Loan Operations Specialist

Description

Position Overview: The Loan Operations Specialist will assist in all functions of consumer loan operations. This role will serve as an expert in payoff processing, GAP/Warranty claims and insurance tracking, and account verification. This role will also provide the highest level of service to members needing to perform maintenance on their loans.

What You Will Do:

• Process total loss claims, Skip a Pay on eligible retail products, and EFT payments
• Answer inquiries and verify data with third-party insurance providers and provide proper documentation through appropriate channels
• Complete CPI-related claims/refunds/exceptions on all loans and products
• Execute payment reversals and receivable corrections on all loan products
• Process consumer loan payoff payments, product cancellations refunds, and repossession recovery payments
• Complete and provide members with Adverse Actions 
• Complete Serviceman Civil Relief Act (SCRA) requests, maintenance, and compliance  
• Review and respond to credit disputes from credit reporting agencies through third-party vendor
• Responsible for sorting incoming mail to the proper department
• Generate loan-specific reports from core system as requested by management
• Able to complete bankruptcy support, reports, and DNA maintenance  
• Review and process product cancellations on indirect auto loans that have been paid off early, repossessed, or declared a total loss by a member’s insurance carrier
• Calculate unearned premium refunds based on pro-rata or Rule of 78’s methods as specified per each contract and applicable state regulations
• Initiate cancellation requests directly with GAP, VSC, MBP, CLDI, and other ancillary product providers and track submissions thoroughly to receipt of refund or credit
• Apply refund proceeds correctly to outstanding loan balances, member accounts, or issue refund checks in accordance with credit union policy and state law
• Complete loan file document maintenance and clean up
• Administer rate maintenance on loans and products
• Resolve assigned tickets meeting Service Level Agreements

Requirements

Our Ideal Candidate:

•  High School Diploma or General Education Degree required
•  Six months experience working at a financial institution is preferred
•  Basic knowledge of core banking systems, phone and ticketing systems, and loan servicing systems to complete tasks 
•  Basic knowledge of loan servicing compliance requirements

Reports to

•  Loan Operations Manager

Environmental and Physical Activity Requirements: This job operates in a professional office environment. This role routinely uses standard office equipment such as computers, phones, photocopiers, filing cabinets, and fax machines. The daily responsibilities of this position constantly require effective talking, hearing, walking, finger dexterity, reaching, stooping, and grasping functions. The position also often requires reaching and lifting (up to 25 pounds). Frequent sitting, standing, and repetitive motion activities are also required. Must be able to read print and computer-based materials and to do so with consistent accuracy. Most of these functions require light physical exertion and are conducted indoors at controlled degrees of temperature.

Other Duties: This job description is not designed to cover or contain a comprehensive listing of activities, duties, or responsibilities that are required of the employee for this job. Duties, responsibilities, and activities may change at any time, with or without notice.