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Loan Servicing Specialist III at Penns Woods Bancorp, Inc.

Posted in General Business 30+ days ago.

This job brought to you by eQuest

Type: Full-Time
Location: Williamsport, Pennsylvania

Job Description:

Responsible for processing loan transactions and loan maintenance for consumer and commercial loans in the Portfolio (Installment, Commercial, Mortgage, Overdraft Protection, and Home Equity Lines of Credit); maintaining loan files and records; maintaining collateral inventory in the vault; updating and calculating loan to value percentages for negotiable and non-negotiable securities held as collateral; handling more complex and difficult customer concerns. Responsible for performing a variety of duties relating to reviewing and processing TILA-RESPA Integrated Disclosures (TRID) requirements for consumer loan applications. This includes generating predisclosures; verifying the supporting documentation; communicating with lenders and settlement agents; updating fees; and preparing the Loan Estimate and Closing Disclosure documents with accuracy. Also responsible for completion of the weekly High-Priced Mortgage Loan (HPML) rates spreadsheets. Verifies there are no high-priced mortgage loan rates based on the current interest rate and Annual Percentage Rate (APR) offered by the Bank. Is responsible for maintaining all consumer rate sheets, calculating new APRs when rates are changed. Responsible for disbursement of payments for real estate taxes, and payment of insurance premiums for fire and flood insurance for all escrowed accounts; maintaining direct contact with taxing authorities, insurance companies/agents, borrowers and any tax and insurance vendors to ensure quality customer service and perform required escrow analysis on all accounts with escrow.

Essential Duties

1. Perform a variety of duties to support the loan functions for all Banks under the holding company as follows:

a. Processes participation loans: Applies loan payment to Main Loan; completes and copies Request for Funds Transfer Form for each amount being wired and forwards to Wire Transfer Area; completes and copies general ledger entries for wire transfers; applies payment when wire is received from Lead Bank for participant’s percentage of payment.

b. Researches transactions and reconciles the Loan Settlement general ledger account daily.

c. Researches and reconciles daily unposted loan transactions; reposts transactions and notifies branch to educate why transaction unposted.

d. Researches and reconciles the Participation Payable general ledger account daily; wires funds as needed and completes general ledger entries.

e. Receives Loans Closed Today Report daily: Checks paid file information against Loan System to verify no other open loans with same collateral; verifies satisfaction fee has been paid; determines if credit insurance exists and if there is a rebate due; deletes existing expiration dates and alerts on paid loans.

f. Updates loan rate indexes daily on the core loan system and on the loan documentation system.

g. Processes a high volume of email requests sent to the Loan Servicing Mailbox for loan maintenance: Line of Credit Renewals; Processing of TimeLine Modifications, Extension Agreements, and TimeLine Unit Lock requests; Requests to manually key principal payments to locked units on the TimeLine product; Payment Deferment requests; Setting up/deleting/changing Automatic Fund Transfers; Requests to close commercial and consumer lines of credit; Processing of Commercial and Consumer Change in Terms Agreements to change rates, payments, due dates, maturity dates, setting up FASB fees and prepayment penalties, etc.; Substitution of Collateral; Restricting advances on lines of credit; Setting up Sweep Agreements; and Processing of computer change forms for other various loan maintenance requests.

h. Provides payoff quotes: Requests proper authorization from borrower, prepares quotes, and adds message to loan system.

i. Reviews and researches reports generated from loan system: Fee Exceptions; Billing Exceptions; Next Review Date Changes; Loans with Low Balances; Loan Maintenance Changes; Expiring Message Report; Expired Alert Message Report; Loan Participation Edit Settlement; Military APR Daily Exception; Military APR Statement Exception; New Loans; Closed Loans.

j. Receives Charge-Off list from management: Pulls loan files; performs maintenance to change status of loan to charge-off status; sets up sub accounts for partial charged off accounts; cancels any credit insurance; reports charge-offs (consumer loans and lines) to Credit Bureau.

k. Responds to credit bureaus on consumer credit disputes through Metro II System (E-Oscar) within required time frame.

l. Provides customer service support to branches/loan officers regarding loan system: inquiries on payment processing; loan history, billing questions; and fee processing.

m. Monthly keys loan transactions for force placed fire and flood insurance premiums and refunds.

n. Handles phone calls transferred from the Call Center for payoff quotes; requests for loan statements; history statements, 1098 information; requests to make loan payments over the phone; requests for loan maintenance; explanation of how payments were applied/processed.

o. Logs in credit references received for loan customers. Completes the credit references received for all consumer and mortgage loans. Forwards the deposit and commercial credit references to the appropriate department for completion.

p. Processes Banking on Business (BOB) loan payments; prepares loan entries to move funds from the Participations Payable general ledger account to the BOB Loans general ledger account.

