Construction & Mortgage Loan Servicing Specialist

Job Summary

The Construction and Mortgage Loan Servicing Specialist monitors and efficiently funds residential single-family construction loans.  This position collaborates with residential borrowers, inspectors, and contractors throughout the construction term of loans.  They produce and processes construction loan modifications and extensions and ensures all mortgage loans are appropriately insured, including force placing insurance when necessary and processes all escrow activity for tax, hazard, flood, PMI, and optional insurance policies.  The incumbent works with the Loss Mitigation team in response to delinquent tax notifications and responds to departmental customer correspondence and phone inquiries.

Key Responsibilities / Essential Functions

Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.


* Review documentation in residential construction files for any post-closing conditions requiring follow-up with the contractor and/or borrower.


* Create residential construction draw file within the construction disbursement software.


* Review residential Construction Loan Agreements.


* Send welcome letters and log-in instructions to the residential borrowers and builders.


* Order inspections upon receipt of residential draw requests from borrowers and/or contractors.


* Review residential inspections when received, prepare draw tickets for approval to release funds, and verify all necessary draw documentation has been received.


* Disburse residential funds via check or wire to borrower and/or contractor.


* Monitor the disbursement of residential construction loans to ensure compliance and bank policy is met.


* Track insurance including builder’s risk and homeowner’s insurance.


* Monitor to ensure completion of residential construction within the terms of the note.


* Produce, review, and process Loan Modification Agreements when necessary.


* Ensure all tax, hazard, flood, PMI, and optional insurance records are accurate in the core operating system.


* Monitor reports from third-party tax vendor to remit tax premiums within discount timeline to avoid penalties or interest charges and conveys any delinquent status to Loss Mitigation department.


* Review, evaluate, and take corrective action on exception reports from third-party insurance vendor to remedy deficient or expired policies to minimize the Bank’s exposure for potential loss. 


* Submit all incoming mail pertaining to insurance to third-party insurance tracking vendor.


* Schedule and review annual analysis for accuracy and correct any discrepancies. 


* Process all escrow setup and removal requests including PMI cancellations as outlined in policy guidelines.


* Help to serve customers with inquiries related to the general servicing of their loan, including payment processing, history interpretation, year-end reporting, lien an...