Loan Servicing Specialist I - Monetary Payment Processing

Octane is unlocking the power of financial products for merchants and consumers. Our cutting-edge technology and innovative financial products empower businesses with more control and flexibility, enabling them to deliver seamless digital experiences, drive customer loyalty, and build long-term value.

Octane supports merchants throughout the sales cycle: connecting dealerships with high-intent buyers, driving transparent, fast, and easy closings with award-winning technology, and providing on-going customer care with superior loan servicing.

Founded in 2014, Octane supports over 60 OEM partner brands and over 4,000 dealer partners, and has a team of over 600. Visit www.octane.co.

Octane’s Operations Team is seeking a Loan Servicing Specialist to join their team. This role will focus on monetary servicing functions related to loan payments, check processing, recovery transactions and payment exception handling. The right candidate will ensure accurate application of funds, documentation and timely resolution of payment discrepancies while maintaining compliance with internal policies and quality standards.

This is a hybrid position in our Irving office.

Responsibilities

• Payment & Transaction Processing
• Review and resolve payment overages, payoff shortages, and payment application discrepancies.
• Properly identify non-customer payments including reserve recordings and third-party remittances.
• Apply recovery payments including total loss processing and payoff-related transactions.
• Refunds & Adjustments
• Facilitate aftermarket refund application and reconciliation.
• Ensure accurate posting and documentation of customer refunds.
• Create loan adjustments within allowed limits.
• Check Processing
• Assist in inbound physical check intake and deposit preparation.
• Perform batching, deposit operations, and check imaging.
• Correctly document information for outgoing checks, and resolve pending check exceptions.
• Payment Exception Handling
• Investigate unresolved payment items.
• Maintain documentation supporting payments and adjustments.
• Process intake and application of payments with timeliness, in alignment with internal and external deadlines.
• Operational Controls
• Ensure loan and other system updates related to payment posting are accurate.
• Maintain compliance with payment handling procedures and policies.
• Compliant mail handling for security and confidentiality.
  

Requirements

• 1-5 years of experience in a payment processing, accounting, lending, or customer service-oriented role preferred.
• Background with check, cash, or payment handling is strongly preferred.
• Strong understanding of Lockbox functions is strongly preferred.
• Experience in:
• Consumer, secured, and/or retail installment loans are preferred.
• Payments or customer transactions are preferred.
• Workflows and adapting to changing volume.
• Associates degree, or some college credit, preferred but not required.
• Accuracy and attention to detail.
• Proficient in Microsoft Office Suite (Word and Excel) and or Google Workspace i.e., G-Suite (Docs & Sheets)
• Experience with DocuSign, Lockbox, or LMS preferred.
• Experience with payment reconciliations is preferred.
  
  

Benefits

• Robust Health Care Plans (Medical, Dental & Vision)
• Up to 20 Days PTO (Accrued)
• Generous Parental Leave
• Retirement Plan (401k with Company Match).
• Educational Assistance/Tuition Reimbursement up to $3K/year
• Recreational Safety Benefit
• Wellhub (Gympass) Wellness Benefit
  
  
  

Disclaimer: The above statements are intended to describe the general nature and level of work being performed by associates assigned to this classification. They are not to be construed as an exhaustive list of all responsibilities, duties, and skills required of personnel so classified. All personnel may be required to perform duties outside of their normal responsibilities from time to time, as needed.

Octane Lending is an equal opportunity employer committed to providing equal employment opportunity without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, or any other protected status with respect to recruitment, hiring, promotion and other terms and conditions of employment.