Loan Servicer
Position Summary
The Loan Servicer I is responsible for supporting all aspects of the Bank's loan servicing operations for consumer, residential mortgage, and commercial lending products. This position performs critical post-closing, and ongoing servicing activities, including loan boarding, collateral administration, basic escrow knowledge, insurance tracking, payment processing, payoff processing, customer service, and regulatory compliance.
The Loan Servicer I serves as a key resource for customers, branch personnel, and third-party service providers, ensuring timely resolution of servicing requests and maintaining accurate loan records. This position is also responsible for quality control reviews, account reconciliations, reporting, project support, and collaboration with core system vendors to ensure the integrity and efficiency of loan servicing operations. Through exceptional service and adherence to Bank policies and procedures, the Loan Servicing Specialist contributes to departmental goals and promotes a positive customer experience.
Responsibilities
Loan Boarding & Maintenance
- Set up and board new commercial, residential, and consumer loans on the core processing system accurately and timely.
- Process loan maintenance requests and ensure customer and account information remains current and accurate.
- Process daily loan transactions.
- Review and verify file maintenance changes.
- Conduct disbursements on residential construction to perm.
- Calculate loan payoff figures and prepare payoff letters and related correspondence.
Construction
- Responsible for construction disbursements and managing projects in Built and COCC.
- Requesting and receiving Title Run downs
- Managing change orders in our system and coordinating with all parties internal and external.
Collateral & Documentation Administration
- Maintain and track collateral documentation for all loan types, ensuring records are properly secured and maintained.
- Process automobile title transfers, maintain title files, and communicate with the Registry of Motor Vehicles regarding missing or incomplete documentation.
- Prepare discharges, release collateral, return documents to customers, cancel notes, and process closed loan files in accordance with Bank procedures.
- Maintain accurate loan servicing and collateral records throughout the life of the loan.
Insurance Administration
- Monitor homeowners, flood, and automobile insurance coverage for collateralized loans.
- Track insurance exceptions and communicate with borrowers, insurance carriers, and internal departments to ensure compliance with Bank requirements.
Customer Service & Loan Servicing
- Provide exceptional customer service regarding loan accounts, payments, escrow accounts, insurance, collateral, and account maintenance.
- Support branch personnel by providing guidance and assistance with loan servicing inquiries.
- Respond to customer requests and resolve servicing issues accurately and efficiently.
- Assist customers with credit reporting inquiries and dispute resolution matters.
- Review exception loan bills and forwards onto to customers after verification and/or correction.
- Oversee payment conversions on construction and equity loans, complete changes in core system and notify customers.
Regulatory Compliance & Credit Disputes
- Respond to credit disputes submitted through credit reporting agencies in accordance with Fair Credit Reporting Act (FCRA) requirements.
- Ensure loan servicing activities comply with Bank policies, investor requirements, and applicable federal and state regulations.
- Maintain awareness of lending regulations and compliance requirements related to loan servicing.
Additional Responsibilities
- Provide lending support services and administrative assistance as needed.
- Participate in community outreach and Bank-sponsored initiatives.
- Perform other duties as assigned.
- Balance investor accounts and prepare reports regarding Secondary Market loans.
- Provide input with core system processing vendor regarding problem resolution, loan processing, payment processing, account history and updating customer information.
- Assist with the preparation of Management and Board Reports. Monitor closing dates of pending loans and communicate with closing attorney as needed.
Supervisory Responsibilities
Number of employees supervised: NA
Title(s) of employees supervised: NA
Qualifications
Education & Experience
- High school diploma with one year or more years of banking experience, preferably in loan servicing.
- Experience with the Bank’s core processing systems is a plus (Insight) or DNA and CoreLoigic, E-Oscar, Built, Carm Pro, Encompass, Miniter is a plus.
Knowledge, Skills & Abilities
- Strong knowledge of loan servicing practices and procedures.
- Proficiency in Microsoft Office programs and bank proprietary applications specifically used in the loan servicing and the lending area.
- Understanding of escrow administration, insurance tracking, collateral documentation, and loan maintenance processes.
- Strong analytical and mathematical skills, including the ability to calculate interest, rates, percentages, escrow analyses, and payoff figures.
- Excellent organizational skills and attention to detail.
- Strong customer service, communication, and problem-solving abilities.
- Ability to manage multiple priorities and meet deadlines in a fast-paced environment.
- Proficiency with Microsoft Office applications, including Word, Excel, and Outlook.
- Experience with core loan servicing system COCC preferred.
Success Factors
- Exceptional customer service and relationship-building skills.
- A commitment to accuracy, quality, and attention to detail.
- Strong verbal and written communication skills.
- Critical thinking and problem-solving abilities.
- Initiative and a desire to improve processes and efficiencies.
- Sound judgment and commitment to compliance and risk management.
- Dependability, professionalism, and accountability.
Starting pay for a Loan Servicer is $25.00-$30.00 per hour, aligned to relevant experience, skills, and internal equity. Final offers consider job-related experience, specialized skills, and internal equity and are not based on salary history.
About The Village Bank
At The Village Bank, we are committed to providing exceptional service to our customers, supporting our local communities, and fostering a collaborative workplace where employees can grow and succeed. We value teamwork, integrity, innovation, and a customer-first approach in everything we do.
Equal Opportunity Employer
The Village Bank is an Equal Opportunity Employer and is committed to providing equal employment opportunities to all employees and applicants without regard to race, color, religion, sex, national origin, age, disability, veteran status, sexual orientation, gender identity or expression, genetic information, or any other characteristic protected by applicable law.
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