Loan Servicing Representative I

Tower Federal Credit Union • Laurel, MD

410d • $44,408 - $55,494

About The Position

The Loan Servicing Representative I 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 a variety of tasks including escrow administration, preparing reports for investors, and maintaining compliance with lending regulations.

Requirements

• Associate's degree plus 1-2 years experience or 4 years directly related experience.
• Thorough knowledge of real estate lending practices, including federal regulatory requirements and FNMA/FHLMC guidelines.

Nice To Haves

• Experience with Microsoft Excel and writing skills.
• Ability to communicate effectively with title companies or attorneys.
• Experience in training staff on job duties.

Responsibilities

• Provides timely and effective service to members, employees, and related business relationships to the administration and servicing of loan products.
• Provides training and job task assistance to fellow employees.
• Administers escrow 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 settlements and processes FICS exception payments.
• Researches and resolves all general ledger differences and participates in audits.
• Prepares daily and monthly reports and handles remittance requirements for FHLMC and FNMA.
• Researches 'Cash to Test' and 'Pool to Security' differences and reconciles them.
• Responsible for accurate preparation, input, and delivery of loans for sale to Freddie Mac and Fannie Mae.
• Processes complex Summit and FICS corrections and manages partial releases and insurance losses.
• Tracks, processes, and pays real estate taxes, hazard insurance, and other escrow items.
• Completes FICS monthly and yearly processing and reporting, including Credit Bureau Reporting and IRS reporting.
• Prepares and reviews tax and insurance disclosure notices and makes necessary adjustments to loan accounts.
• Produces and reviews interest rate change notices and payment change notices for Summit and FICS.
• Participates in special projects and assignments under the direction of Loan Servicing Management.

Benefits

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

What This Job Offers

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