Special Products Specialist II

Start something good. Empower your career. Become an employee owner at Cenlar.

Employee owners have made Cenlar the nation’s leading mortgage loan subservicer. Our unique culture is defined by our core values of respect, trust, integrity and care. Company ownership, a promote-from-within philosophy, and opportunities for continuous professional growth make Cenlar a great place to launch or boost your career. Consider this opportunity to join our team as a Special Products Specialist II.

The Special Products Specialist, under the direction of the Supervisor/Manager, analyzes and performs loan-level processes related to special loan products that include, ARM loans, Buydown Loans, Step Rates, SCRA, Bi-Weekly Loans, Partial Releases, Transfers of Ownership, and Balloons.

Responsibilities:

• Performs trend analysis to identify repeat data discrepancies and work with New Loans, Portfolio Transfers, and Client for resolution.
• Coordinates audits; researches and analyzes loan documents in order to perform loan level data corrections to special loan types
• Creates or revises Arm plans (requires a comprehensive understanding of ARMS).
• Verifies system changes for modifications, ARMs, Balloons, Buydowns, Step Rate loans and custom requests from clients
• Be able to communicate effectively with Clients, Borrowers, and Client Relations by telecommunication and/or by correspondence and assists with escalated requests and projects
• Assists in retention modification and recasts programs; including borrower communication and escalations
• Verifies data in the loan system, such as interest rate and principal and interest payment amount, to confirm accuracy
• Performs reporting to ensure borrower notifications for interest rate and principal and interest adjustments on ARMs, Step Rates, and Interest Only loans are sent timely
• Verifies accuracy of all payment re-applications referrals from Special Products department to assure that loan level corrections have been applied properly
• By using data reports, be able to identify potential data issues and assists in problem resolution during the early stages of conversions
• Interacts with other departments in order to assist in the conversion and deconversion process
• Provides training for new team members
• Responds effectively to client and borrower phone calls and e-mail requests, and attends client calls with SP management
• Assists in creating policies and procedures for Special Products.
• Responds effectively to client and borrower phone calls and e-mail requests, and attends client calls with SP management
• Assists in creating policies and procedures for Special Products

Qualifications:

• High school diploma or GED required
• Bachelor’s degree or equivalent work experience preferred
• 0 to 2 years of experience with Special Loan Products
• Excellent written and verbal communication skills
• Microsoft application proficiency
• Strong understanding of loan terms, Notes, Riders, and any other mortgage documents that relate to special loan processing
• It is critical that you have an understanding of the following:
  • Requirements under the Equal Credit Opportunity Act (ECOA) specifically:
    • notifications of action taken, ECOA notice, and statement of specific reasons,
    • notice of incomplete applications, and
    • specific rules concerning use of information.
  • Requirements under the Truth and Lending Act (TILA) specifically:
    • rate adjustments with corresponding change in payment, and
    • initial rate adjustments.
  • Requirements under the Servicemembers Civil Relief Act (SCRA) specifically, maximum rate of interest on debts incurred before military service and mortgages and trust deeds

Total Rewards:

As an employee-owner at Cenlar, you’ll receive an outstanding benefits package that includes paid medical, dental, and life insurance, 401(k), and tuition assistance as well as opportunities for training and professional advancement.

Cenlar is a drug-free workplace and an equal employment opportunity/affirmative action employer M/F/D/V/SO.