Supervisor, Loan Servicing

Description

About BankFund:

BankFund Credit Union is a full-service financial cooperative that was organized and chartered in 1947 as a convenient place for employees of the World Bank Group and International Monetary Fund and their families to save and to obtain credit. Located in Washington, DC, BankFund maintains three full-service branches downtown with our headquarters located near Farragut West metro station. This position is classified as a hybrid role which means that on-site work will be expected. After completion of training for the role, staff generally work on site 40% of the time and leadership 60% of the time but this is subject to change based on health and safety standards and operational need.

Summary:

Supervisory responsibility for the Loan Servicing Department staff. Responsible for the supervision of the Loan Servicing Department in the absence of the Manager, Loan Servicing.

Responsibilities:

• Supervises and coordinates the activities of all the loan servicing staff, monitoring quality and quantity of work. Develops, updates, schedules, and monitors all loan servicing functions, including but not limited to: consumer loan portfolio administration, accounting, ACH, rate change, payoff and release and EOY, management of mortgage escrow accounts, escrow analysis, post-closing and all other loan servicing related activities; ensures they are done accurately, on time and in accordance with Credit Union Policy, investor, federal and state regulations. 
• Ensures compliance with the Credit Union, regulatory (federal and state) and secondary market policies and procedures. 
• Monitors and reviews the activation of all new first mortgage, home equity and consumer loan accounts for proper set-up.  Ensures the accurate set-up of the escrow impound account on all first mortgage loans and processes the initial escrow analysis. 
• Supervises, coordinates and ensures the monthly and annual escrow analysis is process on time to comply with RESPA regulations.
• Reviews and activates all new employee mortgage loan file documents with the MortgageServ system. 
• Ensures all operations and interactions of department are conducted in an ethical manner. 
• Ensures all loan servicing reports and exception reports are monitored and loans are corrected as needed. Maintains a list of all reports used in the Department.
• Coordinates end of year production and printing of annual statements, 1098/1099 substitute statements and Internal Revenue Service (IRS) tapes prior to regulation deadline.  Coordinates annual statement and 1098/1099 statement mailing for all first mortgage loans to members.  
• Responds to all member inquiries regarding EOY information on first mortgage loans.  Corrects 1098/1099 tax information on the mortgage servicing system if needed and ensures corrected tax information is forwarded to the IRS and members.
• Orders Social Security number verifications.  Updates the mortgage loan servicing system once response is received. 
• Reviews, analyzes and evaluates systems and staff needs to formulate and implement solutions to meet requirements and implement solutions to increase efficiency and effectiveness.
• Acts as the primary liaison with all Loan Servicing vendors. 
• Monitors E-Oscar and makes sure all requests regarding credit bureaus are addressed in a timely manner and imaged records are maintained.
• Maintains comprehensive knowledge of the Credit Union’s products, services, and operations.
• Manages control of original notes and riders to notes in fire proof cabinet. 
• Prepares and discusses with personnel annual performance evaluations.  
• Interviews and makes recommendations for staff appointments, salary, discipline, promotion and transfer of staff.
• Assists staff with complex work-related matters and monitors their daily workflow.  Escalates major issues as needed. 
• Ensures the following are all maintained, updated and periodically reviewed for all positions supervised:  the Credit Union’s policies and procedures, functional training manuals, performance objectives, SharePoint site, checklists, frequently asked questions and templates.
• Participate in annual Bank Secrecy Act (BSA) and Office of Foreign Assets Control (OFAC) training and demonstrate knowledge and understanding of the BSA and OFAC, including the im-mediate reporting of unusual or suspicious activity to the Risk Management Department.  Undertake additional training specific to daily responsibilities and as required to ensure continued compliance with all applicable regulations.
•  Ensure the Credit Union’s safe harbor protections as allowed by the BSA.  Understand that if confronted with knowledge of existence of a Suspicious Activity Report (SAR), an obligation exists to preserve the confidentiality of that SAR, as well as any information that may reveal the existence of a SAR.  Maintains awareness of, and immediately reports to the Compliance Officer, any unauthorized disclosure of a SAR, or unauthorized disclosure of information related to a SAR. Understands that failure to do so is a violation of federal law and may lead to both civil and criminal penalties for SAR disclosure violations.
• Successfully participates in annual Information Security refresher training. Complies with the Information Security Policy, including the immediate reporting of unusual or suspicious activity to management and the Information Security Officer. Follows all procedures to protect company computers from viruses, and to maintain the security and confidentiality of Credit Union data. 
• Cooperates and coordinates with personnel in other departments to resolve member concerns and problems.
• Adheres to Engaged Service philosophy and standards, throughout all interactions when acting as a representative of BFSFCU.
• Maintains a professional, positive attitude at all times. Serves as a role model for employees.
• Exhibits leadership acumen and maintains excellent attendance record.
• Undertakes other work-related duties as assigned by the Manager, Loan Servicing.

Requirements

Minimum Qualifications: 

Education: 

• B.S. Degree in related field or equivalent combination of Education and Experience.
• Must be eligible to register with the Nationwide Mortgage Licensing System & Registry (NMLS) and must maintain registration with NMLS as a registered Mortgage Loan Originator (MLO).

Experience: 

• Five to seven years lending experience, preferably in loan servicing 
• A strong and proven commitment to the Credit Union’s IMPACT Philosophy 
• Strong understanding of Credit Union’s loan products and services 
• Proven ability to organize and prioritize tasks in a fast paced environment
• Impressive business writing skills
• Strong problem-solving abilities with the ability to think independently

For internal purposes, this position is graded as Exempt-11. 

The anticipated annualized base salary range for this position is $90,000 to $113,000. Final base salary for this role will be based on the individual’s job-related experience, skillset, training, certifications and market demands. The benefits available for this full-time position include but are not limited to: medical, dental, and vision insurance, 401(k) plan, life insurance coverage, disability benefits, tuition assistance program and paid time off, including paid parental leave benefits. In addition to base compensation salary, this role position is eligible for an annual incentive plan.