Collateral Specialist

1 month ago

Hills, United States Hills Bank Full time
Job DescriptionJob Description

SCHEDULE: Full-time; Monday through Friday; 7:30 am - 5:00 pm. Average of 40 hours/week.

LOCATION: 131 Main St Hills, IA 52235

BENEFITS: Our employees are our most valuable assets, so we invest in them with a comprehensive and competitive benefits package. Our philosophy of taking care of the customer extends to taking care of our employees so that they, in turn, can take good care of themselves and their families. Join Hills Bank and let us surprise you with even more perks


SCOPE:

The Collateral Specialist will report to the Loan Servicing Supervisor, and work closely with the, Flood Insurance Specialist, Loan Servicing Specialist as well as lenders, customers and third party companies. The responsibilities and duties for this position consist of ensuring proper filing of recorded mortgages, vehicle titles, and Uniform Commercial Codes (UCC); preparing weekly release reports for recorded mortgages, vehicle titles, and deposit accounts; escrow holdback agreements and disbursements; and other duties related to loan collateral. This position is also responsible for researching, preparing, and filing mortgage and UCC releases as well as subordinations and partial releases. Other responsibilities for this position include processing incoming insurance policies for accuracy and continued coverage, insurance escrow billing and maintenance, as well as lapsed coverage follow up. This position is responsible for the force placed insurance portfolio, including all submittal and reconciliation of forced placed insurance policies, as well as the communication to customers regarding all insurance requirements, adhering to both state and federal regulations


ACCOUNTABILITIES:

Real Estate Mortgage and insurance Tracking:

  • Complete incoming mortgage entries as well as coding of new mortgages.
  • Consistently follow up on any outstanding collateral to ensure proper filing.
  • Process weekly collateral release report by preparing and filing appropriate mortgage releases.
  • Research and prepare requested mortgage releases, including subordinations and partial releases.
  • Ability to complete the monthly reconciliation of Mortgage Release Fee GL.
  • Process incoming hazard and flood insurance policies.
  • Document and communicate insurance cancellation and renewal issues with customers and lenders to ensure that proper insurance coverage is maintained at all times.
  • Force placed insurance when necessary.
  • Process monthly forced placed insurance reconciliation, refunds, and renewals.

Vehicle Title Tracking:

  • Ensure proper lien filing for vehicles and deposit accounts that are being held as collateral on loans.

Process weekly title and deposit account release reports as well as special release requests.Uniform Commercial Codes:

  • Maintain up to date knowledge on State law regarding the filing, amendment and release of Uniform Commercial Codes.
  • Complete a UCC filing review on all loans secured by commercial and agricultural security agreements to ensure the bank has a proper lien filing.
  • Work to resolve issues regarding incorrect filings or lien placement.
  • Complete monthly follow up regarding UCC continuations/amendments.

Escrow Holdback Agreements/Disbursements:

  • Process Escrow Holdback Agreements and distribution items including following up with lenders regarding fees and processing distributions for customers.

Loan Servicing:

  • Process incoming loan payoff requests.
  • Act as a resource to the Assistant Collateral Specialist, Flood Insurance Specialist, Title Work Administrator and the Loan Servicing Specialists by answering questions and providing backup when needed.

General Department Duties:

  • Assist with filing and other duties/projects in the Loan ServicingDepartment as needed
  • As part of the overall team of bank employees, this position may be requested to assist in the support of other bank activities.
  • Assist in the development of manuals and supporting documentation to accomplish task/duties inherent in this position.

EDUCATION AND SPECIAL REQUIREMENTS:

  • Must have Bachelor's degree in business or related field - OR -
  • 2-3 years related experience.
  • This job requires skills needed in a typical office environment. This includes computer skills, communications skills, as well as utilization of office equipment.

EQUAL OPPORTUNITY EMPLOYER



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