Loan Servicing Representative

Merchants-Bank; Caledonia (MN); On-site; USD 42,000 - 64,000; Full time

Benefits offered by this job

Health insurance

Dental insurance

Life insurance

Disability insurance

Vision insurance

401(k) plan

ESOP

Bonus plan

Paid time off

Tuition reimbursement

Voluntary supplemental insurance

Job summary

Merchants Bank is seeking an experienced Loan Servicing Representative to support mortgage servicing functions at our MN locations, with a preference for Winona or Rochester but positions may be available from other MN/WI locations.

The role includes boarding loans, processing payments, escrow handling, loan maintenance, and responding to customer inquiries. It also provides Tier 2 help desk support to ensure accurate data and compliance.

Qualifications

• 3+ years of mortgage servicing experience, including FNMA, FHLMC, VA, FHA loan boarding, payments, and reporting required.
• Experience in escrow processing and payments required.
• Experience in Secondary Market reporting and applications is key.

Responsibilities

• Boarding new mortgage loans and processing borrower payments.
• Assisting with hazard insurance processing and loan maintenance transactions.
• Responding to customer inquiries via phone, email, and in person; Tier 2 help desk responsibilities.
• Ensure accuracy of loan data and regulatory/compliance adherence.
• Collaborate with borrowers, internal departments, and third-party vendors to support servicing excellence.
• Perform other duties as required by business needs.

Skills

Mortgage servicing experience

Tier 2 help desk

Customer service

Tools

Signature system

Freddie Mac/Fannie Mae WEB apps

Job description

Posted Friday, August 7, 2026 at 6:00 AM

Merchants Bank has an opening for an experienced Loan Servicing Representative. The preferred location for this in-office position is Winona or Rochester, MN but could possibly work from any of our Merchants Bank locations in MN and WI.

Duties include a variety of mortgage servicing functions to support borrowers and maintain accurate loan records. Responsibilities include boarding new mortgage loans, processing borrower payments, assisting with hazard insurance processing, completing loan maintenance transactions, and responding to customer inquiries. The role will act as a Tier 2 help desk resource for escalated servicing matters. The position ensures the accuracy of loan data and records while adhering to applicable regulations, investor guidelines, and internal policies, and works collaboratively with borrowers, internal departments, and third-party vendors to support an exceptional servicing experience.

3+ years of mortgage servicing experience, including FNMA, FHLMC, VA, FHA loan boarding, payments, and reporting required. Experience in escrow processing and payments required. Experience in Secondary Market reporting and applications is key.

Merchants Bank offers competitive wages and benefits for our full-time employees including health, dental, life, disability and vision insurance; flexible spending accounts, 401(k) and ESOP retirement plans; bonus plan; paid time off; tuition reimbursement; and a variety of voluntary supplemental insurance options.

Questions can be emailed to [e-mail].

Merchants Bank is an Equal Opportunity Employer of women, minorities, protected veterans and individuals with disabilities.

Job Summary:

Under limited supervision, performs a variety of Loan Servicing functions in connection with Commercial, Real Estate and Consumer loans by following established policies and procedures set forth for the Department. Is responsible for data input and inquiries relative to all lending functions of the Bank. Responsible for timely and accurate transaction processing and reporting of loan information, as well as extensive customer service via phone, email, and occasionally in person.

Employees with this job description are cross trained in all areas. While individuals may focus on specific shared daily duties, they must possess the ability over time to perform all the duties listed below.

• Regular, dependable attendance and punctuality are essential functions of the job.
• Adherence with financial requirements and regulations is required.
• Employee will be expected to contribute to a positive working environment through words and actions.
• Employee will be expected to work as a TEAM, in addition to completing individual responsibilities.
• Employee will be expected to greet internal and external customers in a friendly and outgoing manner.
• Employee will be expected to take responsibility to insure that internal and external customers receive outstanding service.
• Employee may be asked to perform other duties as required by business needs.
• Employee will be expected to complete compliance and product knowledge assignments timely.

