Mortgage Servicing Assistant

Eastman Credit Union•Kingsport, TN

About The Position

Eastman Credit Union is now hiring a Mortgage Servicing Assistant! Our ideal candidate will conduct themselves in a way that reflects our high standards of professionalism and customer service. These standards include excellent communication skills, leadership ability, self-awareness, and flexibility. We search for candidates that reflect integrity, loyalty, and dedication in everything they do. Eastman Credit Union offers competitive pay and benefits, promotional opportunities, and a culture that is hard to beat! We have high expectations for performance and want employees who can rise to the challenge. Summary Ensure Mortgage and Equity Loans are efficiently and accurately serviced and maintained from closing to payoff. Provide excellent member service. Research member inquiries as requested and respond in a timely manner and according to compliance rules and regulations. Assistants will be assigned primary responsibilities which may include: (1) taxes, (2) insurance, (3) flood insurance, (4) Private Mortgage Insurance, (5) managing force placed insurance as needed, (6) manage requests for changes to payments or escrow, (7) manage adjustable rate changes, (8) annual escrow analysis, (9) manage flow of documentation from closing to final payment, (10) paid loans, (11) assist with release of post-closing related funds (Funds Held, Purchase Plus, Texas Home Improvement), (12) partial releases, subordinations, assumptions. (13) Monitor group inbox and ACD line. (14) Post-closing government loan maintenance.

Responsibilities

Regulations related to mortgage lending are extensive and apply through the processing as well as throughout the servicing of that loan, which could be up to 30 years. Servicing assistants are charged with meeting many of these regulations. These may include, but are not limited to: ▪ Regulation Z – High - Cost Mortgages / Higher Priced Mortgages
Periodic Statement Requirements
Adjustable-rate Disclosures and Requirements
Ability to Repay
Right of Rescission
Home Mortgage Disclosure Act (HMDA)
Regulation X Timely Escrow Payments and Treatment of Escrow Balances
Error Resolution Procedures / Requests for Information
Force Placed Insurance
Homeownership Counseling
Regulation B – Equal Credit Opportunity Act Adverse Action
Appraisal Delivery
Qualified Mortgages
TILA RESPA
Fair Credit Reporting Act/FACTA
Equal Credit Opportunity Act
Right to Financial Privacy Act
Preparing and providing loan payoff statements for closing agents and members
Flood Insurance management
Staff will manage returned mail and contact member for new address to ensure that statements are received
Staff must be proficient in the use of the core system (OSI/DNA), loan origination system (Encompass), storage system (Nautilus), and cView.
Request annual property tax bills, verify for accuracy, update in core and pay municipalities
Update and pay homeowner’s insurance, flood insurance and PMI premiums and ensure all declarations pages are prepared for imaging.
Monitor and terminate PMI when loan reaches 80% LTV. Determine termination based on appraisal or purchase price.
Monthly, conduct annual escrow analysis, review file, discuss with members overages/ shortages and adjust escrow payments accordingly as needed. Approve mailing of letters.
The Gramm-Leach-Bliley Act requires financial institutions to safe guard member’s sensitive data. This group must adhere to this when providing:
Track and monitor Flood Zone and Flood Insurance requirements for all escrowed and non-escrowed loans. Verify vendor lists for cancelled and paid off loans to correspond with our core system.
Initiate Force Placed (Hazard or Flood) Insurance on loans when members fail to obtain
Respond to all member and staff inquiries concerning any aspect of servicing mortgage loans
Respond to, research and correct all payment issues.
Work with Asset Recovery to determine insurance needs on ECU foreclosed properties.
Coordinate with members and staff regarding insurance checks for property damage. Ensure property damage is repaired before releasing funds. Staff must also make sure that handling requirements for special loan types (FNMA, VA, FHA and USDA) are adhered to.
Post-closing government loan maintenance, including obtaining guarantees, paying upfront premiums, monthly/annual premiums, monthly reporting requirements.
Establish escrow accounts on established loans at member’s request.
Prepare member requests to cancel escrow for manager review and cancel in accordance with regulatory requirements.
Test updates to core operating system for processes/transactions relating to servicing mortgage loans – as needed.
Use the Mortgage Payment Report to calculate and change all biweekly and monthly pre-authorizations for mortgage payments. Ensure the pre-authorizations are changed one month prior to the actual payment change date.
Manage incoming documentation.
Manage paid loans. Release recorded deed of trust/mortgage and cancel life of loan tracking.
Manage name change requests
Manage post closing related funds release
Manage requests for partial releases, subordinations, assumptions.
Employee Loan Rates
Lump Sum Modifications
Manage adverse action folder in Encompass, print and mail statements of denial as needed.
Manage mortgage vault, including opening/closing, scanning, parking, filing.
Monitor group inbox ([email protected]) and answer calls on ACD line (x7325)
Identify and manage risks within the department.