Loan Servicing Rep III

Tower Federal Credit Union • Laurel, MD

389d • $57,013 - $85,509

About The Position

The Loan Servicing Representative III at Tower Federal Credit Union is responsible for providing effective loan servicing to members, ensuring quality control of post-closing issues, and supporting investor loan sales and service. This role involves training fellow employees, managing escrow administration, preparing reports for Freddie Mac and Fannie Mae, and handling complex loan servicing tasks.

Requirements

• Associate's degree plus 1-2 years of experience or 4 years of directly related experience.
• Thorough knowledge of real estate lending practices and federal/state regulations.
• Ability to apply mathematical concepts accurately.
• Ability to interpret and apply investor and regulatory requirements.
• Proficient in operating a personal computer, including word processing and Excel.
• Strong communication skills, both verbal and written.
• Ability to analyze and interpret policies and procedures related to loan servicing.

Nice To Haves

• Experience with loan servicing operating procedures and standards.
• Knowledge of the Bank Secrecy Act, USA PATRIOT Act, and OFAC regulations.

Responsibilities

• Provide timely and effective service to members and employees regarding loan products.
• Train and assist fellow employees with job tasks.
• Administer escrow for new and existing real estate loans.
• Maintain quality control of mortgage and consumer loans.
• Prepare daily and monthly investor reports as required by Freddie Mac and Fannie Mae.
• Produce and reconcile daily FICS settlements.
• Research and process FICS exception payments and resolve general ledger differences.
• Participate in internal and external audits.
• Prepare reports and handle remittance requirements for FHLMC and FNMA.
• Research and reconcile monthly cash and pool differences.
• Prepare, input, and deliver loans for sale to Freddie Mac and Fannie Mae.
• Process complex Summit and FICS corrections, including partial releases and insurance losses.
• Track and process payments for real estate taxes and insurance.
• Set up escrow items in the FICS mortgage system.
• Complete monthly and yearly processing and reporting for FICS, including Credit Bureau Reporting and IRS reporting.
• Handle complex post-closing and consumer loan collateral issues.
• Prepare and review tax and insurance disclosure notices monthly.
• Produce and review interest rate and payment change notices monthly.
• Conduct final reviews of equity and mortgage loan files before submission to management.
• Participate in special projects and assignments as directed by management.

Benefits

• $1,000 Signing/Retaining Bonus effective 1/20/2024
• $0 out-of-pocket premium cost for Employee Only PPO
• Low premiums for all other PPO coverage levels

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Industry: Credit Intermediation and Related Activities
• Education Level: Associate degree