Supervisor, Loan Servicing

Description About Bank Fund:

Bank Fund Credit Union is a full-service financial cooperative that was organized and chartered in 1947 as a convenient place for employees of the World Bank Group and International Monetary Fund and their families to save and to obtain credit. Located in Washington, DC, Bank Fund maintains three full-service branches downtown with our headquarters located near Farragut West metro station. This position is classified as a hybrid role which means that on-site work will be expected.

After completion of training for the role, staff generally work on site 40% of the time but this is subject to change based on health and safety standards and operational need.

Supervisory responsibility for the Loan Servicing Department staff. Responsible for the supervision of the Loan Servicing Department in the absence of the Manager, Loan Servicing.

• Supervises and coordinates the activities of all the loan servicing staff, monitoring quality and quantity of work. Develops, updates, schedules, and monitors all loan servicing functions, including but not limited to: consumer loan portfolio administration, accounting, ACH, rate change, payoff and release and EOY, management of mortgage escrow accounts, escrow analysis, post-closing and all other loan servicing related activities; ensures they are done accurately, on time and in accordance with Credit Union Policy, investor, federal and state regulations.
• Ensures compliance with the Credit Union, regulatory (federal and state) and secondary market policies and procedures.
• Monitors and reviews the activation of all new first mortgage, home equity and consumer loan accounts for proper set-up. Ensures the accurate set-up of the escrow impound account on all first mortgage loans and processes the initial escrow analysis.
• Supervises, coordinates and ensures the monthly and annual escrow analysis is process on time to comply with RESPA regulations.
• Reviews and activates all new employee mortgage loan file documents with the Mortgage Serv system.
• Ensures all operations and interactions of department are conducted in an ethical manner.
• Ensures all loan servicing reports and exception reports are monitored and loans are corrected as needed. Maintains a list of all reports used in the Department.
• Coordinates end of year production and printing of annual statements, 1098/1099 substitute statements and Internal Revenue Service (IRS) tapes prior to regulation deadline. Coordinates annual statement and 1098/1099 statement mailing for all first mortgage loans to members.
• Responds to all member inquiries regarding EOY information on first mortgage loans. Corrects 1098/1099 tax information on the mortgage servicing system if needed and ensures corrected tax information is forwarded to the IRS and members.
• Orders Social Security number verifications. Updates the mortgage loan servicing system once response is received.
• Reviews, analyzes and evaluates systems and staff needs to formulate and implement solutions to meet requirements and implement solutions to increase efficiency and effectiveness.
• Acts as the primary liaison with all Loan Servicing vendors.
• Monitors E-Oscar and makes sure all requests regarding credit bureaus are addressed in a timely manner and imaged records are maintained.
• Maintains comprehensive knowledge of the Credit Union’s products, services, and operations.
• Manages control of original notes and riders to notes in fire proof cabinet.
• Prepares and discusses with personnel annual performance evaluations.
• Interviews and makes recommendations for staff appointments, salary, discipline, promotion and transfer of staff.
• Assists staff with complex work-related matters and monitors their daily workflow. Escalates major issues as needed.
• Ensures the following are all maintained, updated and periodically reviewed for all positions supervised: the Credit Union’s policies and procedures, functional training manuals, performance objectives, SharePoint site, checklists, frequently asked questions and templates.
• Participate in annual Bank Secrecy Act (BSA) and Office of Foreign Assets Control (OFAC) training and demonstrate knowledge and…