General:

• Responds to internal and external customer phone or written loan inquiries in a courteous, prompt (immediately or within 4 hours) and accurate manner by phone, as well as, through written correspondence
• Distributes a wide variety of reports both within and outside the department; Possesses knowledge and understanding of reports which remain within the department; Maintains proper retention of reports within department
• Researches identified customer and computer system problems utilizing problem solving skills to hypothesize causes; Communication including recommendations with Manager/Assistant Manager for correction and prevention of continued problems
• Annually reviews and prepares interest paid statements
• Successfully completes Tier 2 “help desk” responsibilities in a timely and accurate manner. This includes all incoming servicing email, workflow items for late fee waivers, loan payments and advances, troubleshooting issues, as well as being the first individual to pick up the telephone by the second ring.
• Performs other duties as requested by manager/assistant manager within the Bank.
• Input of all real-time loan payments and loan advances for all MFGI locations
• Loan maintenance as required for all MFGI locations, including but not limited to, coupon books, payment schedule modifications, auto deducts, ACH, FTM, payment and/or interest rate changes, risk rating changes, collateral changes, officer number changes, etc.
• ACH or FTM setup and account review to ensure transactions are accurate & timely
• Reviews and processes daily, weekly, and monthly loan reports
• Completes consumer loan input, including Overdraft & Home Equity Lines of Credit for all locations
• Completes commercial new loan, renewal, change in terms loan input for all locations
• Input purchased and sold commercial loan participations on Signature system
• Reviews commercial participation reports and transacts/dialogs with participating banks
• Complete setup of new dealers in floorplan software and manage daily disbursements
• Completes retail and correspondent mortgage boarding for all locations
• Input sold participations for Secondary Market mortgage portfolio (sold to Fannie Mae/Freddie Mac)
• Place loans in non-accrual and charge-off on Signature system and prepare accounting histories and payoff statements, when requested
• Servicemembers Civil Relief Act (SCRA) processing and tracking
• Manages credit bureau reporting, monitoring of error reports and resolution of disputes, as required by Fair Credit Reporting Act (FCRA)
• Completes monthly Federal Housing Association (FHA), Veterans Administration (VA), Rural Economic Development, and Agriculture Best Management Practices Loan Program (AgBMP) reporting

Emphasis: Secondary Market Servicing:

• Performs all servicing functions for secondary market investors (Freddie Mac & Fannie Mae) loans, i.e. reporting payoffs and daily transaction activity, remittance of cash, participation input, property loss claims management, escrow processing, cancellation or private mortgage insurance, etc.
• Utilizes Freddie Mac and Fannie Mae WEB applications for communication and transfer of data
• Processing in Signature system of all mortgage modification and deferral loans
• Reports & reconciles investor accounts monthly per secondary market guidelines and as required by external auditors
• Ongoing monitoring, maintenance, and disbursement of all escrow accounts for payment of homeowners insurance, flood insurance, private mortgage insurance, FHA mortgage insurance, USDA guaranty fees and property taxes
• Manage property loss claims for all mortgage loans, as required by Secondary Market guidelines
• Provides annual PMI disclosures to all upfront and monthly private mortgage insurance loans.
• Responds to written requests for cancellation of PMI, as required by Regulation and Secondary Market guidelines and completes automatic PMI terminations based on original value when loan is at 78% LTV
• Annually inquires with each State/County on status of taxes paid for all non-escrow customers with appropriate notification per established procedures
• Ongoing follow-up with insurance agents to obtain initial insurance policies for credit file as required by secondary market and errors & omissions policy
• Verification of adequate coverage and importing of all insurance policies to electronic storage
• Provide annual escrow statements, including statements for modified loans, that require a longer timeframe for the spread of any shortage and/or deficiencies

Working Conditions

Inside working environment, very low noise level.

Physical Demands

Work is performed primarily sitting at a desk. Requires a high degree of finger dexterity, very good finger-eye coordination.

Mental Demands

Requires above-average aptitude in the area of math/number skills, and evaluation/reasoning skills. Above-average skill in problem analysis and problem solving. Ability to speak with clarity and articulate thoughts and ideas well. Must be able to remain calm under pressure and relate to all types of personalities.

Skill Requirements

3+ years of mortgage servicing experience, including FNMA, FHLMC, VA, FHA loan boarding, payments, and reporting required. Experience in escrow processing and payments required. Independent thought, good organization, self-motivation to complete tasks and remain on schedule with minimal supervision. Personal computer skills, good typing skills, effective telephone and written communication skills. Amiable personality; team player.

Relationships

Responsible to the Loan Operations Manager for clarification of position responsibilities and authority and for proper interpretation.

Position will have extensive phone and written interaction with customers and staff. Extensive person-to-person interaction with staff. Must have ability to work in a team environment. Personal manner to enhance the overall professional image of the Bank.