Loan Servicing Specialist

 Who We Are

First Fed is a local community bank on an exciting growth trajectory with 16 locations in 5 counties across Washington. We are committed to investing in our amazing team and technologies which enable better service for our customers and communities. In 2021, First Fed was recognized as a Best Workplace by Puget Sound Business Journal and a Best Bank by Forbes, Peninsula Daily News, and Bellingham Alive. 

We welcome applicants from all backgrounds – our diversity makes us stronger. In 2023, we are celebrating our first 100 years of service.

Our Values

Optimism:  We are positive and decisive. We believe the future will be better than the past. Our attitude demonstrates persistence which leads to success.

Initiative:  We are self-starters and find innovative solutions. We are courageous, entrepreneurial, and passionate. We take action for good.

Respect:  We include individuals from diverse backgrounds and with different perspectives. We are committed to honoring and serving others.

Growth:  We learn and adapt so we can continually improve. We believe in personal growth through grit and determination.

Ownership:  We are invested in our endeavors. We are accountable and take responsibility for our actions and decisions.

Are you who we are looking for?

• You have two years of banking experience in an operations role.
• You have an intermediate understanding of loans, collateral types, general ledgers, and suspense accounts.
• You are passionate about timeliness, accuracy, and working with customers and a team
• You are organized, communicate well, and pay attention to details
• You have an intermediate knowledge of commercial and SBA loans, mortgage and consumer loans, participations, and secondary market loan sales.
• You have intermediate experience with loan boarding, quality control reviews, payment posting, payoff processing, investor reporting, escrow processing, and insurance tracking.
• You have some college coursework or experience equivalency

The Job:

You will enjoy this position if you like a fast-paced environment with plenty of variety, as a Loan Servicing Specialist it feels like no day is ever the same! This position is critical to the accuracy of our records and to provide delightful experiences to our customers. Getting loans into our system is one of the steps toward helping people get the loans they need. You get to support borrowers from initial payment through loan maturity and/or payoff. You will work with a variety of people, both internal and external customers.

In this position, you get to assist our customers by applying loan payments and answering questions customers have about their payments. You will be responsible to start the Loan Servicing process by moving a newly closed loan to our core banking software so we can service it and assist the customer through the life of their loan.

This job has huge potential for growth and career development!  In this position, you can learn what’s behind the scenes of banking and could move into many different areas of the bank, both back-office and customer-facing. We promote from within! We fill over 30% of our positions internally, and we will develop you and help you grow in your banking career. We can even help you cover tuition costs as you grow in your education!

Pay Range

• Loan Servicing Specialist I requires:
  
  • High school diploma or certified equivalency.
  • Typically requires one (1) year of experience in a customer service or banking role.
  • Basic understanding of loans and collateral types, general ledger, and suspense accounts

• The pay range for a level I position is $21.00 - $35.69
  
• The typical hiring range for a level I position is $21.00 - $24.09
   

• Loan Servicing Specialist II - Requires some college coursework or experience equivalency and typically requires at least two (2) years of banking experience in an operations role and demonstrated ability to perform the job responsibilities for Loan Servicing Specialist I. An LSS II has knowledge of commercial and SBA loans, mortgage and consumer loans, participations, and secondary market loan sales. An LSS II has experience with loan boarding, quality control reviews, payment posting, payoff processing, investor reporting, escrow processing, and insurance tracking.
• The pay range for a level II position is $22.67 - $38.55
  
• The typical hiring range for a level II position is $22.67 - $26.02  
   
• Loan Servicing Specialist III
  • Associates degree or experience equivalency.
  • Typically requires three to five (3 - 5) years of retail banking experience in an operations role and demonstrated ability to perform the job responsibilities for Loan Servicing Specialist I and II. Regularly processes more complex transactions or servicing functions. Act as resource to Loan Servicing Specialist I and II. Provide initial training to Loan Servicing Specialist I. Handle first step escalated calls. Provide back-up for the Loan Servicing Supervisor.
  • Advanced understanding of loans and collateral types, general ledger, and suspense accounts.
  • Advanced understanding of a wide range of loan products preferably but not limited to consumer loans, mortgage loans, secondary market loan sales, commercial loans, SBA, and participations.
  • Advanced understanding of Loan Servicing tasks including but not limited to loan boarding, quality control reviews, payment posting, payoff processing, investor reporting, escrow processing and insurance tracking.
• The pay range for a level III position is $24.49 - $41.63
  
• The typical hiring range for a level III position is $24.49 - $28.10

• The incentive plan for this position is the Staff Support Incentive plan. It is paid out quarterly with a 5% target payout.
• Employees will be eligible for our benefits package including medical, dental, and vision insurance, paid time off, retirement plans (401k with company match and Employee Stock Ownership Plan), gym membership reimbursement, discounts on our banking products, and more!  Additional information on our benefits package can be viewed at https://www.ourfirstfed.com/careers