Consumer Loan Servicing Specialist

20 hours ago

Westlake, Ohio, United States First Federal Lakewood Full time
Job Description

At First Federal Lakewood, we are seeking a highly skilled Consumer Loan Servicing Specialist to join our team. As a key member of our loan servicing department, you will be responsible for the day-to-day servicing of auto and marine loans, ensuring timely and accurate processing of customer inquiries and issues.

Key Responsibilities:

  1. Provide exceptional customer service by responding to consumer loan inquiries via phone, email, and mail, collaborating with management and team members to resolve customer concerns and questions.
  2. Makes collection counseling calls for past due consumer loans, works with the default servicing team to refer seriously delinquent accounts for advanced collection and repossession activities, and assists with advanced collections as needed.
  3. Prepares verbal and written payoff quotes on consumer loans, provides instructions to customers, financial institutions, and dealerships regarding payoffs, processes payoff transactions in the core servicing system, and processes lien releases and other related customer correspondence on titles for auto, boat, and other consumer loans.
  4. Sends welcome letters and emails to new loan customers.
  5. Reviews insurance claims on damage to collateral property and coordinates the endorsement of loss draft checks, works with customers and insurance carriers on total loss claims, and aids in the collection of any deficiency balance.
  6. Monitors insurance coverage on marine loans, sends correspondence to borrowers with expiring insurance policies to obtain evidence of insurance, and properly retains evidence of insurance in the loan file.
  7. Performs system maintenance as needed, including payment corrections, address changes, autopay setup, and loan coding corrections.
  8. Administers special consumer loan programs or promotions, such as Skip-A-Payment.
  9. Complies with all applicable banking laws and regulations, including the Bank Secrecy Act, USA Patriot Act, and related anti-money laundering statutes and federal consumer protection legislation and regulations.
  10. Other duties as required.

The duties outlined above are a summary and may not be an exhaustive or comprehensive list of all possible responsibilities, tasks, and duties. All job descriptions may be amended at any time at the sole discretion of First Federal Lakewood.

Requirements:

  1. 1 to 2 years of experience in consumer loan servicing is required.
  2. Strong understanding of lending laws, regulations, and guidelines is required.
  3. Additional experience in financial services or banking is preferred.
  4. Experience in customer service is preferred.
  5. Proficiency in MS Office (Outlook, Excel, Word) or similar software is required. Encompass, Cleartouch, Nautilus, various government and investor software/web portals is preferred.
  6. High School Diploma or equivalent is required; Bachelor's degree in Finance preferred.

Necessary Competencies:

  1. Resilience
  2. Collaboration
  3. Communication
  4. Service Orientation
  5. Quality Focused
  6. Organizational Skills
  7. Accountability

Physical Environment:

  • While performing the duties of this job, the employee is regularly required to lift, walk, stand, sit, bend, reach with hands and arms, climb, push/pull, use hands, and see, hear, and speak.
  • The employee must occasionally lift and/or move up to 25 pounds.
  • The noise level in the work environment is usually quiet to moderate.
  • This position is performed in an office setting, five days a week, with typical work hours being 8:30 a.m. through 5:15 p.m.

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