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Loan Services Specialist

Company: Bay Federal Credit Union
Location: Santa Cruz
Posted on: January 12, 2021

Job Description:

The Loan Services Specialist is responsible for servicing Bay Federal Credit Union loans in accordance with established policies and procedures.ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Other duties may be assigned.1. Promote and maintain a positive image of Bay Federal at all times to all personnel, members, volunteers, vendors and the community.2. Provide a positive member service experience while focusing on Bay Federal's accepted practices, policies, productivity, and effectiveness.3. Remain knowledgeable of regulatory changes affecting loan products and services adopted by federal regulatory agencies such as the Federal Reserve, the National Credit Union Administration, and the Consumer Finance Protection Board.4. Remain current on loan servicing processes and procedures and servicing regulations for real estate, consumer, and commercial loan programs, including secondary market requirements.5. Perform quality control audits of system data for new loans and ensure that all pertinent loan information is accurately transferred from loan origination systems to the Core banking system and periodically sample billing notices for accuracy and data validation.6. Process member requests on their loan accounts, including but not limited to, due date changes, skip payments, pre-authorized internal/external electronic transfers, check payments, payment coupons, and coupon reorders.7. Review, evaluate, and take corrective action on exception reports produced by the core banking and vendor software systems.8. Investigate and resolve member complaints and service issues related to payment and disbursement transactions, billing statements, fees, credit reporting disputes, address discrepancies, loan terms, etc.9. Initiate life, disability, GAP, and warranty insurance claims and policy cancellations. Calculate and credit or refund prorated accrued interest to member accounts on an exception basis.10. Monitor and track insurance and tax requirements for members' impound accounts in accordance with federal regulations, including the timely and accurate payment of property taxes, hazard insurance, flood insurance, and/or mortgage insurance premiums. Monitor reserve accounts and performs escrow analysis and related disbursements.11. Research and update current variable rate indexes in the Core banking system.12. Investigate, identify, and implement necessary corrections to credit bureau reporting data.13. Ensure the perfection of collateral securing the Credit Union's loans (DMV titles, Deeds of Trust, UCC financing statements, deposit accounts, etc.)14. Ensure the accurate and timely closeout of paid off loans, including the release of collateral and timely cancellation of all third party loan maintenance services upon satisfactory repayment.15. Assist with the testing, upon request, of all Core system updates and releases that directly affect loan product features and services.16. Provide support to other credit union employees in the resolution of technical and procedural issues related to the Core system and other lending systems.17. Perform other duties as assigned, including but not limited to, special projects requiring extensive knowledge of Credit Union and department operations, policies, procedures, and regulatory compliance.18. Assist in the reconciliation of the internal and investor loan portfolios with loan records monitored by various service providers under contract with the credit union such as flood determination, tax service, collateral protection, credit bureaus, and others.19. Process changes to available lines of credit and notify members of forthcoming and/or matured loan accounts within established timeframes.20. Identify, calculate, and remit daily payments to loan investors in accordance with investor loan regulations such as Fannie Mae and Advantis.21. Review loan data, forms, and loan calculations for accuracy and processes loan charge-offs, modifications, settlements, and extensions, as directed, and in accordance with generally accepted accounting practices.22. Review, edit, and process year end data for federal tax forms such as 1098s for mortgages and 1099Cs for all charged off loan balances.23. Participate in inter-departmental training for new and existing employees on loan payment processing, securing and releasing collateral, including maintenance and disbursement of insurance and tax payments.24. Periodically draft, review, and update standardized member letter templates regarding loan accounts.25. Review all process all mortgage and consumer insurance claim checks in accordance with corporate and investor policies and procedures. Act as liaison between service representatives, insurance agents, and members when necessary.26. Draft, review, and update, upon request, internal policies and procedure documents and the intranet to ensure that current practices and procedures are documented and followed.27. Use excellent communication and collaborative skills while working with internal peers and external vendor representatives to identify and resolve loan related issues.28. Effectively work cross-functionally with other divisions/departments throughout the credit union, as directed, to assist in the planning and implementation of strategic loan related projects.29. Support branch staff and call center on rotating Saturdays (generally 1-2 per month).QUALIFICATIONS To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.Education and/or Experience:* High School Diploma or equivalent is required; a BA/BS is preferred.* Must have a complete understanding of common lending processes and terminology.* Minimum of 3 years financial institution experience and a minimum of 1 year lending or loan servicing experience are preferred.* Must have a thorough understanding of all state and federal regulations that affect consumer and mortgage loan servicing.* Ability to identify process or program deficiencies and make recommendations for system and/or process improvements.* High proficiency in Microsoft Office software programs, including Word, Outlook, and PowerPoint, and Internet/Intranet navigation skills are required.* Intermediate to advanced knowledge of Microsoft excel is required and proficiency in SQL is preferred.Language Skills:* Ability to read, analyze and interpret documents such as Policy and Procedure documents, safety rules, technical procedures, and governmental regulations. * Ability to write routine reports and correspondence and document processes. * Ability to speak effectively before groups, members, and employees.* Ability to effectively present information, makes recommendations, and provides excellent service to internal and external customers.* Ability to effectively communicate and resolve problems using sound judgment and escalate matters as appropriate.Mathematical Skills:* Intermediate math skills, including an ability to calculate interest, commissions, proportions, and percentages, balance accounts, add, subtract, multiply and divide in all units of measure using common fractions and decimals, locate routine mathematical errors, and accurately compute rates, ratios, and percentages .* Ability to create and interpret graphs, as well as analyze and summarize large data files.Physical Skills:* While performing the duties of this job, the employee is regularly required to stand, talk, and hear.* The employee frequently is required to walk; sit; use hands and reach with hands and arms.* Must have the manual dexterity to skillfully operate a computer keyboard and other standard office equipment, such as facsimile and telephone. * The employee must occasionally lift and/or move up to 30 pounds. * Corrected vision in normal range.

Keywords: Bay Federal Credit Union, Santa Cruz , Loan Services Specialist, Other , Santa Cruz, California

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