Loan Servicing Special Loans Specialist

Carrington Mortgage • Westfield, MA

8d • Remote

About The Position

The Special Loans Specialist will provide ongoing support for special loan products (i.e. loan modifications, ARM loans, SCRA adjustments, assumptions, etc.) originated by the Mortgage Lending Division and loans acquired through acquisition. Perform all duties in accordance with the company’s policies and procedures, all US state and federal laws and regulations, wherein the company operates.

Requirements

• Familiarity with special loan product types and documentation.
• Intermediate skills in Microsoft Word and Excel required.
• Ability to understand, remember, and communicate routine, factual information.
• Ability to make decisions that have significant impact on the immediate work unit and monitor impact outside the immediate work unit.
• Ability to organize and prioritize own work schedule on short-term basis (longer than one month).
• Ability to add, subtract, multiply, and divide and to record, balance, and check results for accuracy.
• Ability to express or exchange ideas by means of the spoken word, communicating orally with others accurately, audibly, and quickly.
• High school diploma or equivalent required
• One (1) to two (2) years’ mortgage servicing experience.

Nice To Haves

• some college preferred
• Intermediate industry-related experience preferred.
• Experience with special loan product types and documentation preferred.

Responsibilities

• Responsible for updating data fields in the servicing system for compliance and changes needed to all types of special loans.
• Performs research and makes accurate and timely system changes in response to requests from investors, customers or employees from other departments.
• Review and maintain adjustable rate mortgage (“ARM”) contracts, indexes (i.e. Treasury, Libor, etc.) and balloon plans, if not available in the system create new contracts as needed.
• Maintain the daily index values and populates ARM indices into the servicing system to ensure proper payment calculations included in the payment change notifications.
• Audit pending payment changes to ensure system and future payment change notifications are accurate.
• Assist other CMS departments with special loan-related inquiries such as supporting Home Retention/Loss Mitigation with modification-related issues.
• Audit the entire Loan Servicing portfolio to identify new loans that meet the requirements for Service Members Civil Relief Act (“SCRA”) protection and send coverage accepted or denied letter as appropriate.
• Conducts research to determine compliance with the SCRA protection benefits and updates the servicing system accordingly.
• Processes assumptions request and create the assumption package and send to customer.
• Follow up with mortgage lending division to determine if assumption package was approved and updates need to be made.
• Review HAMP modifications for principle reduction, borrower incentives and recast eligibility, and makes system changes as needed.
• Monitor, review and complete all 203k processes for loans acquired by CMS.
• Identify potential updates or gaps in the department’s policies and procedures and provide recommendations to department management.

Benefits

• Comprehensive healthcare plans for you and your family.
• discretionary 401(k) match of 50% of the first 4% of pay contributed.
• Access to several fitness, restaurant, retail (and more!) discounts through our employee portal.
• Customized training programs to help you advance your career.
• Employee referral bonuses
• Educational Reimbursement.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: High school or GED