Loan Servicing Job Description
Loan servicing
provides back-up support to the Loan Processing Team to prepare loan documents for consumer, commercial and real estate loan requests via LaserPro, DecisionPro and/or Encompass.
Loan Servicing Duties & Responsibilities
To write an effective loan servicing job description, begin by listing detailed duties, responsibilities and expectations. We have included loan servicing job description templates that you can modify and use.
Sample responsibilities for this position include:
Monthly agency reporting, remitting and reconciliation
Preparing, reviewing and sending out borrower mortgage statements monthly
Preparing monthly reconciliations of cash accounts and escrow and reserve balances
Escrow maintenance, analyses and payment processing
Posting payments, escrow and reserve activity and updating loan information in the loan servicing software
Preparing pre-closing escrow analyses and interest calculations and reviewing pre-closing statements for accuracy
Reviewing and recording loan closing and securitization proceeds when received and warehouse activity
Reviewing loan documents and onboarding newly originated loans into the loan servicing software
Generating and providing payment histories upon request of borrowers
Contributing in agency audits
Loan Servicing Qualifications
Qualifications for a job description may include education, certification, and experience.
Licensing or Certifications for Loan Servicing
List any licenses or certifications required by the position: GL, USDA, CAMS, AOM, USPS, CBAP, CRCM, KYC, CFA, CPA
Education for Loan Servicing
Typically a job would require a certain level of education.
Employers hiring for the loan servicing job most commonly would prefer for their future employee to have a relevant degree such as High School and Collage Degree in Finance, Education, Accounting, Business, Associates, Business/Administration, Technical, Real Estate, Economics, General Education
Skills for Loan Servicing
Desired skills for loan servicing include:
Excel
Microsoft Office Suite
MS Word
Department computer applications and systems
MS Excel & Outlook
Retail and Commercial loan documentation requirements
Federal and state regulatory requirements
Microsoft Excel & Word
Word
CLO
Desired experience for loan servicing includes:
1 year Commercial loan experience
1 year Commercial or Consumer loan experience
Assisting in the preparation of quarterly workpapers
Assisting in miscellaneous related accounting duties
Real Estate or Loan experience
Knowledge of commercial loan accounting systems preferred
Loan Servicing Examples
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Loan Servicing Job Description
Job Description Example
Our innovative and growing company is hiring for a loan servicing. We appreciate you taking the time to review the list of qualifications and to apply for the position. If you don’t fill all of the qualifications, you may still be considered depending on your level of experience.
Responsibilities for loan servicing
- Supervise train, mentor and coach others
- Assists with management decisions and activities
- Additional duties may include area of specialization
- Perform data mining activities
- Interpret reports, monitor/assess trends, identify process gaps, and provide summaries using management reporting tools
- Manages the daily activities of NLP, sets priorities for the team and coaches colleagues to ensure task completion
- Coordinates and influences work activities with business partners to achieve goals
- Ensures staff compliance in accordance with all bank policies and procedures.Motivate and reward desired behaviors through feedback and utilization of various reward and recognition programs
- Recommends and implements efficiencies and improvements to support business and operational strategic objectives
- Responsible for working with key business partners to understand and institute validation practices appropriate for the products
Qualifications for loan servicing
- Experience people manager
- Bachelor’s degree or the equivalent combination of education, training, and work experience
- Facilitate GSE buyouts
- Engage and direct audit firm to conduct targeted and random servicing audits
- Plan and implement onboarding of in-house interim servicing
- Minimum of 3 years commercial loan servicing experience
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Loan Servicing Job Description
Job Description Example
Our company is looking for a loan servicing. If you are looking for an exciting place to work, please take a look at the list of qualifications below.
Responsibilities for loan servicing
- Processing external payments and validating payment instructions with our counterparts
- Managing regular information flows between borrowers and lenders handling any waivers or amendments to existing agreements
- Effectively reviewing and processing transfers between lenders
- Ensuring the register of lenders and GS books and records are accurate at all times
- Support training both within the team with the customer
- Ensure that Servicing Managers deliver accurate data, required loan reporting and business process improvements to supporting lending lines of business, while adhering to the appropriate risk quality and collateral controls
- Prepare and/or ensure all management reporting requirements are met, which can include project status, volume statistics
- Promote team participation and support for supervisor and management
- Reviews loan documentation for accuracy and completeness
- Balances lending-related general ledger accounts
Qualifications for loan servicing
- Familiarity with commercial loan documents is preferred
- Good organization along with oral and written skills
- Auto Finance experience
- Previous experience servicing complex, SBA, and syndicated loans preferred
- Minimum of 6,500 keystrokes per hour
- College degree with at least three years of banking experience is required
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Loan Servicing Job Description
Job Description Example
Our innovative and growing company is searching for experienced candidates for the position of loan servicing. We appreciate you taking the time to review the list of qualifications and to apply for the position. If you don’t fill all of the qualifications, you may still be considered depending on your level of experience.
