Loan Servicing Specialist

GENERAL SUMMARY:

We are seeking a highly skilled and detail-oriented Loan Servicing Specialist to join our Credit Union's Loan Servicing team. The Loan Servicing Specialist plays a vital role in ensuring the efficient and accurate servicing of our loan portfolio. Responsibilities include timely perfection of liens on collateral, monitoring and processing collateral protection insurance, processing total loss insurance claims and processing loan payments through a variety of channels (batch posting, hand posting and electronic balancing).

QUALIFICATIONS:

Minimum Education & Experience Requirements:
* A high school diploma or equivalent
* 2 years of experience in the financial services industry or experience in performing clerical/administrative duties or equivalent experience

Additional Preferred Education & Experience:
* Associate's Degree in Business Administration, or related field
* Knowledge of Symitar/Episys systems

Minimum Knowledge and Skill Requirements:

* Must have professional, clear and effective written and verbal communication skills
* Must be proficient in Microsoft Office
* Must have a working knowledge of general office procedures and equipment
* Incumbent must be able to handle problem situations or complaints
* Strong attention to detail is required

COMPETENCIES:
* Problem Solving
* Technical Learning
* Process Management
* Organizing
* Time Management
* Member Focus

WORKING CONDITIONS/ENVIRONMENT:
Position requires that the employee sit at a desk or work station for extended periods of time. Some areas require lifting of approximately 25 lbs., bending and reaching.

OTHER REQUIREMENTS:
Must comply with all aspects of the Bank Secrecy Act

MAJOR ACCOUNTABILITIES AND TASKS:
The Loan Servicing department houses a variety of different functions under the responsibility of Loan Servicing Specialists. While Specialists are primarily responsible for only a few major functions, they are expected to cross train and maintain general understanding of all functions in order to provide support to co-workers in other departments and excellent service to our members.

1. Mail Posting
a. Accurately posts all incoming mail deposits and loan payments by designated deadlines. This includes all loan payments, bill payments, CHECK 21 scanning and all exceptions. Maintains thorough understanding of operations of the payment posting system and works in collaboration with IT and the system vendor to troubleshoot issues as they arise.
b. Researches and responds to member complaints and provides resolution to maintain good member relations.

2. Force-Placed Insurance
a. Processes technical duties associated with adding or removing force-placed insurance policies from loans secured by vehicles.
b. Maintains thorough knowledge of force-placed insurance program including qualifications for acceptable insurance, details of notification cycle and policy coverage. Responds to phone inquiries from members as they relate to force-placed insurance. This includes handling escalated complaints in a professional and comprehensive manner. Provides members with detailed information on how to resolve insurance discrepancies. Provides proactive service to members by making outbound calls to communicate insurance deficiencies and steps for resolution.
c. Acts as a liaison between the credit union and collateral protection insurance vendor. Documents all actions on each account in the collection note system.
d. Provides collateral protection insurance support for other departments in the credit union including Loss Mitigation, Loan Origination, and member-facing staff in the branches and call center.

3. Total Loss Claims Handling
a. Acts as a liaison between the member, insurance company, dealership and other protection product companies as applicable in order to ensure timely processing of settlements. Follows up on accounts on a regular basis in order to mitigate default risk for the credit union.
b. Communicates verbally and/or in writing with members to assist in resolution of deficiency balances and prepare documents required for loan modifications. Maintains thorough understanding of total loss process in order to provide excellent member service. Proactively contacts members to clearly communicate processes and establish expectations.

4. Title perfection
a. Processes incoming title work in a timely manner. This includes preparing transmittals to the credit union's motor vehicle department vendor for completed title work. Accurately performs file maintenance in line with lien perfection.
b. Follows up and documents actions taken on unperfected liens in the collection system. This includes calling dealerships or other financial institutions to gather information on the status of lien perfection. Sets expectations with other institutions in order to ensure timely processing.
c. Completes member requests for changes to title work including name changes and changes of ownership.
d. Monitors accounts for unusual circumstances that may prevent the credit union from perfecting its security interest in a timely manner. Provides regular reports to management regarding risky accounts and accounts that have passed the required timeframe for lien perfection.
e. Provides support to other departments and members regarding title work inquiries and requests.

5. Maintains general processing and procedural knowledge of all Loan Servicing functions in order to provide comprehensive support to other credit union departments as well as our members.

6. Responsible for efficient and accurate execution of general loan maintenance and adjustment functions to include, but not limited to, payment reversals, payment adjustments, quoting and processing loan payoffs, terminating credit lines, and other file maintenance associated with general servicing of loans.

7. Performs duties in line with records control procedures in order to protect the integrity of credit union documents. This includes management of existing hard-copy records as well as ensuring proper record retention for documents received through electronic channels.

8. Keeps supervisor informed of all backlogs, unusual requests, problems or situations that may affect the efficient operation of the department.

9. Performs other duties as assigned.

Salary range is $18.00 - $22.16/hour. Job Grade, NE 8. Final salary is dependent on candidate's experience and qualifications.