Job Summary
We are seeking a highly skilled and experienced Director of Loan Operations to oversee and enhance our operational processes within the Loan Servicing Department. This includes activities related to loan funding, loan servicing, escrow and insurance, loan accounting and specialized loan servicing across a variety of loan products, including consumer & residential loans, with limited servicing to commercial loans. This role acts as the primary back-up to the VP of Loan Originations & Processing, ensuring that critical processes comply with regulatory and legal requirements, as well as the Credit Union’s policies and procedures.
Responsibilities
- Manage and lead aspects of the Loan Servicing Department, ensuring that all loan transactions (New, Renewal, Modifications, and Extensions) are accurately and timely completed, including proper posting of related transactions.
- Oversee and manage the selling of residential loans on the secondary market.
- Oversee loan servicing functions, ensuring timely and accurate processing of loan payments, payoffs, advances, maintenance, index and interest rate changes, adjustable-rate loan servicing, generation of pay-off letters, satisfaction of collateral documents, processing partial releases, maintaining loan general ledgers, generating loan statements and notices, managing non-accrual and charge-off loans, and tracking special loan terms.
- Ensure timely and accurate servicing of escrow loan accounts, including escrow disbursements (for insurance and taxes) and escrow analysis for both Residential and Commercial loans.
- Monitor and manage applicable insurance (primarily Hazard and Flood) protecting the loan portfolio, including oversight of the Lender Placement and Flood Monitoring programs, and managing third-party vendors providing forced placed insurance services.
- Lead regulatory processes, including Credit Bureau Reporting, Regulation X, PMI servicing, Flood insurance compliance, Periodic Statements, payment practices, customer complaints, customer requests for information, and pay-offs.
- Maintain employee motivation, engagement, and recognition, inspiring commitment and integrity while modeling cultural values and positive behaviors.
- Conduct ongoing analysis of operational processes, leveraging new technologies to streamline operations and achieve excellence in loan processes.
- Manage the launch of new products or initiatives impacting the unit, ensuring adherence to policies and procedures.
- Oversee audits and examinations affecting the area of supervision, ensuring compliance with Credit Union policies and regulations.
- Ensure policies and procedures affecting the unit are kept up to date, providing constant review of key loan operational processes to uphold high standards of quality and efficiency.
- Plan and execute the “Internal Self Audit” program for processes under direct responsibility, ensuring compliance with Credit Union policies and regulations.
- Perform additional Loan Operations duties as required by Management and prepare various reports as requested.
- Maintain NMLS#
Qualifications
- Minimum 5 years of advanced experience in Loan Servicing (residential, consumer & commercial loans) with proved track record of managing loan servicing processes, regulatory compliance, and operation excellence.
- 2 -5 years of advanced knowledge of selling residential loans on the secondary market.
- Strong understanding of Loan Systems (loan origination, CORE, servicing, tracking, online servicing) a must.
- Process analysis efficiency and reengineering experience, a plus
- Managerial experience a must
- Strong capability with MS office program (Word and Excel)
- Strong organizational and communication skills.
- Ability to handle simultaneously, multiple tasks and changing priorities. Detail- oriented self-starter, able to work independently and as part of a team.
- Able to establish and maintain effective employee and member relations. Resourceful, dependable, and detail oriented. Ability to exercise good judgment.
If you are a results-driven leader with a passion for optimizing operations in the mortgage servicing industry, we invite you to apply for this exciting opportunity.