Payoff Specialist (Mortgage Servicing)

Servion•New Brighton, MN

4d•$21 - $24

About The Position

SUMMARY: Extensive administrative work involved in servicing the mortgage loans with a focus on the payoff process and providing direct member service to the borrowers. Primary contacts include borrowers, investors, county representatives and vendors. ESSENTIAL RESPONSIBILITIES & DUTIES: Entry Level Issue payoff statements per requestors specific instructions. Process payoff checks in a timely manner. Draft satisfactions/release per county requirements and timeframes. Disburse refund of any overage received with the payoff as well as escrow funds. Assemble final document package to be archived. Send notification of payoff letters to homeowner’s insurance company and tax authority. Request note through Document Custodian or pull from Portfolio files. If no note found draft the Affidavit of Lost Note within 30-45 days. Send paid in full documentation to the customer. Monitor payoff call queue. Determine payoff calculations with or without escrows and fee's. Then produce within 24 hours including attorney fees if applicable: Use FHA, FNMA, Conventional. Adjust member mailing address for refunding excess escrow or interest within 10 days. Senior Level II Must be able to perform all responsibilities and functions listed for Level I with a high degree of efficiency and independence. Responsible for the training of new and current Payoff Specialists. Research any missing information through various lender representatives Record drafted and signed release document to the proper county. Determine if there is a need to deactivate loan with MERS, fill out 11708 for FHA. Collect and pay PMI or MIP if needed. Send cancellation letters to MI companies. OTHER DUTIES, KNOWLEDGE, SKILLS, ABILITIES: Required: Thorough knowledge of first mortgage real estate lending practices, including federal regulatory requirements, state regulations, agency and Credit Union requirements. Familiarity with AllRegs. Ability to work the days and hours necessary to perform all assigned responsibilities and tasks. Must be available (especially during business hours or shifts) to communicate with subordinates, supervisors, customers, vendors, and any other person or organization with whom interaction is required to accomplish work and employer goals Reporting, letter preparation, group presentation and other related communications skills. Proficiency in using and learning mortgage loan software. Ability to define problems, collect data, establish facts and draw valid conclusions. Ability to attend meetings or perform other assignments at locations outside the office, if necessary.

Requirements

Thorough knowledge of first mortgage real estate lending practices, including federal regulatory requirements, state regulations, agency and Credit Union requirements.
Familiarity with AllRegs.
Ability to work the days and hours necessary to perform all assigned responsibilities and tasks.
Must be available (especially during business hours or shifts) to communicate with subordinates, supervisors, customers, vendors, and any other person or organization with whom interaction is required to accomplish work and employer goals
Reporting, letter preparation, group presentation and other related communications skills.
Proficiency in using and learning mortgage loan software.
Ability to define problems, collect data, establish facts and draw valid conclusions.
Ability to attend meetings or perform other assignments at locations outside the office, if necessary.
High School Diploma or GED
Entry level 1-3 years in residential mortgage servicing.
Sr level 3+ years experience in the mortgage industry.

Nice To Haves

Experience with CSC, Simplifile and/or MERS.
Familiarity with various document custodians.
Familiarity with state and county documentation specifications.

Responsibilities

Issue payoff statements per requestors specific instructions.
Process payoff checks in a timely manner.
Draft satisfactions/release per county requirements and timeframes.
Disburse refund of any overage received with the payoff as well as escrow funds.
Assemble final document package to be archived.
Send notification of payoff letters to homeowner’s insurance company and tax authority.
Request note through Document Custodian or pull from Portfolio files.
If no note found draft the Affidavit of Lost Note within 30-45 days.
Send paid in full documentation to the customer.
Monitor payoff call queue.
Determine payoff calculations with or without escrows and fee's.
Adjust member mailing address for refunding excess escrow or interest within 10 days.
Responsible for the training of new and current Payoff Specialists.
Research any missing information through various lender representatives
Record drafted and signed release document to the proper county.
Determine if there is a need to deactivate loan with MERS, fill out 11708 for FHA.
Collect and pay PMI or MIP if needed.
Send cancellation letters to MI companies.