What does a Mortgage Servicing Specialist do?
Mortgage servicing specialists are responsible for a broad range of tasks related to the processing and continued maintenance of mortgage loan accounts. They set up initial accounts for newly approved loans, serve as a direct contact for borrowers with questions or concerns, and implement automatic payment arrangements. They oversee account data and manage databases, running reports and performing analysis of the overall group of accounts or a specific subset. They may initiate appropriate actions for delinquent or nonperforming accounts, and oversee the final closeout process for satisfied loans.
Mortgage servicing specialists typically have at least a high school diploma, although additional education or training is preferred. They generally have a background in banking, business, or customer service roles. They must be highly organized and proficient in using common office software programs and data analysis tools.
- Scan all necessary loan files and other documents.
- Assemble, lead, and facilitate teams in the development and implementation of key department initiatives.
- Prepare and audit closing documents in a timely manner.
- Track record of identifying issues, opportunities, and effective solutions and collaborate with other departments to improve processes and/or results.
- This includes ensuring policies and procedures are up to date.
- Ensure the data integrity on processing/closing system is accurate.
- Process monthly payments and post to the appropriate accounts.
- Review exception reports to ensure all tasks are completed.
- Assess operational, economic and service quality risk associated with operations and recommends appropriate action as required.
- Track and monitor Flood Zone and Flood Insurance requirements for all escrowed and non-escrowed loans.
- Take on a senior role related to the closing-funding process and assists in training new hires in the function.
- Communicate timing of marketing campaigns with mortgage, real estate and moving teams.
- Provide continued counsel and customer service to borrowers throughout the entire loan process.
- Ensure that all marketing and public relations materials comply with State and Federal rules and regulations.
- Develop and implement cost-effective marketing strategies based on a thorough understanding of the company's target audiences.
- Develop, maintain, and ensure goals of strategic marketing plan are met.
- Provide direct oversight of all marketing operations processes including campaign set-up, execution, management, and reporting.
- Assist in preparation and presentation of sales presentations as well as benefit fair preparation and attendance.
- Continually monitor and analyze installed program response and conversion, and identify ways to achieve goals and increase program results through innovative communication methods.
- Bachelor's Degree in business.
- Knowledgeable about financing and refinancing policies and procedures.
- Adept at overseeing entire pipeline process.
- Demonstrated careful attention to detail.
- A professional with attention to detail and a positive attitude.
- A problem solver and critical thinker.
- Demonstrated leadership skills.
- Fluency in General Ledger, loan disbursement, and geometry.
Mortgage Servicing Specialist Salaries
Average Base Pay
Mortgage Servicing Specialist Career Path
Learn how to become a Mortgage Servicing Specialist, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
Average Years of Experience
Mortgage Servicing Specialist Insights
“Having our own lender gives you a great competitive advantage so losing a deal on rate is not common.”
“No mentorship or guidance to fulfil career goals after asking them multiple times for it.”
“Work and home life balance”
“Flexible work schedule is nice.”
“Good Pay and rewards for when you do well (e.g.”
“I got minimal training and was expected to know how to do stuff that I had never ever heard of before this point.”
“8:30 to 5:00 would be nice to work 7:00 to 3:30”
“Training is not the best on preparing you for roles”
Mortgage Servicing Specialist Interviews
Frequently asked questions about the role and responsibilities of a Mortgage Servicing Specialist
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