What are the responsibilities and job description for the Residential Loan Servicing Representative position at Northern Bank?
SUMMARY/OBJECTIVE:
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:
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.
- 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.
Salary : $27 - $29