Retail Loan Servicing Accounting Specialist

Farmers Logo 2022•Canfield, OH

12d

About The Position

Responsible for ensuring all sold loans are reported and remitted in accordance with appropriate investor guidelines. Process exception transactions for consumer loan types specifically for modifications, renewals, payment reversals, accrual adjustments, billing issues and other non-routine system issues. Review system releases working with management to determine specification changes, changes upcoming to core and necessary changes to staff’s procedures. Balance daily and/or monthly department GLs working with staff to identify items to be cleared. Reconcile investor Principle & Interest (P&I) and Taxes & Insurance (T&I) custodial accounts for management’s review in accordance with specific investor guidelines. Reconcile and process daily consumer and mortgage non-post transactions. Coordinate year end reporting processes for consumer loans including corrections and necessary staff training.

Requirements

Minimum associate degree in a related field or five (5) years’ experience in a similar lending work environment in lieu of degree
Direct five (5) years’ experience in an investor accounting, loan servicing or accounting department with an emphasis on investor guidelines and internal controls
Ability to read and understand loan documents including modifications, renewal requests etc.
Strong exposure to Fiserv Premier system with ability to understand system specifications relating to exception processes and/or investor reporting
Minimum three (3) years hands on experience with FreddieMac and/or FannieMae reporting and remittance requirement including custodial account reconciliations for management review
Understanding of interest accrual methods for all types of loans
Must process a strong organizational ability with attention to detail with ability to multi task in a fast paced environment
Good verbal and written communication skills
Good problem solver with ability to research and communicate results
Team oriented with demonstrated effort to assist other department staff during peak work flow

Responsibilities

Perform monthly reporting and remittance requirements for all investor sold loans in accordance with investor requirements. This involves calculating all error amounts and conducting analysis of how and why error(s) occurred, and creating resolution to prevent future errors of the same nature
Review daily servicing reports to ensure GLs relating to investor reporting and remittance are in balance including advances and recoveries, in process accounts and scheduled funds due
Monitor investor loans for re-classification in accordance with investor requirements
Reconcile investor P&I and T&I custodial accounts for management’s review in accordance with specific investor guidelines
Process exception transactions for all consumer loan types specifically for modifications, payment reversals, accrual adjustments, billing issues and other non-routine system issues
Balance department GLs on a daily or monthly basis working with staff to identify items to be cleared
Reconcile and process daily non post transaction for consumer including mortgage related occurrences
Review system releases working with management to determine specification changes upcoming to core and necessary changes to staff’s procedures
Work with management to determine changes to current procedures identifying staff training necessary as releases are published
Identify and research non-routine transactional occurrences providing resolution and correction as warranted
Coordinate year end reporting processes for consumer loans including corrections and necessary staff training
Monitor and convert construction loans from simple interest to permanent financing finalizing construction term
Maintain up to date procedures for investor accounting processes monitoring changes by investor for the areas of reporting, payoff remittance, recasts, MI removal, modifications and remittance of investor owned funds
Prepare loan boarding funding sheet for operations staff ensuring loan received is a balanced transaction
Set up new participation records as loans are sold moving funds to the appropriate mortgage banking GLs
Work with manager to set up new investors, products or class codes as necessary
Complete all mandatory and elective training including BSA and Anti-Money Laundering procedures.
Maintain compliance with all appropriate rules and regulations
Regular predictable attendance is an essential requirement of this position
Complete all other duties as assigned