Payoff Specialist; Mortgage Servicing

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.

• Issue payoff statements per requestor’s specific instructions.
• Process payoff checks in a timely manner.
• Draft satisfactions/release per county requirements and time frames.
• 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.

• 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.

• Thorough knowledge of first mortgage real estate lending practices, including federal regulatory requirements, state regulations, agency and Credit Union requirements.
• Familiarity with All Regs.
• 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.

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

$20.60 – $23.98 per hour.

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.

• Education: High School Diploma or GED
• Experience: Entry level 1‑3 years in residential mortgage servicing. Sr level 3+ years experience in the mortgage industry.
• Licenses/Certifications: None