2. May specialize in processing one or more of the following functions:

a. TRID Loans: Generates the Loan Estimate and predisclosures within the required timing to be compliant with the TRID Rule. Creates cover letter for mailing the Loan Estimate and pre-disclosures. Uploads these documents to the application in the Application/Underwriting Retail Loan System.
b. High Priced Mortgage Loans (HPML) Rates: Weekly calculates and updates first and junior lien spreadsheets. Does an analysis to compare the consumer loan Annual Percentage Rates to the Annual Offered Prime Rate Index to ensure the current interest rates offered by the Bank are not high priced.

c. Inventory of Collateral Vault: Maintains a log book of all collateral added or removed from the collateral safe deposit boxes in the Williamsport Vault maintained for each Bank; conducts an annual audit of all collateral maintained in the vault; adds collateral to the vault for new loans and removes collateral for paid loans to maintain an accurate inventory of negotiable collateral.

d. Quarterly updates the Negotiable Collateral Report: Researches and updates current stock values via yahoo finance; verifies quarterly statement have been received for the pledged asset accounts held as collateral; updates the collateral values, the loan balances, and calculates a new loan to value percentage. Maintains the report by adding new loans and deleting loans which have been paid off.

e. Quarterly updates the Non-Negotiable Collateral Report: Obtains from the core loan system the current value of the Certificates of Deposit and Saving Accounts held as loan collateral; updates the Non-Negotiable Collateral Report with the current collateral value and current loan balance; verifies a Hold exists, and the Hold is for the appropriate amount; review the New Loan Report daily to add applicable non-negotiable collateral to the report and to delete any paid off loans.

f. Escrow Functions:
1. Reviews new loans with escrow to ensure escrow information on the core has been set up correctly.
2. Monitors escrow reports to ensure disbursement of escrow funds are paid promptly within the discount periods and prior to due dates and to ensure escrow analysis is performed within regulatory timing requirements.
3. Communicates with the borrower to ensure that tax and/or insurance bills are received in time to disburse and mail to the taxing authority or insurance company within discount period for taxes or prior to due date for insurance.
4. Reconciles payment processing of disbursements and ensures creation and mailing of checks payable to the taxing authorities or insurance companies.
5. Communicates with borrowers and taxing authorities or insurance companies/agents to resolve any and all tax or insurance issues in a timely manner.
6. Processes annual or short escrow analysis for accounts. Reviews escrow analysis prior to mailing to borrower and responds to all borrower inquiries regarding the analysis.
7. Requests/monitors approvals to pay taxes or insurances with disbursement stops.

8. Responds to borrower inquiries on requests to cancel escrow and performs any requirements relating to cancellation per current regulations.
9. Maintains knowledge of current RESPA (Reg Z) regulation in relation to escrow requirements

g. Coordinates specific work tasks with other personnel within the department as well as with other departments to ensure the smooth and efficient flow of information.

h. Abides by the current laws and organizational policies and procedures designed and implemented to promote an environment which is free of harassment and other forms of illegal discriminatory behavior in the workplace.

i. Cooperates with, participates in, and supports the adherence to all internal policies, procedures, and practices in support of risk management and overall safety and soundness and the Bank’s compliance with all regulatory requirements, e.g. Community Reinvestment (CRA), Bank Secrecy Act (BSA), Equal Credit Opportunity Act, etc.

j. Reports pertinent information to the immediate supervisor as requested, or according to an established schedule; compiles information necessary or as directed and provides data to appropriate Bank personnel.

k. Responses to inquiries relating to his/her area, or to requests from customers, other Bank personnel, etc., within given time frames and within established policy.

l. Provides guidance, on-the-job training, and technical assistance to Loan Servicing Specialist (I)s and (II)s and other loan operations personnel as directed.

Ancillary Duties

1. Performs tasks which are supportive in nature to the essential functions of the job, but which may be altered or re-designed depending upon individual circumstances.

Job Location

Williamsport Office

1. Telephone
2. PC/Computer Keyboard
3. Printer/Copier/Scanner/Fax
4. Calculator