Responsibilities for loan servicing
- Provides leadership and strategic management for Loan Operations Department (LOD)-Loan Servicing unit
- Supervise, monitor, and guide direct reports to ensure all areas of the department are operating soundly and efficiently
- Work on long term projects and goals as directed by the SVP Loan Operations or enterprise PMO
- Work with SVP and controls manager to ensure the department's Operational Risks are low and internal and external Audits are completed and satisfactory
- Envision future states of the department and systems through roadmaps and goals set for direct reports and follow proper change management processes to implement needed changes
- Ensure processes and procedures are consistently and accurately updated and reviewed annually and that they match up with all consumer and banking regulations
- Coordinate loan sales, mergers, or other data transfers and ensure they are completed accurately
- Customer Service Specialist
- Metrics Analyst
- Asst Manager
Qualifications for loan servicing
- Ability to work well independently, , part of a team to achieve department/ group goals
- The individual should be able to multi-task and work under pressure and high volume
- Should be able to work late if warranted and assist other if needed
- Basic skills in personal computer operation
- Knowledge of related state and federal banking compliance regulations, and other Bank lending policies
- Wide breadth of product support knowledge, ability to launch new product, process requirements
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Loan Servicing Job Description
Job Description Example
Our company is growing rapidly and is looking to fill the role of loan servicing. We appreciate you taking the time to review the list of qualifications and to apply for the position. If you don’t fill all of the qualifications, you may still be considered depending on your level of experience.
Responsibilities for loan servicing
- Loan Servicing Associate I, II
- Loan Servicing Accounting Specialist
- Loan Escrow Associate
- Customer Service Manager
- Loan Servicing Supervisor -- Payments
- Loan Servicing Supervisor/Manager -- Escrow (Insurance & Taxes)
- Handle all servicing requests which are generated by the SBA loan portfolio
- Co-ordination of interest, repayments and fees on GS Agented deals or Bilateral loans
- Evaluate performance of the Loan Servicing and Loan Ops Help Desk teams, and recommend changes or enhancements, as necessary
- Manages projects, including implementation of new systems, products and services directly affecting responsible units, conversion of acquired banks
Qualifications for loan servicing
- Functional and technical expertise garnered and demonstrated through time on the job and/or within mortgage servicing
- Ability to work independently, team with others to achieve department/ group goals
- Experience in managing financials and risk effectively managing staff’s performance
- Dynamic Manager with excellent customer service experience and a proactive leader resolving production problems with the ability to thrive in a fast-paced environment
- Bachelor's degree and a minimum of 10 years managing a loan servicing organization within a financial institution
- Strong understanding of the Commercial and Consumer Lending operations with concentration in loan servicing technology/automation, accounting and transaction monitoring
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Loan Servicing Job Description
Job Description Example
Our company is looking for a loan servicing. To join our growing team, please review the list of responsibilities and qualifications.
Responsibilities for loan servicing
- Serve as liaison with other functional units within the Bank, , with third party vendors, internal and external auditors, and credit bureaus
- Enter and review data in records management systems for new loan applications received
- Prepare and formally present weekly portfolio exceptions and past due items to loan servicing manager with resolution status and timeline
- Recommend and initiate programs, projects, and/or processes improvements specific to the organizational unit served
- Interpret reports, monitor/assess trends, and identify process gaps, and provide summarize using management reporting tools
- Processes loan payments and payoffs received daily via mail
- Prepares & mails correspondence to customers, sorts & distributes incoming mail, and researches returned mail
- Answers calls from customers with account related questions and directs telephone calls to the
- Perform interest rate reset for Commercial and Syndication/Participation loans that have rate options
- Provide support and assistance to Loan Administrator, other Loan Servicing staff, and internal customers
Qualifications for loan servicing
- 10 years of loan servicing within a financial institution of at least $25 billion preferred
- CPA, CFA and legal certifications preferred
- Prior responsibility for developing and implementing department level policies and procedures, the quality control practices to ensure procedures are followed
- A high school diploma or GED is required for this role
- 1-2 years of administrative experience and an interest in mortgage/real estate with the desire to learn will qualify
- For higher end of the pay spectrum, seeking 2 years of experience working with loan documents in an assistant capacity with excellent customer service skills