Residential Loan Servicing Representative

The Residential Loan Servicing Representative performs a variety of activities in conformance with established bank policies, procedures and objectives while providing the highest level of service and responsiveness to customers and co-workers.

 

ESSENTIAL FUNCTIONS

  • Sets up new residential mortgage, construction mortgage and equity lines of credit into core processing system promptly after closing & funding. 
  • Reviews new loans booked by other staff members for accuracy and completeness.
  • Maintains a log of incomplete or missing documents and follows-up with the Attorneys’ office and/or branch personnel to clear up the issue.
  • Organizes new loan file for scanning and filing.
  • Performs general ledger reconciliations daily and monthly for assigned accounts.
  • Responds to verbal & written requests for loan payoffs from attorneys and customers.
  • Processes payments and payoffs daily, completes required general ledger tickets under dual control and produces balance sheet at end of day.
  • Receives daily hazard insurance mail and reviews the daily and weekly reports provided by our vendor for ongoing tracking.
  • Maintains report for Residential loans with flood insurance, ensures that coverage is adequate and in force for the life of the loan.
  • Responsible for the timely payments of real estate taxes for both Residential & Commercial loans. Works closely with Tax Service to maintain current data on their system and ours.
  • Assists with reviewing the periodic escrow disclosure notices and handles customer calls on the annual escrow analysis results.
  • Processes re-amortization schedules, as a result of substantial principal curtailments.
  • Works with the vendor to force place hazard or flood insurance when needed.
  • Responsible for the payment of PMI premiums, escrowed hazard & flood insurance premiums to the third-party vendor.
  • Monitors and maintains monthly rate changes for Adjustable Rate Mortgages.  Sends notices to borrowers and responds to customer inquiries.
  • Prepares regular and confirmatory mortgage discharges and related correspondence for paid loans to attorneys and/or borrowers.
  • Performs monetary and non-monetary maintenance on covered loans under dual control.
  • Performs any function within scope of authority and expertise to support department goals, as assigned by the manager.
  • Handles a variety of internal and external residential loan servicing calls.
  • Receives incoming wires for loans purchased and prepares a funding sheet for manager’s approval. Processes loan transfer transactions on Core Processor, on MERS and on People Soft. Ensures that the Transfer of Servicing letters are mailed to Borrowers.
  • Prepares outgoing wires for Investor remittances, funding of new loans and payment of real estate taxes via CoreLogic.  
  • May serve as the Receptionist for the Residential Lending area.
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  • JOB QUALIFICATIONS
  • Familiarity with investor reporting experience is preferred.
  • 1-3 years of experience in Residential Lending preferred.
  • Associates degree or equivalent relevant work experience.
  • Must be detailed, organized and customer service oriented.
  • Should possess intermediate technology skills, including knowledge of Word & Excel, and working with a core processor.
  • Team player with a positive attitude.