Loan Servicing Specialist

Title: Loan Servicing Specialist II
Type: 3-Month Contract
Location: Wayne, New Jersey
Schedule: Onsite
The Loan Servicing Specialist II is responsible for performing a variety of servicing functions for the organization's loan portfolio. This position supports the accurate and timely processing, maintenance, and administration of commercial, consumer, and/or real estate loans while ensuring compliance with organizational policies, procedures, and applicable regulatory requirements.
Primary Responsibilities:

• Process loan payments, advances, payoffs, principal reductions, and other loan transactions.
• Maintain loan records and update account information within the organization's core loan servicing system.
• Review loan documentation to ensure accuracy and completeness.
• Process loan modifications, renewals, extensions, rate changes, and other maintenance requests.
• Research and resolve discrepancies related to loan balances, payments, interest calculations, fees, and account histories.
• Maintain and monitor escrow accounts, including real estate taxes and insurance.
• Review and track insurance, collateral, and other required loan documentation.
• Respond to inquiries from borrowers, lenders, relationship managers, attorneys, title companies, and internal departments.
• Perform quality-control reviews of loan servicing transactions and documentation.
• Prepare payoff statements and loan histories as requested.
• Assist with audits, examinations, reporting, and departmental projects.
• Ensure compliance with applicable banking regulations, internal policies, and procedures.
• Maintain accurate documentation and records.
• Perform other duties as assigned.

Knowledge and Skills:

• Knowledge of banking operations and loan servicing procedures.
• Understanding of commercial, consumer, and/or real estate lending.
• Knowledge of loan documentation, payments, escrow, insurance, taxes, and collateral.
• Strong analytical and problem-solving skills.
• Strong attention to detail.
• Excellent organizational and time-management skills.
• Effective written and verbal communication skills.
• Proficiency in Microsoft Word and Excel.
• Experience with core banking and loan servicing systems preferred.

Education and Experience:

• High School diploma or equivalent required.
• Associate's or Bachelor's degree in Business, Finance, Accounting, or related field preferred.
• 3-5 years of banking, loan servicing, lending operations, or related financial-services experience preferred.

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