monthly and yearly processing and reporting, including Credit Bureau Reporting, deferred income accounting, IRS, various internal reports and home equity PMI reporting.
Handles complex post closing and consumer loan collateral issues.
Prepares and reviews tax and insurance disclosure notices on a monthly basis making the necessary adjustment to the loan account and any automatic payment.
Produces and reviews interest rate change notices, payment change notices for Summit and FICS on a monthly basis.
Responsible for the final review of equity and mortgage loan files before the Senior Loan Servicing Representative or Manager, Loan Servicing.
Participates in special projects and assignments under the direction of Loan Servicing Management.