MetaBank Loan Servicing Specialist in Sioux Falls, South Dakota
The Loan Servicing Specialist provides a wide range of support to the Retail Bank and Specialty Lending business lines. In particular, this position is responsible for monitoring and processing all loan related items as they relate to the various system applications including customer source, consumer, mortgage, commercial/ag, sweeps and transfer management.
- Process requests in accordance with bank policy, department standards and regulatory requirements.
- Responsible for system processing of consumer, mortgage and commercial/ag loans including:
- Input new loans ensuring accurate coding for financial reporting (includes participation loans bought/sold).
- Process irregular and mail payments, advances and payoffs including participation payments.
- Process maintenance requests including modifications, extension, account maintenance, etc.
- Setup transfer management (automatic payments) and process return checks.
- Process weekly rate change indexes including verifying rates and updating core systems.
- Monitor and update system activity on charge-off and non-accrual loans.
Insurance Processing & Mortgage Loan Analysis/Tracking including:
- Monitor insurance programs to ensure the Bank has active policies including reviews/prepares monthly reports etc. for consumer, mortgage and commercial/ag loans including:
- Hazard (Homeowner’s) Insurance that covers damage to a home.
- Private Mortgage Insurance (PMI) that protects the Bank if borrower stops making payments on a loan. Verifies loan to value (LTV) to determine when PMI can be dropped from the loan.
- Force-placed for customers that fail to obtain insurance on collateral secured by a loan
- Flood insurance for required properties that are in a flood zone
- Complete annual escrow account analysis for multiple states (paying of property taxes and insurance premiums) and provide customer with annual escrow analysis statement that identifies any increase or decrease in monthly payment amount.
- Track receipt of recorded mortgages and final title guarantees.
- Track construction draws and determine accuracy of 1099misc year-end reporting
- Complete verification/checkback on new loans, maintenance and transfer management to ensure system accuracy as per department standard
Account Balancing, Research and Report Review
- Reconcile suspense accounts daily; understand debit and credit entries and general ledger reconciling.
- Suspense accounts includes consumer, mortgage, commercial and payment suspense.
- Work in conjunction with those who initiated entries to clear outstanding items.
- Reconcile Deferred Fees research and post entries.
- Monitor daily reports including unapplied payments, variable rate loans, exception reports, low balance/maturing loans, Fannie Mae reports etc.
Focus to positive customer experience and culture
- Research and resolve customer account inquiries both internally and externally.
- Ensure effective communication with co-workers in all business lines throughout the company.
- Adheres to bank policies and procedures and maintains regulatory compliance.
- Maintains confidentiality of customer records.
Backup Support / Cross Training
- Responsible to cross-train to assist or back up other Loan Servicing Specialists with day-to-day department tasks.
- Performs other duties as assigned.
Bachelor’s degree from a College or University preferred
3-5 years related experience in Retail Banking preferred
Microsoft Office Suite and experience with Fiserv Core Banking Systems preferred
Department: 400-Retail Bank Operation
Location: Sioux Falls, SD