Payment Processing Specialist
About The Position
-Maintain up-to-date loan account balances and amortization schedules following payment activity. -Coordinate with the Loan Servicing, Collections, and Customer Service teams on payment disputes, payment plan adjustments, or account corrections. -Assist with payoff quotes by ensuring payments are accurately reflected prior to payoff calculations. -Support escrow, insurance, or fee adjustments as needed based on payment changes. -Deposits all check payments accurately and in a timely basis. - Applies all payments to the servicing system timely and accurately according to the designated payment distribution. -Performs daily reconciliation of payments from all sources and distributes it within our internal service level agreement. - Applies all lockbox payments to the servicing system. -Reverses and reapplies payments, as needed. -Works with IT to ensure month-end account data is accurate and makes corrections, if needed. - Waives fees according to policy. - Works the unapplied payments queue in the servicing system and ensures payments are applied accordingly. -Sets up recurring payments in the Servicing system. -Retrieves mail and ensures it is distributed to the correct parties. - Processes unwinds, net funds, and loan modifications. -Retrieves mail and ensures it is distributed to the correct parties. - Reviews ACH set up reports to ensure same day ACH payments are processed correctly. - Reviews NSF Fee report to ensure NSF fees are being applied correctly.
Requirements
- auto lending
- loan servicing
- payment processing
- multi tasking
- mortgage lending
- lending
- loan processing
- 1-3 years of payment processing or loan servicing in the auto finance industry.
Responsibilities
- Maintain up-to-date loan account balances and amortization schedules following payment activity.
- Coordinate with the Loan Servicing, Collections, and Customer Service teams on payment disputes, payment plan adjustments, or account corrections.
- Assist with payoff quotes by ensuring payments are accurately reflected prior to payoff calculations.
- Support escrow, insurance, or fee adjustments as needed based on payment changes.
- Deposits all check payments accurately and in a timely basis.
- Applies all payments to the servicing system timely and accurately according to the designated payment distribution.
- Performs daily reconciliation of payments from all sources and distributes it within our internal service level agreement.
- Applies all lockbox payments to the servicing system.
- Reverses and reapplies payments, as needed.
- Works with IT to ensure month-end account data is accurate and makes corrections, if needed.
- Waives fees according to policy.
- Works the unapplied payments queue in the servicing system and ensures payments are applied accordingly.
- Sets up recurring payments in the Servicing system.
- Retrieves mail and ensures it is distributed to the correct parties.
- Processes unwinds, net funds, and loan modifications.
- Retrieves mail and ensures it is distributed to the correct parties.
- Reviews ACH set up reports to ensure same day ACH payments are processed correctly.
- Reviews NSF Fee report to ensure NSF fees are being applied correctly.
Benefits
- Medical, dental & vision
- Critical Illness, Accident, and Hospital
- 401(k) Retirement Plan – Pre-tax and Roth post-tax contributions available
- Life Insurance (Voluntary Life & AD&D for the employee and dependents)
- Short and long-term disability
- Health Spending Account (HSA)
- Transportation benefits
- Employee Assistance Program
- Time Off/Leave (PTO, Vacation or Sick Leave)
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What This Job Offers
Job Type
Full-time
Career Level
Mid Level
Education Level
No Education Listed
