Loan Servicing Specialist I at Midland States Bank in Effingham, Illinois

Job Description:

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At Midland States Bank, base salary is one component of our Total Rewards program. Exact compensation is determined by factors such as (but not limited to) education, skills, internal equity, and experience. This position offers additional compensation in the form of short-term incentives (i.e. bonus and/or commission) and may include long-term incentives (i.e. stock awards). Benefits for this role include comprehensive healthcare, well-being benefits, paid family leave as well as generous paid time off. Total Rewards also include banking perks, an Employee Stock Purchase Plan, 401K plan with company match and may include the opportunity to participate in our Non-Qualified Deferred Compensation plan. Incentives and benefits are subject to eligibility requirements.

Position Summary

This position falls within Loan Servicing, the production arm of Loan Operations.  The Loan Servicing Specialist I is primarily responsible for handling the basic functions assigned to Loan Servicing within the following areas: Loan Servicing, Loan Booking, Loan Collateral and Loan Escrow. This individual will assist and provide support as needed in order to foster and sustain a strong team environment.  

 

Loan Servicing functions entail performing daily maintenance into the Core system from basic to complex requests, working exception reports, processing maintenance Workflows, performing balancing tasks for various loan accounts, researching and clearing recon items, researching and resolving Credit Bureau disputes, resolving Lockbox rejects, performing various payment processing functions, processing non-performing loan and charge-off transactions, processing floor-plan and participation loan transactions, researching and responding to customer inquiries.  

 

Loan Booking functions entail onboarding loans to our bank’s Core system as they come from Loan Funding.  Loan Booking handles onboarding all consumer and commercial loans, and the mortgage portfolio as well as performing maintenance for renewals and change in terms.   

 

Loan Escrow functions entail ensuring all real estate taxes, insurance premiums, and PMI/MIP premiums are properly disbursed and paid for all borrowers who escrow these payments through their loans.  Loan Escrow is additionally responsible for running escrow analysis, performing maintenance on the bank’s Core system, posting payment exceptions, and tracking delinquent real estate taxes.  

 

Loan Collateral functions entail the following: track all collateral held within the bank’s loan portfolio, perform collateral validation, ensure borrowers obtain and maintain adequate insurance, verify and track flood requirements, force place insurance, and communicate with the lending team and customers to protect the collateral position of the bank. This individual would also process and sort the Corporate office’s mail as well as disburse the department’s mail. 

 

Primary Accountabilities

• Receives, validates and completes basic loan maintenance requests.
• Processes loan payments and payoffs
• Performs loan research; able to answer and resolve basic inquiries.
• Scans, files, and re-files documents in the bank’s imaging system as related to loan servicing tasks performed.
• Performs credit card basic maintenance and new card booking audit.
• Ensures that all collateral ticklers are set according to the specifications outlined in the lending agreements/documentation.
• Review, tracks, and update collateral through reports and escalates exceptions.
• Tracks and updates hazard insurance collateral; sending out reminder letters when necessary to meet government guidelines.
• Proactively works all aged collateral items.
• Disburses escrow payments and processes escrow refunds.
• Processes/sorts Corporate mail and disburses department mail.
• Onboards consumer loans onto bank’s Core system.
• Escalates questionable transactions and reoccurring issues to management in a clear and timely manner.
• Provides exceptional customer service to our customers and business partners
• Consistently meets all regulatory and legal guidelines surrounding all assigned functions.
• Observes all security, privacy and compliance requirements.
• The role requires occasional travel for training and team meetings, and willingness to travel periodically, to locations within market as needed.
• May require work in a Midland office to ensure collaboration and support of internal and external customers. 
• Maintain compliance with all applicable regulations including, but not limited to, the Bank Secrecy Act (BSA).
• Other duties as assigned. 

Position Qualifications

 

Education/Experience:

• High School Diploma and 1+ year’s relevant work experience.
• Demonstrated ability to learn and use new software and programs.
• Proficient in Microsoft Office Suite

 

Competencies: 

• Business insight
• Cultivates innovation
• Drives results
• Makes sound decisions
• Being a brand champion
• Collaborates
• Communicates effectively
• Customer focus
• Being Authentic
• Emotional Intelligence
• Self development
• Being flexible and adaptable

 

At Midland States Bank, we believe that when we can bring our whole selves to work each day, we become happier, more comfortable, more confident and more excited to do great things for our customers, each other and our company. We’re proud to be an Equal Opportunity and Affirmative Action employer. At Midland, we recruit, employ, train, compensate and promote without regard to race, color, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability, age, or veteran status. If you are looking for a place to grow, we encourage you to apply at Midland States Bank, because you belong here.

If you require reasonable accommodation in completing this application, interviewing, completing any pre-employment testing, or otherwise participating in the employee selection process, please direct your inquiries to Midland States Bank Human Resources at HR@midlandsb.com.

 

THIS JOB DESCRIPTION DOES NOT CONSTITUTE A CONTRACT FOR EMPLOYMENT

 

Equal employment opportunity, including veterans and individuals with disabilities.

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