Consumer Loan Servicing Specialist

Position Summary

The Loan Servicing Specialist is responsible for supporting the day-to-day servicing of consumer and mortgage loans, including loans sold to Freddie Mac. This role ensures accurate payment processing, account maintenance, regulatory compliance, and exceptional customer service. The ideal candidate is detail-oriented, knowledgeable in loan servicing operations, and committed to maintaining accuracy while working in a fast-paced banking environment.

Key Responsibilities

• Manage servicing functions for loans sold to Freddie Mac, including daily and monthly payment remittance, status updates within Freddie Mac systems, and bank account reconciliations.
• Board new loans into the core loan servicing system and ensure accuracy of loan setup and documentation.
• Review system-generated reports, identify discrepancies, and perform necessary corrections and maintenance activities.
• Process and reconcile loan payments, including lockbox transactions, posting exceptions, unapplied funds, and rejected payments.
• Research and resolve account discrepancies, payment issues, and customer inquiries in a timely manner.
• Process loan payoff transactions, prepare payoff statements, and handle related correspondence.
• Administer returned items, including returned checks, returned mail, and payment reversals.
• Maintain and clear loan work-in-process (WIP) accounts and ensure proper application of payments.
• Process and maintain automatic payment (ACH) and auto-debit requests.
• Update loan collateral and account information within servicing systems.
• Respond to requests for loan verifications, payoff quotes, and other servicing-related inquiries.
• Prepare and process mortgage satisfaction and release documents for paid-in-full loans.
• Collaborate with internal departments and external stakeholders to ensure high-quality service and compliance with established policies and procedures.
• Provide exceptional service to customers through written correspondence, telephone support, and internal service channels.

Qualifications

Education

• High school diploma or equivalent required.
• College coursework in Business, Finance, Accounting, or a related field preferred.

Experience

• 1-2 years of experience in loan servicing, banking operations, mortgage servicing, or a related financial services environment.
• Working knowledge of consumer lending products and loan servicing processes.
• Understanding of applicable federal and state banking regulations and compliance requirements, including:
• Consumer Financial Protection Bureau (CFPB)
• Fair Credit Reporting Act (FCRA)
• Home Mortgage Disclosure Act (HMDA)
• Real Estate Settlement Procedures Act (RESPA)
• Regulation Z / Truth in Lending Act (TILA)
• Servicemembers Civil Relief Act (SCRA)
• Unfair, Deceptive, or Abusive Acts or Practices (UDAAP)

Skills & Competencies

• Proficiency in Microsoft Office Suite, including Excel, Word, and Outlook.
• Experience with loan servicing platforms; IBS loan system experience is a plus.
• Strong attention to detail and commitment to accuracy.
• Excellent organizational, analytical, and problem-solving skills.
• Ability to prioritize multiple tasks and meet deadlines in a fast-paced environment.
• Strong verbal and written communication skills.
• Self-motivated with the ability to work independently and collaboratively.
• Customer-focused mindset with a commitment to service excellence.
• Bilingual in English and Mandarin or Cantonese is a plus.