Loan Servicing Manager (2024)

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Stratus Financial, LLC is currently seeking a talented individual to lead our Loan Servicing Department and ensure the smooth management of our loan portfolio. As a Loan Servicing Manager, you will be the main point of contact with our sub-servicer, providing necessary oversight and ensuring accountability. This role also requires excellent communication with our loan officers and borrowers.

About Stratus Financial
At Stratus, we believe in helping aspiring student pilots at all levels of experience and training achieve their dreams of flight. We do this by providing loans at reasonable rates and flexible payment plans to students who want to become pilots, flight instructors, etc.
You will lead a team of dedicated loan servicing professionals and collaborate closely with various departments to ensure efficient and accurate loan processing, payment posting, and customer service.

The following duties will be applicable:

Coordination:

  • Monitor portfolio loans, call center and ticket trends, forbearance and modification progress, and deliveries.
  • Identify and suggest improvements based on reporting trends and communicate action plans with senior management.
  • Identify, resolve, and monitor ongoing issues to ensure appropriate, timely, and effective servicing that meets the company’s standards.

Team Management:

  • Manage and supervise a team of loan servicing specialists, providing guidance, coaching, and performance feedback.
  • Oversee department personnel and ensure staff is trained on the daily commercial loan system and general ledger input to ensure commercial loan system integrity.
  • Supervise and oversee the timeliness, accuracy, and completion of all assignments.
  • Perform general management responsibilities, including responding timely to employee issues and questions, assisting in staffing and hiring, coaching and motivating employees, reviewing performance, and maintaining confidential employee records.

Process Improvement:

  • Develop and implement efficient loan servicing processes, policies, and procedures to optimize workflow and enhance customer experience.
  • Continually assess processes to identify opportunities for better workflow and/or efficiencies; implement creative strategies for improvement.
  • Conduct regular audits to ensure data integrity, accuracy, and compliance with internal and external requirements.
  • Monitor loan servicing performance metrics, identify areas for improvement, and implement strategies to enhance efficiency and productivity.
  • Work with other Department Heads to ensure systems and processes are in place, updated, and followed.
  • Design and develop processes and procedures for the Loan Servicing Department in conjunction with Legal and Compliance.

Customer Service:

  • Continually monitor, track, and seek to improve customer service levels for both borrowers and internal customers.
  • Collaborate with internal stakeholders, including loan officers, underwriters, data analytics, legal, compliance and servicing teams, to resolve customer inquiries, resolve issues, and provide timely updates.
  • Approve and provide guidance on daily matters such as loan boarding, modifications, transaction processing, and personnel decisions.
  • Review resolution of consumer complaints and ensure excellent customer service to loan customers.
  • Promote and ensure the company goal of creating raving fans as a department and individual focus at all times.

Reporting and Compliance:

  • Assure timely and accurate reporting of Loan Servicing production, including troubleshooting and rebuilding accounts.
  • Work with Data and Financial Analysts to monitor and handle loans in bankruptcy pending litigation and report to Senior Management.
  • Work with Legal Department to refer delinquent and defaulted loans to outside companies.
  • Stay up-to-date with industry trends, best practices, and regulatory changes pertaining to consumer loan servicing and incorporate them into the department's operations.
  • Review and approve daily, weekly, and monthly department reports.
  • Maintain a high level of confidentiality at all times.
  • Attend conferences, seminars, read newsletters, and take online courses to remain informed about mortgage servicing.

Other Duties:

  • Ability to handle multiple tasks simultaneously.
  • Any other duties as assigned.

Qualifications:

Education and Experience:

  • Bachelor’s degree in Business Management, Finance, Administration, or a related field (or equivalent combination of education and experience).
  • Minimum 3 years of experience in commercial loan operations - specializing in loan servicing
  • At least three years of servicing experience in areas such as collection activities, delivery of new loan files to the sub-servicer, reconciliation of custodial accounts, default management processes, claims processing, and managing servicing associates.
  • A minimum of 3 years of management experience, including at least 2 years in team leadership with responsibilities for coaching, development, and process improvement

Skills:

  • Strong leadership and people management skills, with a proven ability to motivate and develop high-performing teams.
  • Excellent problem-solving, decision-making, and analytical skills.
  • Exceptional attention to detail and organizational abilities.
  • Demonstrated proficiency with computer systems and software programs, including Microsoft Word, Excel, and Outlook; experience with electronic mortgage processing systems such as Encompass preferred.
  • Strong written and verbal communication skills.
  • Self-motivated with the ability to think creatively and solve issues independently without intervention.
  • Ability to effectively communicate with co-workers, outside vendors, and lenders.
  • Ability to apply common sense understanding to carry out detailed written or oral instructions.
  • Strong desire to excel in a competitive environment.
  • Proven track record in working with all levels of staff and management.
  • Demonstrated teamwork and customer service skills.

