Description
Manage post-closing administration of consumer and commercial loans, ensuring accurate account setup, payment processing, escrow management, borrower support, delinquency resolution, and regulatory compliance. Maintain records and collateral, coordinate loss mitigation and payoffs, and deliver timely, compliant communications and reports.
- • Board new loans and verify data accuracy, terms, and collateral records.
- • Review closing packages and system setups to ensure complete, compliant documentation.
- • Maintain and update loan servicing files and core system records.
- • Post payments, reversals, and adjustments; research and correct misapplied funds.
- • Compute amortization, payment changes, and payoff or reinstatement amounts.
- • Manage escrow accounts; perform analyses, disburse taxes/insurance, and resolve shortages or surpluses.
- • Monitor insurance coverage and process force-placed insurance per policy.
- • Generate and deliver periodic statements, notices, and year-end tax forms.
- • Handle borrower inquiries and complaints; investigate and resolve servicing errors.
- • Explain loan terms, payment options, escrow processes, and fees to borrowers.
- • Set up autopay, payment plans, and hardship arrangements as permitted.
- • Evaluate borrower hardship documentation and assemble loss mitigation packages.
- • Contact delinquent borrowers to obtain payment or negotiate repayment plans.
- • Submit modification, forbearance, or repayment plans to underwriters or investors for decision.
- • Prepare and send delinquency, demand, and collection notices within timelines.
- • Authorize fee waivers, payment arrangements, and notices within delegated limits; escalate exceptions.
- • Allocate and apply payments according to note terms, interest methods, and regulatory hierarchy.
- • Calculate and issue escrow refunds, fee reversals, and payment adjustments when warranted.
- • Provide payoff quotes; process payoffs, releases of lien, and collateral terminations.
- • Coordinate with title companies, attorneys, insurers, and agencies to resolve servicing issues.
- • Track covenant and tickler items; obtain financials, insurance, and other required documents.
- • Reconcile escrow, custodial, and general ledger accounts; clear exceptions.
- • Prepare portfolio, delinquency, and exception reports for management and investors.
- • Ensure compliance with RESPA/Reg X, TILA/Reg Z, FDCPA, SCRA, FCRA, and applicable state laws.
- • Respond to Qualified Written Requests, notices of error, credit disputes, and regulatory complaints.
- • Process ARM index changes and payment resets; issue required change notices.
- • Support audits, examinations, and investor reviews with accurate records and responses.
- • Recommend charge-offs, nonaccrual status, or placement with collections or legal counsel.
- • Coordinate bankruptcy, foreclosure, or repossession workflows and maintain accurate statuses.
- • Supervise and coach servicing staff and vendors to meet SLAs and quality standards.
- • Analyze portfolio trends to identify servicing risks and process improvements.
- • Refer borrowers to relevant bank services or external assistance resources when appropriate.
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O*NET occupational data (work activities, skills, knowledge).
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Last reviewed: Jan 2026
