Loan Servicing Representative

Merchants Bank•Hastings, MN

23h•$23 - $31•Onsite

About The Position

Merchants Bank has an opening for an experienced Loan Servicing Representative. The preferred location for this in-office position is Winona or Rochester, MN but could possibly work from any of our Merchants Bank locations in MN and WI. Duties include a variety of mortgage servicing functions to support borrowers and maintain accurate loan records. Responsibilities include boarding new mortgage loans, processing borrower payments, assisting with hazard insurance processing, completing loan maintenance transactions, and responding to customer inquiries. The role will act as a Tier 2 help desk resource for escalated servicing matters. The position ensures the accuracy of loan data and records while adhering to applicable regulations, investor guidelines, and internal policies, and works collaboratively with borrowers, internal departments, and third-party vendors to support an exceptional servicing experience.

Requirements

3+ years of mortgage servicing experience, including FNMA, FHLMC, VA, FHA loan boarding, payments, and reporting required.
Experience in escrow processing and payments required.
Experience in Secondary Market reporting and applications is key.
Independent thought, good organization, self-motivation to complete tasks and remain on schedule with minimal supervision.
Personal computer skills, good typing skills, effective telephone and written communication skills.
Amiable personality; team player.
Adherence with financial requirements and regulations is required.
Must be able to remain calm under pressure and relate to all types of personalities.

Nice To Haves

Cross trained in all areas of loan servicing.

Responsibilities

Boarding new mortgage loans
Processing borrower payments
Assisting with hazard insurance processing
Completing loan maintenance transactions
Responding to customer inquiries
Acting as a Tier 2 help desk resource for escalated servicing matters
Ensuring the accuracy of loan data and records while adhering to applicable regulations, investor guidelines, and internal policies
Working collaboratively with borrowers, internal departments, and third-party vendors to support an exceptional servicing experience
Input of all real-time loan payments and loan advances for all MFGI locations
Loan maintenance as required for all MFGI locations, including but not limited to, coupon books, payment schedule modifications, auto deducts, ACH, FTM, payment and/or interest rate changes, risk rating changes, collateral changes, officer number changes, etc.
ACH or FTM setup and account review to ensure transactions are accurate & timely
Reviews and processes daily, weekly, and monthly loan reports
Completes consumer loan input, including Overdraft & Home Equity Lines of Credit for all locations
Completes commercial new loan, renewal, change in terms loan input for all locations
Input purchased and sold commercial loan participations on Signature system
Reviews commercial participation reports and transacts/dialogs with participating banks
Complete setup of new dealers in floorplan software and manage daily disbursements
Completes retail and correspondent mortgage boarding for all locations
Input sold participations for Secondary Market mortgage portfolio (sold to Fannie Mae/Freddie Mac)
Place loans in non-accrual and charge-off on Signature system and prepare accounting histories and payoff statements, when requested
Servicemembers Civil Relief Act (SCRA) processing and tracking
Manages credit bureau reporting, monitoring of error reports and resolution of disputes, as required by Fair Credit Reporting Act (FCRA)
Completes monthly Federal Housing Association (FHA), Veterans Administration (VA), Rural Economic Development, and Agriculture Best Management Practices Loan Program (AgBMP) reporting
Performs all servicing functions for secondary market investors (Freddie Mac & Fannie Mae) loans, i.e. reporting payoffs and daily transaction activity, remittance of cash, participation input, property loss claims management, escrow processing, cancellation or private mortgage insurance, etc.
Utilizes Freddie Mac and Fannie Mae WEB applications for communication and transfer of data
Processing in Signature system of all mortgage modification and deferral loans
Reports & reconciles investor accounts monthly per secondary market guidelines and as required by external auditors
Ongoing monitoring, maintenance, and disbursement of all escrow accounts for payment of homeowners insurance, flood insurance, private mortgage insurance, FHA mortgage insurance, USDA guaranty fees and property taxes
Manage property loss claims for all mortgage loans, as required by Secondary Market guidelines
Provides annual PMI disclosures to all upfront and monthly private mortgage insurance loans.
Responds to written requests for cancellation of PMI, as required by Regulation and Secondary Market guidelines and completes automatic PMI terminations based on original value when loan is at 78% LTV
Annually inquires with each State/County on status of taxes paid for all non-escrow customers with appropriate notification per established procedures
Ongoing follow-up with insurance agents to obtain initial insurance policies for credit file as required by secondary market and errors & omissions policy
Verification of adequate coverage and importing of all insurance policies to electronic storage
Provide annual escrow statements, including statements for modified loans, that require a longer timeframe for the spread of any shortage and/or deficiencies
Responds to internal and external customer phone or written loan inquiries in a courteous, prompt (immediately or within 4 hours) and accurate manner by phone, as well as, through written correspondence
Distributes a wide variety of reports both within and outside the department; Possesses knowledge and understanding of reports which remain within the department; Maintains proper retention of reports within department
Researches identified customer and computer system problems utilizing problem solving skills to hypothesize causes; Communication including recommendations with Manager/Assistant Manager for correction and prevention of continued problems
Annually reviews and prepares interest paid statements
Successfully completes Tier 2 “help desk” responsibilities in a timely and accurate manner. This includes all incoming servicing email, workflow items for late fee waivers, loan payments and advances, troubleshooting issues, as well as being the first individual to pick up the telephone by the second ring.
Performs other duties as requested by manager/assistant manager within the Bank.