Job Summary / Description
LAFCU's Real Estate Loan Service Specialist is responsible to perform a variety of Loan Servicing functions in connection with Real Estate and Consumer Loans including processing payoff demands, subordination requests, reverse various loan transactions and fees to appropriate accounts and general ledgers. Process various different types of reports related to both real estate and consumer loans. This person must also demonstrate exceptional knowledge of all aspects of the job functions, good judgment, and be able to recommend effective solutions in the most challenging situations. This position is a full time position and reports to the Loan Servicing Manager in the Consumer Loans Department.
Essential Functions & Responsibilities
- 30% Loan Payment Processing, Posting & Adjustments, Payoffs, Demands & Reconveyances Perform account research and process loan payments. Process and post loan payoff checks, wires, and transactions within one business day. Post and/or reverse various loan transactions and fees to appropriate accounts and general ledgers. Review and process consumer loan daily/monthly reports and make payment adjustments, corrections (Checks, EOSCAR, Skip-a-Pay, Due Date Changes). Accurately perform daily End-of-Day procedures and complete adjustments/corrections before 8:30 AM next business day. Open and process all loan service mail daily. Process loan demands for payoffs within ten business days of receipt. Process reconveyances within 30 days of loan payoff and close out paid loans. Research and prepare reconveyances on paid-off loans when necessary. Label, stamp, file, and maintain paid loan files in the paid loan file section.
15% Insurance, Escrow & Tax Tracking
- Cancel flood service, tax service, MI insurance, and force-placed insurance on paid loans or loans with proper coverage.
- Assist in inputting and updating tax, insurance, and flood insurance policies in FICS; mail non-escrowed policies to tracking service.
- Perform monthly escrow analysis for property tax and hazard insurance; make required disbursements.
- File escrow transaction reports by the next business day.
- Force-place property tax and hazard insurance when warranted and make loan/GL adjustments; mail notice within 10 days.
- Process CPI add-ons or refunds for consumer loans.
- Monitor delinquent property taxes and mail delinquent notice letters.
10% ARMs, Index Updates & Rate-Related Duties
- Prepare and mail rate-change letters for ARMs by the fifth business day.
- Submit upcoming month’s index changes to IT by the last business day of the month.
- Run Change Notice Analysis Report by the 17th and mail change notices/payment coupons by month-end.
- Update Index Values by the 1st day of each month.
- Run daily investor interest rate price sheets; update internal and online rate programs.
10% Subordinations & External Requests
- Process monthly charge-offs.
- Post checks received from attorneys for wage garnishments and judgments.
- Prepare and process subordination agreements/requests for existing loans.
- Run credit reports, obtain values, and prepare documents for subordinations requested by other lenders.
10% Job Performance, Cross Training & General Responsibilities
- Perform all RE Loan Service Specialist duties in a timely, professional manner.
- Ask a supervisor for assistance when needed.
- Communicate daily with immediate supervisor regarding work status, problems, and member comments.
- Respond to member inquiries by the next business day.
- Provide support to all assigned areas: act as a backup for various loan servicing positions/ functions.
- Crosstrain in other areas as requested.
10% Procedures, Compliance & Regulatory Requirements
- Be familiar with and follow all assigned procedures in the Real Estate Procedural Manual and Consumer Loan Procedural Manual; recommend changes as needed.
- Comply with Bank Secrecy Act requirements.
- Comply with the Truth in Lending Act.
- Comply with the Secure and Fair Enforcement for Mortgage Licensing Act requirements.
- Adhere to credit union lending policies and procedures to comply with state and federal rules and regulations and other related compliance requirements.
5% Investor Reporting, Remittance & Secondary Market Duties
- Perform investor Electronic Default Reporting by due dates.
- Complete Electronic Default Reporting exception/error corrections by due dates.
5% Loan File Management, Documentation & Records
- Assist in stacking and filing newly funded real estate loans and lines of credit; follow up for missing documentation.
- Assist with compiling requested loan files for audits, reconveyances, and management review.
5% Cross Selling & Product Promotion
- Consistently cross-sell LAFCU products and CUSO services at every opportunity to meet member needs and credit union goals.
Qualification & Opportunities
- Three years to five years of similar or related experience. A high school education or GED.
- A high school education or GED.
- Work involves much personal contact with others inside and/or outside the organization for the purpose of first-level conflict resolution, building relationships, and soliciting cooperation. Discussions involve a higher degree of confidentiality and discretion, requiring diplomacy and tact in communication.
- Good interpersonal, oral and written communication skills; very good mathematical, analytical and mental concentration skills; experience in quality control and documentation
requirements of Secondary Market. SAFE ACT STATEMENT: This position requires the employee to register as a mortgage loan originator with the Nationwide Mortgage Licensing System and Registry ("Registry") and obtain a unique identifier from the Registry before engaging in mortgage loan originator activities, to maintain and renew that registration on an annual basis, to update registration information with the Registry on a timely basis, and to provide that unique identifier to consumers as required by applicable SAFE Act regulations and LAFCU policies and procedures.
Salary
- The minimum and maximum base salary range for this position is $26.51 to $38.75 in California.
- The target starting base hourly rate is between $26.51 to $29.57.
- This compensation and benefits information is based on Los Angeles Federal Credit Union's good faith estimate as of the date of publication and may be modified in the future.
- The starting base salary within the range will depend on a variety of factors that may include relevant prior experience and/or education, or skills and expertise.
LAFCU is an Equal Opportunity Employer. We are committed to building an inclusive and diverse workforce.