Loan Servicing Operations Manager Job Summary
The Loan Servicing Operations Manager is responsible for oversight of all loan servicing activities related to loan servicing systems, payment resolution and management reporting. The Loan Servicing Operations Manager also works to ensure compliance with Westfield Bank’s loan servicing guidelines and is responsible for understanding and enforcing Westfield Bank’s policies and procedures and regulatory requirements.The Loan Servicing Operations Manager ensures timely and accurate processing of loan payments, payoffs and escrow payments and that Westfield Bank customers, both internal and external, receive superior customer service.
Essential Functions (primary functions and/or reasons the job exists in order of importance)
- Responsible for oversight of all loan servicing activities related to loan servicing systems, payment resolution and management reporting.
- Ensures timely and accurate processing of loan payments, payoffs and escrow payments.
- Ensures timely responses to customer inquiries and complaints pertaining to the servicing of their loan(s).
- Ensures timely and accurate processing of escrow payments for mortgage and manufactured housing loans including taxes, insurance and PMI.
- Oversees the processing and posting of payments for all areas of the Bank the day they are received including Commercial, Consumer, and Mortgage loans utilizing Input 1 and COCC. Notifies management daily of any exceptions. Serves as backup for Premium Finance payment processing and posting of payments.
- Ensures internal controls are implemented and maintained in accordance with FIDCIA requirements.
- Develops compliance guidelines and ensures that they are implemented and followed by the department staff. Is familiar with lending laws, and ensures adherence to all applicable regulations.
- Manages and monitors workflow to ensure accuracy and efficiency. This includes managerial responsibility for post-closing and servicing.
- Ensures that tickler reports are reviewed on a daily basis to monitor timely payment of insurance and taxes. Oversees the daily activities of the team including paying taxes and insurance, escrow analysis, monthly and quarterly reporting, Investor reporting, and payment processing.
- Enforces existing loan servicing policies and procedures and works with the loan operations team to maintain the loan operations procedure manual with the most up to date information. Serves as backup for the Commercial Loan Operations Manager and the Consumer Loan Operations Manager to provide cross coverage for oversight of consumer loans and commercial loans.
- Performs human capital management responsibilities including employee selection, performance management, coaching, and development. Manages priorities and workload distribution, and removes barriers that impede progress. Completes all personnel, salary administration, and reporting duties. Performs operational responsibilities that drive team performance including planning, execution, process improvement and best-practice sharing.
- Serves as a liaison between software vendors (i.e. COCC,, and CoreLogic) and updates applicable systems as upgrades become available. Works with IT to implement system upgrades and completes testing following any upgrades to ensure updates were properly implemented.
- Develops, implements and provides training for operations team on loan servicing processes and procedures.
- Coordinates activities and information necessary for preparation of internal and external audits and regulatory examinations.
- Maintains awareness, understanding, and compliance with the Bank's internal policies and procedures, laws, and regulations appropriate for this position.
- Provides assistance in response to regulatory and internal/external audit requests.
- Travels occasionally in order to participate in special assignments, training, and/or travel between office locations.
Desired Qualifications/Experience/Certification/Education (in order of importance)
- 5+ years of lending experience in a financial institution loan operations department, loan servicing department, or work experience.
- 2+ years of direct and/or indirect leadership experience.
- Experience following credit policy and guidelines.
- Working knowledge of and experience with consumer and/or commercial loan processing, underwriting, closing and loan servicing procedures.
- Working knowledge of state and federal lending regulations governing consumer and/or commercial lending.
- Strong organizational skills.
- Strong written and verbal communications skills resulting in the ability to effectively interact with all levels of management and employee population.
- Experience with Microsoft Windows and Office (Excel, Word, etc.) or other transferable software packages.
- Valid driver’s license and a driving record that conforms to company standards.
Physical Requirements (specific to the role)
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job.
- Ability to work effectively in an office environment for 40+ hours per week (including sitting, standing, and working on a computer for extended periods of time).
- Ability to communicate effectively in a collaborative work environment utilizing various technologies such as: telephone, computer, web, voice, teleconferencing, e-mail, etc.
- Ability to read a standard type document.
- Ability to physically and accurately file.
- Ability to operate an automobile within the parameters of the driving policy.
This job description describes the general nature and level of work performed in this role. It is not intended to be an exhaustive list of all duties, skills, responsibilities, knowledge, etc. These may be subject to change and additional functions may be assigned as needed by management.
We are an equal opportunity employer/minority/female/disability/protected veteran.
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