About the Role:
The Loan Servicing Specialist II is responsible for servicing internal and external members needs after a loan has funded. They perform data entry, resolve escalated internal member calls and questions, while providing exceptional service to internal and external customers. The Loan Servicing Specialist II serves as a resource on loan servicing tasks described below by responding to requests via phone, email, and written correspondence, while maintaining policies and procedures to ensure regulatory compliance.
Scheduled Weekly Hours:
This is a full-time 40 hours a week. Scheduled Monday – Friday 8:30AM – 5:00PM PST with rotating Friday 6:00PM PST shifts. This is a remote opportunity with biannual travel expectations to our office in Capitola, California for company all staff gatherings.. The ideal candidate lives on the West Coast.
What you’ll be doing:
- Promote and maintain a positive image of Bay Federal at all times to all personnel, members, volunteers, vendors and the community.
- Provide a positive member service experience while focusing on Bay Federal’s accepted practices, policies, productivity, and effectiveness.
- Remain knowledgeable of regulatory changes affecting loan products and services adopted by federal regulatory agencies such as the Federal Reserve, the National Credit Union Administration, and the Consumer Finance Protection Board.
- Remain current on all loan servicing processes and procedures and servicing regulations for real estate, consumer, and commercial loan programs, including secondary market requirements.
- Perform quality control audits of system data for new loans and ensure that all pertinent loan information is accurately transferred from loan origination systems to the Core banking system and periodically sample billing notices for accuracy and data validation.
- Process member requests on their loan accounts, including but not limited to, due date changes, skip payments, pre-authorized internal/external electronic transfers, check payments, payment coupons, and coupon reorders.
- Review, evaluate, and take corrective action on exception reports produced by the core banking and vendor software systems.
- Investigate and resolve member complaints and service issues related to payment and disbursement transactions, billing statements, fees, credit reporting disputes, address discrepancies, loan terms, etc.
- Initiate life, disability, GAP, warranty, total loss insurance claims and policy cancellations. Calculate and credit or refund prorated accrued interest to member accounts on an exception basis.
- Monitor and track insurance and tax requirements for members’ impound accounts in accordance with federal regulations, including the timely and accurate payment of property taxes, hazard insurance, flood insurance, and/or mortgage insurance premiums. Monitor reserve accounts and performs escrow analysis and related disbursements.
- Research and update current variable rate indexes in the Core banking system.
- Investigate, identify, and implement necessary corrections to credit bureau reporting data.
- Ensure the perfection of collateral securing the Credit Union’s loans (DMV titles, Deeds of Trust, UCC financing statements, deposit accounts, etc.)
- Ensure the accurate and timely closeout of paid off loans, including the release of collateral and timely cancellation of all third-party loan maintenance services upon satisfactory repayment.
- Assist with the testing, upon request, of all Core system updates and releases that directly affect loan product features and services.
- Provide support to other credit union employees in the resolution of technical and procedural issues related to the Core system and other lending systems.
- Perform other duties as assigned, including but not limited to, special projects requiring extensive knowledge of Credit Union and department operations, policies, procedures, and regulatory compliance.
- Assist in the reconciliation of the internal and investor loan portfolios with loan records monitored by various service providers under contract with the credit union such as flood determination, tax service, collateral protection, credit bureaus, and others.
- Process changes to available lines of credit and notify members of forthcoming and/or matured loan accounts within established timeframes.
- Identify, calculate, and remit daily payments to loan investors in accordance with investor loan regulations such as Fannie Mae and Advantis.
- Review loan data, forms, and loan calculations for accuracy and processes loan charge-offs, modifications, settlements, and extensions, as directed, and in accordance with generally accepted accounting practices.
- Review, edit, and process year end data for federal tax forms such as 1098s for mortgages and 1099Cs for all charged off loan balances.
- Participate in inter-departmental training for new and existing employees on loan payment processing, securing and releasing collateral, including maintenance and disbursement of insurance and tax payments.
- Periodically draft, review, and update standardized member letter templates regarding loan accounts.
