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Loan Servicing Trainee - We'll train you!

Open Bank Project Los Angeles ,CA
  • Posted: 27 days ago
  • Full-Time
  • Benefits: medical, vision, 401k, dental, life_insurance
Job Description

At Open Bank we pride ourselves on being different! With a new focus and vision on relationship banking, we strive to serve our clients, our employees, and invest in our communities……and celebrate diversity. Not only are we continually improving our banking products and services to better fit the needs of our clients, but we are committed to giving 10% of our earnings back to our local neighborhoods. Come and be a part of the team that’s making a difference.

We have an opening for a Loan Servicing Trainee to join our team in Los Angeles, CA.

Home Loan Center Loan Servicing Trainee is responsible for the loan daily reporting, loan payment & property tax monitoring, compliance documents and disbursing funds for residential loans.

1. Handle Loan Payment(s), Late Charge(s), NSF payment(s), Non-post/Rejected item(s) and GL monitoring/reconciliation(s) daily.
2. Perform courtesy call loan payment follow-up prior to last day of grace period.
3. Coordinate and update Credit Admin Dept. for the property tax payment status.
4. Assist and resolve client issues and inquiries for servicing of loans.
5. Update the system (Precision) for Change of Address and Automatic Payment requests.
6. Generate and review the mortgage daily reports.
7. Perform the GL Certification upon request by Accounting Dept. & provide the Holdover GL Report to Note Dept. monthly.
8. Monitor the up-to-date Mortgage Hazard/Flood & Fire Insurance, Final Title Policy& Recorded D/T.
9. Scan the Recorded D/T, Note & Credit Approval Report and upload them into Precision.
10. Review all vendors’ invoices and release disbursement check(s) to Appraisers.
11. Prepare Pay-off demand statement as requested by the beneficiary/trustor.
12. Process the service release/ pay-off figure for regular pay-off and transferred loans.
13. Submit information of regular pay-off loans for Reconveyance and Recording.
14. Generate a cashier check for pay-off residue and all tickets transactions related to all loans.
15. Set-up, analyze & release disbursement check for PMI, Fire Insurance, Property Tax & Residual for Escrow Account(s).
16. Board & input the funding figures for the new portfolio/salable loan into Precision.
17. Register tax service for portfolio loans on/after funding & MERS for salable loans within 7-calendar-day from funding date.
18. Sorting/Sending/Resending Mails i.e. Goodbye letter (pay-off/transferred loans), Follow-up letter/notice (Insurance, Loan Payment),
19. Responsible for compliance of documents and adhering to policies and procedures.
20. Responsible for compliance as it related to residential mortgage loans, such as BSA, OFAC, Reg. Z, RESPA, etc.
21. Provide good customer service to all customers and potential customer of the Bank, as needed and as required for obtaining necessary documents for other departments of the Bank.
22. Provide regulatory agencies with all requested information and/or statistics on loans files under your responsibility.


Education and/or experience:
• Bachelor’s degree in Business Administration or related field or equivalent work experience, preferred.
• Ability to retain a broad knowledge of tasks performed in the lending functions.
• Ability to analyze and organize financial information and perform complex financial calculations.



We are an equal opportunity employer and all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability status, protected veteran status, or any other characteristic protected by law.

We will consider for employment all qualified Applicants, including those with Criminal Histories, in a manner consistent with the requirements of applicable state and local laws, including the City of Los Angeles’ Fair Chance Initiative for Hiring Ordinance.


Open Bank Project


Los Angeles, CA
90002 USA


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