Mortgage Servicing Insurance Admin
PenFed is hiring an Mortgage Servicing Insurance Administrator in Alexandria, VA. The primary purpose of this job is to preform of all functions related to the timely and accurate administration of hazard insurance and private mortgage insurance (PMI) related processes. Monitor and audit outsourced first mortgage and applicable equity loan hazard and flood insurance tracking and payment processes to ensure compliance with all PenFed policies and procedures as well as all investor, contractual, and regulatory requirements. Perform timely and accurate file maintenance, member notification, and recordkeeping of all vendor flood determination updates. Administrate the PMI process to ensure all PMI premiums are accurately paid within all established timeframes and that all borrower initiated PMI cancellations and automatic terminations are processed within all PenFed, investor, contractual, and regulatory requirements.
Ongoing review of the outsourced escrowed insurance payment process to ensure that funds requested by the insurance payment and tracking vendor (Allied Solutions) accurately reflect the correct company and premium information and that the LoanServ system is accurately updated with the appropriate loan level information.
Monitor LoanServ report(s) to confirm that escrowed insurance payments are being paid by Allied Solutions within established guidelines. Obtain an explanation of all past due items from Allied Solutions and provide a report of all past due items to PenFed management on a weekly basis.
Perform audits to confirm that loan-level LoanServ updates, not associated with a premium payment, are performed through the Allied Solutions interface accurately.
Process and disburse all Allied Solutions requests for force placed premium payments. Review force placed payment requests to ensure that PenFed members received the appropriate regulatory required notices, within the appropriate timeframes, prior to disbursing CPI premium payments.
Perform all LoanServ insurance tracking file maintenance required in association with the establishment or removal of CPI coverage. Determine when a new escrow analysis is required and request a new escrow analysis when applicable.
Track all pending force place insurance refunds to ensure each refund is accurately posted in the LoanServ system, within the regulatory required timeframe. Request payment changes and/or new escrow analyses as needed upon the posting of each forced place refund.
Review and accurately post all non force placed insurance refunds received at PenFed. Determine if a payment change and/or new escrow analysis is needed upon the posting of each non forced placed insurance refund. Request payment changes and/or new escrow analyses as needed upon the posting of each non forced place refund.
Review each flood determination received from the flood insurance vendors. Process all LoanServ file maintenance resulting from a new determination. Provide the required member notices within the required timeframes and ensure that Allied Solutions is provided with all new loan-level flood information.
Ensure that equity loan flood tracking is performed as required within all PenFed policies and procedures and regulatory requirements.
Accurately process all PMI premium payments within all PenFed and PMI provider requirements.
Review and analyze all LoanServ PMI related reports. Resolve all issues to ensure that PenFed is not exposed to any risk of a PMI provider cancelling PMI coverage due to late or incorrect premium payments, or incorrect PenFed system information.
Provide members with timely and accurate responses to PMI cancellation and termination requests and inquiries. Coordinate appraisal orders and provide each appraisal’s value determination to the member when an appraisal is completed as part of a member’s PMI cancellation request.
Accurately perform all LoanServ file maintenance associated with PMI cancellation, termination, premium changes, and loan modifications. Ensure that members are notified of all PMI cancellation and termination date and premium changes.
Serve as the PenFed liaison with the PMI providers to ensure data accuracy and quick resolution of all issues.
Serve as subject matter expert in all insurance related regulations and LoanServ system functionality and reports.
Perform flood tracking and PMI process audit functions as assigned by management.
As directed by management, cross-train and provide guidance to less experienced Mortgage Servicing staff members.
Advise supervisor/manager of the status of work and any and all issues that may present potential risk or exposure.
Maintain a working knowledge of federal, state, county or city, investor, insurer and internal laws, policies and procedures with regard to mortgage loan servicing. This includes tax jurisdiction due dates in all states, counties and cities where PenFed has real estate loans; and Fannie Mae, FHLMC, VA, FHA and MI company servicing requirements.
Maintain confidentiality of member’s information
Thoroughly understand loan transaction history, including payment activity, escrow disbursements, rate and PI& payment changes and payment reversals.
Must have a good working knowledge of servicing guidelines and regulatory requirements established under RESPA and implemented through CFPB and PenFed.
Meet established standards and guidelines with respect to compliance, job knowledge, quality attendance and punctuality, efficiency, initiative, member service and overall performance.
Keep abreast of changes to current policies and procedures.
Maintain a working knowledge of PenFed mortgage products and services.
This is not intended to be an all inclusive list of job duties.
Associates degree or combination of education and experience that provides the necessary skills and knowledge to satisfactorily perform essential job functions.
Three to four years of mortgage servicing experience.
Strong oral and written communication skills required.
Ability to work effectively with internal partners and vendors such as legal, loss mitigation, collections, auditing, compliance, Allied Solutions, Flood tracking vendors, Appraisal vendors, and PMI companies.
Ability to work effectively under specific time constraints and handle multiple projects in a team environment as well as independently.
Possess knowledge of Escrow relating to taxes and insurance, ARM, Fixed, and Balloon rate Notes.
Possess knowledge and recognition of loan related documents such as Note, Mortgage/Deed of Trust, Riders PMI/VA and Flood Certificates, and HUD-I.
Must be detail oriented, and have independent work habits and skills.
Analytical and math skills required.
Present a positive and professional demeanor at all times.
Proficient in special loan products, Microsoft Word, Excel, Outlook LoanServ, Penguin, Hogan and any other mortgage software..
This position will not supervise employees.
There are no additional certifications required.
Founded in 1935, and still growing, we began as the War Department Federal Credit Union. Today, PenFed is one of the country’s strongest and most stable financial institutions with over 1.5 million members and over $21 billion in assets. We serve members in all 50 states and the District of Columbia, as well as on military bases in Guam, Puerto Rico and Okinawa.
Our mission isn’t simply to help our members get by. We exist to help them realize every ounce of their potential. We exist to educate, and to encourage. We exist to usher their dreams into the land of reality.
We provide our employees with a lucrative benefits package including robust medical, dental and vision plan options, plenty of paid time off, 401k with employer match, on-site fitness facilities at our larger locations, and more.