Loan Servicing Specialist

Position: Loan Servicing Specialist I
Description

Impact

Assists in ensuring the Bank's loan servicing activities are conducted in full adherence to regulatory requirements. By minimizing risk and enhancing operational efficiency, this position supports the Bank's mission to provide excellent service to clients while maintaining regulatory compliance.

Responsibilities

Supports the planning, organizing, and oversight of all loan servicing activities, ensuring the accurate and timely processing of loan transactions and the maintenance of up-to-date records. Works closely with internal teams to guarantee the proper handling of loan accounts, data integrity, and customer service standards.

Essential Functions

Process all paid loans and ensure accurate distribution of paid Commercial, Real Estate, and Consumer loans according to established Bank procedures, ensuring smooth transitions and proper record-keeping.

Prepare and generate payoff demand statements for loans, providing written payoff information in response to customer inquiries, while ensuring accuracy and compliance with contractual terms.

Maintain, manage, and track all pending and outstanding loan documents, resolving exceptions and ensuring that any missing or incorrect information is identified and corrected promptly.

Ensure all loan documentation is accurate, complete, and in compliance with internal and regulatory standards. Proactively address any discrepancies or missing information, and work to resolve these issues in a timely manner.

Collect and process monthly loan payments, accurately posting them to the correct accounts. Monitor account balances to ensure accuracy and compliance with loan terms.

Regularly monitor and track insurance coverage on collateral properties, ensuring adequate coverage is maintained. Address any lapses in coverage promptly and escalate issues as necessary.

Assist with escrow disbursements, including the collection and payment of taxes and insurance, as well as the management of escrow funds in compliance with loan agreements.

Set, verify, and update data in loan servicing systems, ensuring that all loan activity, history, payments, covenants, and other relevant information is accurately tracked and monitored.

Escalate any questionable transactions or recurring issues to the Loan Servicing Specialist II or Loan Servicing Supervisor, as applicable in a timely and clear manner, providing necessary details for resolution and follow-up.

Respond to customer and internal associate inquiries regarding loan servicing, providing accurate information and resolving any loan-related issues or concerns promptly and professionally.

Execute quality control measures to ensure loan servicing activities are performed in accordance with Bank policies and regulatory standards, minimizing errors and maintaining compliance.

Index and image loan documents as required, ensuring that all documents are accurately filed and stored in accordance with Bank procedures and regulations.

Ancillary Functions
1. Assures adherence to Bank policies and procedures and federal and state regulatory requirements.

2. Provides cross-functional support to other areas of the department and the Bank where service or assistance is needed.

3. Performs tasks which are supportive in nature to the essential functions of the job, but which may be altered or re-designed depending upon individual circumstances.

Mandatory Training Curricula
Training is required of all Bank staff as related to regulatory mandated compliance topics and courses required for specific job functions. Career enhancement training courses are also available. Please refer to course catalog and management for details.

Competencies (refer to Competencies Library)

Skills

• Clearly communicates in English;

• proficient reading, writing, grammar, and mathematics skills;

• moderate interpersonal relations and communicative skills;

• moderate PC skills, including Microsoft Office software;

• basic knowledge of loan servicing, processing and documentation principles.

Physical Demands
The physical and related demands described in this section are representative of those that must be met by an employee to successfully perform the essential functions of…