Work Hours:
8:00 am – 5:00 pm Pacific Time
Location: Remote
Next steps:
Please submit your resume in pdf version by email:cheryl@stratus.finance
Contact: Cheryl Linato
Subject line: Loan Servicing Manager for SF

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Stratus Financial Loan Servicing Manager Manager Loan Servicing Loan Management Finance Administration Business Management Communication

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Loan Servicing Manager (2024)

FAQs

What does a loan servicing manager do? ›

Essential Functions

Monitor, manage, and track all tasks in Loan Servicing to ensure quality assurance, timeliness, and compliance. Create, review and update policies/procedures and ensure compliance with regulations. Perform quality control and risk assessments as required.

Why should we hire you as a loan processor? ›

Someone who has experience as a loan processor has managed a multitude of loan products and understands how each program works. You want to find a candidate who has previous knowledge of each loan product you offer clients. They are seasoned professionals with sales and customer service experience.

What is the role of a loan servicing officer? ›

In this role, you process subordinations, lien releases, and lending-related payments. You also assist with escrow disbursem*nts and prepare loan payoff statements for customers. Applicants should have an associate or bachelor's degree in business or finance and excellent organizational skills.

What are the steps in loan servicing? ›

Loan servicing includes sending monthly payment statements, collecting monthly payments, maintaining records of payments and balances, collecting and paying taxes and insurance (and managing escrow funds), remitting funds to the note holder, and following up on any delinquencies.

How much do loan servicers get paid? ›

As of Jul 30, 2024, the average hourly pay for a Loan Servicer in the United States is $23.69 an hour.

What is the main goal of loan servicing? ›

Defining Loan Servicing: An Overview of Responsibilities and Duties. Loan servicing involves a multitude of responsibilities, including collecting and processing loan payments, maintaining accurate borrower records, disbursing funds for taxes and insurance, and providing customer service and support to borrowers..

Why should we hire you 5 best answers? ›

“I should be hired for this role because of my relevant skills, experience, and passion for the industry. I've researched the company and can add value to its growth. My positive attitude, work ethics, and long-term goals align with the job requirements, making me a committed and valuable asset to the company.”

How do you answer why we have to hire you? ›

A: When answering, focus on your relevant skills, experience, and achievements that make you the best fit for the role.You should hire me because I am a hard worker who wants to help your company succeed. I have the skills and experience needed for the job, and I am eager to learn and grow with your team .

Why should we hire you finance answers? ›

Sample answer 3:

I pursued an MBA in finance which has equipped me with technical knowledge and a strong foundation to qualify for this job. I understand the industry trends, and I believe I have the right acumen for this job. I'm keen to use my knowledge and gain some more.

Why is loan servicing important? ›

Effectively servicing a mortgage loan is important for supporting successful and sustainable homeownership and includes the following: Processing and crediting homeowners' payments accurately and on time.

How does loan servicing make money? ›

The income from servicing mortgage loans derives from a number of sources: the servicing fee paid by the mortgage loan investor, the interest earned on the float of the principal and interest (P&I) payments and the tax and insurance payments held in escrow, late charges which accrue to the servicer, transfer fees, ...

What does a loan servicing agent do? ›

Loan Servicing Representatives Overview & Description

Loan Servicing Representatives advise and educate individuals or organizations on acquiring and managing debt. May provide guidance in determining the best type of loan and explain loan requirements or restrictions.

What is a loan servicer in simple terms? ›

Your loan servicer typically processes your loan payments, responds to borrower inquiries, keeps track of principal and interest paid, manages your escrow account (if you have one). The loan servicer may initiate foreclosure under certain circ*mstances.

What is the life of loan servicing? ›

Life-of-loan servicing means no other master or special servicer and seamless post-closing activities. This life of loan relationship also makes second liens, supplementals, and refis quick and efficient.

What is the role of a loan manager? ›

A loan manager is a person who supervises and oversees the financial system and the cash flow of a company. They are responsible for the assessment, examination, approval, and even rejection of loan application based on the financial capacity and capability of a loan applicant.

What does a loan servicer do? ›

Your loan servicer typically processes your loan payments, responds to borrower inquiries, keeps track of principal and interest paid, manages your escrow account (if you have one). The loan servicer may initiate foreclosure under certain circ*mstances.

What does a loan processing manager do? ›

As a mortgage processing manager, your responsibilities include directing loan processors and ensuring that the application review and lending process comply with company operational standards as well as federal and state regulations. In this career, you work in a bank, credit union, or other lending institution.

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