The Special Products Specialist, under the direction of the Supervisor/Manager, analyzes and performs loan-level processes related to special loan products that include, ARM loans, Buydown Loans, Step Rates, SCRA, Bi-Weekly Loans, Partial Releases, Transfers of Ownership, and Balloons.
Responsibilities:
Performs trend analysis to identify repeat data discrepancies and work with New Loans, Portfolio Transfers, and Client for resolution.
Coordinates audits; researches and analyzes loan documents in order to perform loan level data corrections to special loan types
Creates or revises Arm plans (requires a comprehensive understanding of ARMS).
Verifies system changes for modifications, ARMs, Balloons, Buydowns, Step Rate loans and custom requests from clients
Be able to communicate effectively with Clients, Borrowers, and Client Relations by telecommunication and/or by correspondence and assists with escalated requests and projects
Assists in retention modification and recasts programs; including borrower communication and escalations
Verifies data in the loan system, such as interest rate and principal and interest payment amount, to confirm accuracy
Performs reporting to ensure borrower notifications for interest rate and principal and interest adjustments on ARMs, Step Rates, and Interest Only loans are sent timely
Verifies accuracy of all payment re-applications referrals from Special Products department to assure that loan level corrections have been applied properly
By using data reports, be able to identify potential data issues and assists in problem resolution during the early stages of conversions
Interacts with other departments in order to assist in the conversion and deconversion process
Provides training for new team members
Responds effectively to client and borrower phone calls and e-mail requests, and attends client calls with SP management
Assists in creating policies and procedures for Special Products.
Responds effectively to client and borrower phone calls and e-mail requests, and attends client calls with SP management
Assists in creating policies and procedures for Special Products
Appropriately assess risk when business decisions are made, include but not limited to compliance and operational risk. Demonstrate consideration for Cenlar's reputation as well as our clients, by driving compliance with applicable laws, rules and regulations, adhering to Policy, applying sound ethical judgment regarding personal behavior, conduct and business practices, and escalating, managing and reporting control issues, as well as effectively supervise the activity of others and create accountability with those who fail to maintain these standards.
Qualifications:
High school diploma or GED required
Bachelor's degree or equivalent work experience preferred
0 to 2 years of experience with Special Loan Products
Excellent written and verbal communication skills
Microsoft application proficiency
Strong understanding of loan terms, Notes, Riders, and any other mortgage documents that relate to special loan processing
It is critical that you have an understanding of the following:
Requirements under the Equal Credit Opportunity Act (ECOA) specifically:
notifications of action taken, ECOA notice, and statement of specific reasons,
notice of incomplete applications, and
specific rules concerning use of information.
Requirements under the Truth and Lending Act (TILA) specifically:
rate adjustments with corresponding change in payment, and
initial rate adjustments.
Requirements under the Servicemembers Civil Relief Act (SCRA) specifically, maximum rate of interest on debts incurred before military service and mortgages and trust deeds
