Special Loans Specialist
About The Position
SUMMARY: The Special Loans Specialist position monitors and services non-traditional loan products or terms that require maintenance throughout the loan life cycle. These products/terms include but are not limited to: Assumptions, Adjustable-Rate Mortgages (ARMs), Buydowns, Balloons, SCRA protections, Construction Loans and HELOCs. The Special Loans Specialist sets up loan terms on the system of record and performs periodic maintenance to ensure the continued accuracy of loan servicing activities. ESSENTIAL RESPONSIBILITIES & DUTIES: Entry Level Set up loan terms on the system and perform periodic maintenance to ensure the continued accuracy of the loan servicing activities. Monitor deployment status of homeowners in the military and protect servicemembers to the fullest extent available under the law. Read loan agreements, identifies the corresponding loan terms and configures the system to correspond with the agreements. Research loan terms escalated for review and confirms the correct set up. Perform quality testing to ensure loans have been accurately set up. Remediate any issues discovered in testing or setup and communicate progress with managers. Establish and maintain loan-level ARM system data including interest calculations, ARM rates and rate changes. Monitor balloon loan dates to ensure proper notification is given to borrower and loan is paid as promised. Monitor buydown and buydown funds to ensure term of buydown is accurate. Review construction loans and adjust system accordingly if draws are made or loan becomes permanent. Work with production area to process all assumptions, drafts documents and schedules closing. Other duties and responsibilities as assigned.
Requirements
- Thorough knowledge of first mortgage real estate lending practices, including federal regulatory requirements, state regulations, agency and credit union requirements.
- Strong communication skills
- Must be able to provide cordial customer service regardless of customer personality, presence or communication style.
- Basic Excel, MS Office
- Ability to research loan documents, analyze their meaning, and determine appropriate action.
- Experience with Sagent LoanServ servicing platform
- Experience with FNMA, GNMA and FHLMC guidelines
Nice To Haves
- Education: High School Diploma. 2–4-year degree in business or a related field preferred.
- Experience: 2-5 years in residential mortgage either production or servicing.
- Licenses/Certifications: None
Responsibilities
- Set up loan terms on the system and perform periodic maintenance to ensure the continued accuracy of the loan servicing activities.
- Monitor deployment status of homeowners in the military and protect servicemembers to the fullest extent available under the law.
- Read loan agreements, identifies the corresponding loan terms and configures the system to correspond with the agreements.
- Research loan terms escalated for review and confirms the correct set up.
- Perform quality testing to ensure loans have been accurately set up.
- Remediate any issues discovered in testing or setup and communicate progress with managers.
- Establish and maintain loan-level ARM system data including interest calculations, ARM rates and rate changes.
- Monitor balloon loan dates to ensure proper notification is given to borrower and loan is paid as promised.
- Monitor buydown and buydown funds to ensure term of buydown is accurate.
- Review construction loans and adjust system accordingly if draws are made or loan becomes permanent.
- Work with production area to process all assumptions, drafts documents and schedules closing.
- Other duties and responsibilities as assigned.
Benefits
- All full-time employees are eligible for Medical Insurance, Telehealth Services, Dental Insurance, Vision Insurance, Life Insurance, Short-term Disability, Long-term Disability, Legal and Identity Theft Protection, Critical Illness Insurance, Hospital Insurance, Accident Insurance, Participation in 401k Plan with up to 5% company match, and Variable Bonus Pay.
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What This Job Offers
Job Type
Full-time
Career Level
Entry Level
Education Level
High school or GED