- Review all process all mortgage and consumer insurance claim checks in accordance with corporate and investor policies and procedures. Act as liaison between service representatives, insurance agents, and members when necessary.
- Draft, review, and update, upon request, internal policies and procedure documents and the intranet to ensure that current practices and procedures are documented and followed.
- Use courteous and professional communication and collaborative skills while working with internal peers and external vendor representatives to identify and resolve loan related issues.
- Effectively work cross-functionally with other divisions/departments throughout the credit union, as directed, to assist in the planning and implementation of strategic loan related projects.
You’re Perfect For This Role If You Have:
- High School Diploma or equivalent is required; a BA/BS is preferred.
- Must have a complete understanding of common lending processes and terminology.
- Minimum of 5 years financial institution experience and a minimum of 3 years lending or loan servicing experience are preferred.
- Must have a thorough understanding of all state and federal regulations that affect consumer and mortgage loan servicing.
- DNA, mortgage servicing, and investor reporting a plus.
- Spanish speaking a plus.
- Ability to identify process or program deficiencies and make recommendations for system and/or process improvements.
- High proficiency in Microsoft Office software programs, including Word, Outlook, and PowerPoint, and Internet/Intranet navigation skills are required.
- Intermediate to advanced knowledge of Microsoft excel is required and proficiency in SQL a plus.
Who We Are:
Bay Federal Credit Union was started in 1957 when local school teachers pooled their money together to start a credit union. This original vision and investment has grown into the area’s largest locally-owned financial institution, with nearly $1.6 billion in assets. Today, Bay Federal provides full service financial products and solutions to individuals and businesses in Santa Cruz, Monterey, and San Benito counties.
As a local, member-owned, not-for-profit financial cooperative, we are passionate about contributing to the community and being an integral part of its incredible story. Each year, our employees volunteer their time and donate their money to local non-profits, schools, and events. Our managers serve on local non-profit Boards of Director to be involved, understand challenges, and to make a real difference in the communities we serve.
From our founding as a teacher’s credit union, Bay Federal has continued our commitment to education. We offer annual student scholarships for members and offer a comprehensive array of solutions to support our member's financial wellness. Through online financial education course offerings, solutions for teachers and students, as well as special programs for youth, our financial wellness programs are free and available to the public. This is a small part of our work in creating thriving and vibrant communities!
We look forward to continuing our story, and hope that you will be a part of it!
Perks of Joining Bay Federal Credit Union:
- Rated #1 Credit Union to Work For by CU Journal
- Best Places to Work in the Bay Area (SF Business Times/Silicon Valley Journal)
- 11 Federal Holidays observed as paid days off
- We invest in your professional growth & development by providing access to industry standard webinars, LinkedIn Learning courses, and career tracking. We also partner with Cabrillo College for a 12 week leadership program for up and coming supervisor and manager level employees
- Mac McCormac Employee Scholarship award for $1,500 towards education expenses
Benefits Offered at Bay Federal Credit Union:
- 401k Matching – $1 for $1 company match up to 5% of pay
- Eligibility to participate in annual bonus plan
- A wellness program that supports your physical, financial, and emotional health
Bay Federal Credit Union is proud to offer a competitive, robust compensation and benefits package. Bay Federal considers many factors in determining base pay such as experience, education/training, internal peer equity, job location, and other business considerations when extending an offer. For Santa Cruz, CA only, the pay scale Bay Federal reasonably expects to pay for this position is $24 - $30 per hour. Salaries are based on the geographic location in which you live if working remotely.
Bay Federal is committed to providing equal employment opportunity for all persons regardless of age, disability, national origin, race, color, religion, sex, sexual orientation, gender, gender identity or expression, pregnancy, veteran or military status, marital and civil partnership/union status, alienage or citizenship status, creed, genetic information or any other status protected by applicable federal, state, or local law.
For CCPA's requirements regarding security practices and procedures, please see our privacy page here (https://www.bayfed.com/privacy). Bay Federal Credit Union takes our obligation to keep our member's data safe and secure and adhere to industry standard best practices.
