New Loan Setup / Special Loans

Summary:  Responsible for loan boarding and escrow administration functions on the servicing system.  This includes ensuring all loans are set up according to the loan documents and regulatory requirements. 

 

 Essential Duties and Responsibilities: include the following. Other duties may be assigned.

  Execute day to day operations as it relates to loan boarding and verification.   Receive loan files and prep files for set up and imaging. Maintain records management by imaging documents received and tracking any missing documents.  Set up new loans by performing data entry or formatting an electronic data file for import into the servicing system. Audit loan data by utilizing loan documents and payment histories to ensure the accuracy of the servicing system. Document discrepancies and make any necessary corrections to the servicing system. Generate welcome letters. Reconcile balances with the prior servicer and the servicing system. Ensure each loan is registered on MERS by either transferring the existing loan from the previous servicer or perfecting assignments to MERS and then registering the loan on the MERS system.

 

  Perform escrow administration functions relating to taxes and insurance. Audit escrow data on new loans to ensure accuracy of the data and disbursement schedules. Set up new escrow payees as needed. Reconcile escrow balances with funds received from the prior servicer.   Process initial and annual escrow analysis, ensuring regulator guidelines are met. Ensure transferable Tax and Flood contracts are transferred from the prior servicer.  Establish Tax and Flood contracts for any loan that was not under contract. Manage tax and insurance disbursements to ensure disbursements are processed in accordance with the due dates. Coordinate Mortgage Insurance disbursements in accordance with due dates.

 

  Generate monthly notifications in accordance with regulations.   Assist with the processing and distribution of monthly billing statements and late charge notices. Support the monthly ARM change notification process by reviewing the index values, interest rates, payment changes and notices. 

 

 

?     Other duties as assigned.

  Experience  1-3 years of mortgage banking experience PC proficient in Window applications (Word, Excel, Outlook) FICS experience a plus