Loan Administration Specialist

Magyar Bank; New Brunswick (NJ); On-site; USD 51,000 - 67,000; Full time

Job summary

Magyar Bank in Central New Jersey is seeking a Loan Administration Specialist to join our Loan Administration team. You will submit collateral documents for recording, track insurance and PMI, and perform clerical duties related to loan administration.

The role emphasizes accuracy, customer service, and the ability to handle multiple tasks in a fast-paced environment as you support residential and commercial loan portfolios.

Qualifications

• Minimum of high school diploma or equivalent; some college preferred.
• At least 2 years of loan servicing experience.
• Strong customer service skills.
• Detail oriented with excellent verbal and written communication.
• Ability to multitask in a fast-paced environment.
• Computer literate; MS Office Suite and loan tracking systems.
• Ability to work independently.

Responsibilities

• Submit collateral documents for recording and track them in a spreadsheet.
• Run weekly/monthly reports on mortgage cancellations and closed loans.
• Process overpayments and clear suspense items.
• Maintain insurance information and track carrier status.
• Notify carriers/agents when loan is paid and remove Magyar Bank as mortgagee.
• Track flood insurance and pay premiums.
• Prepare and mail annual homeowner and private mortgage insurance notifications.
• Resolve disputes within 30 days and maintain compliance.
• Cross train with other Loan Administration roles.

Skills

Customer service

Attention to detail

Verbal and written communication

Multitasking

Independent work

Education

High school diploma or equivalent

Some college

Tools

MS Office Suite

Loan tracking systems

Job description

Magyar Bank, a leader in the community banking sector, is searching for qualified candidates to join our Loan Administration team in the Central New Jersey area as

Loan Administration Specialist

This position will be responsible for submitting loan documents for recording at the County Clerk’s office, track insurance policies and loans with PMI and perform clerical duties related to Loan Administration.

Essential Functions:

• Submit collateral documents for recording including modifications, cancellations and discharges and maintain a spreadsheet to track them.
• Run weekly and monthly reports including but not limited to cancellation of mortgage & closed loans.
• Process overpayments from paid off loans and clear any suspense items.
• Maintain all insurance information including:
• Tracking insurance on all commercial loans.
• Follow-up on status of coverage on residential loans once cancellation is received from insurance carriers and borrowers, force place insurance if necessary.
• Notify insurance carriers/agents when loan is paid; advise them to remove Magyar Bank as mortgagee.
• Force place flood and hazard insurance, when necessary.
• Track flood insurance and pay premiums.
• Prepare and mail the annual homeowner insurance and private mortgage insurance notifications.
• Pay monthly private mortgage insurance.
• Verify accuracy of weekly rate changes on the core system.
• Assist customers with telephone or in-person inquiries regarding any service issues which need to be addressed on their accounts until the issues are resolved.
• Resolve all disputes within a 30-day timeframe.
• Maintaining compliance while performing all job functions.
• Perform other duties as assigned by supervisor.
• Cross train with other Loan Administration Representative roles.

Requirements:

• Minimum of high school diploma or equivalent required. Some college preferred.
• At least 2 years of experience in areas of loan servicing.
• Strong customer service skills.
• Must be detailed oriented.
• Excellent communication skills, both verbal and written.
• Ability to multitask in fast paced environment.
• Computer literate, including MS Office Suite, loan tracking systems, etc.
• Ability to work independently.

Magyar Bank offers competitive salary and comprehensive benefit package, which include medical, dental, life insurance and 401k.

Salary Range: $50,600 - $66,900 per year

Magyar Bank is an Equal Employment Opportunity/Affirmative Action Employer

M/F/D/V