Special Loan Processor (Hybrid) #34501
Office Call Center
Trenton, NJ Contract May 26, 2023
Contemporary Staffing Solutions is seeking a Special Loan Processor to join our client for a hybrid opportunity in Trenton, NJ! The Special Loan Processor is primarily responsible for analyzing and performing loan-level processes related to special loan products that include, ARM loans, Buy-down Loans, Step Rates, SCRA, Bi-Weekly Loans, Partial Releases, Transfers of Ownership, and Balloons. This temporary opportunity is offering $25/HR! 

Responsibilities of the Special Loan Processor include:
  • 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
  • Appropriately assess risk when business decisions are made, include but not limited to compliance and operational risk.
  • Demonstrate consideration for the client's reputation as well as their clients, by driving compliance with applicable laws, rules and regulations, adhering to Policy, applying sound ethical judgment regarding personal behavior, conduct and business practices, and escalating, managing and reporting control issues, as well as effectively supervise the activity of others and create accountability with those who fail to maintain these standards.
Qualifications of the Special Loan Processor include:
  • 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
Contemporary Staffing Solutions (CSS) has been a leading provider of contract, temporary, temporary-hire & direct hire solutions. We began as a staffing agency and evolved to a national provider of workforce management solutions with a niche recruitment focus in Accounting & Finance, Call Center & Office, Human Resources, Sales & Marketing, & Information Technology. To learn more about CSS, visit our website: www.ContemporaryStaffing.com.