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Intercoastal Mortgage, LLC
Interim Loan Servicing Administrator
Career Insights for Loan Administrator / Manager
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Based on Virginia data
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What they do
A Loan Administrator or Manager services a loan once it has been agreed. Sends monthly bills to the loan recipient. May also maintain payment records and monitor compliance with the loan agreement.
$64,644 / year median in Virginia
-5% projected decline
Job Description
Intercoastal Mortgage, LLC is one of the largest independent residential mortgage lenders in the Mid-Atlantic. Our long tradition of success was built on Respect, Trust, Commitment, Caring, and Teamwork. We provide an open, nurturing, and educational environment for customers and employees. Everyone has a voice in improving our processes, and we give team members the technology, training, and support to grow.
Position SummaryThe Interim Loan Servicing Administrator is responsible for servicing mortgage loans during the interim period between loan closing/funding and the transfer of servicing to the applicable investor or permanent servicer. This position ensures borrower payments are accurately processed, escrow activity is properly administered, loan records remain accurate, and servicing responsibilities are completed timely through the effective date of servicing transfer.
The Interim Loan Servicing Administrator works closely with Post-Closing, Secondary Marketing, Accounting, and other internal departments to ensure a smooth and accurate transfer of servicing and to address borrower or loan-level issues that arise during the interim servicing period.
Essential Duties and ResponsibilitiesInterim Loan ServicingService newly closed mortgage loans from funding through the effective transfer of servicing to the applicable investor or permanent servicer.
Monitor the interim servicing pipeline and ensure loans are appropriately established, maintained, and transferred within required timeframes.
Maintain accurate loan and borrower information within the servicing system.
Review loan information for accuracy and resolve servicing discrepancies prior to transfer.
Coordinate with internal departments to address issues that may delay or impact the transfer of servicing.
Payment and Escrow ProcessingReceive, process, and accurately apply borrower payments received during the interim servicing period, including principal, interest, taxes, insurance, and other applicable amounts.
Research and resolve payment discrepancies, unapplied funds, returned payments, and other payment-related issues.
Maintain and administer escrow funds during the interim servicing period.
Process tax, insurance, mortgage insurance, or other required escrow disbursements when due prior to the transfer of servicing.
Ensure appropriate accounting and reconciliation of borrower and escrow funds.
Servicing TransferCoordinate the transfer of servicing to investors and permanent servicers.
Ensure required loan, payment, escrow, and servicing information is accurate and transmitted to the receiving servicer.
Prepare and/or coordinate required servicing transfer notifications and related borrower communications.
Reconcile loan balances, escrow balances, payments, and other servicing activity at the time of transfer.
Research and resolve discrepancies identified during or following the servicing transfer process.
Respond to requests from investors or receiving servicers regarding interim servicing activity.
Borrower ServiceServe as a point of contact for borrowers during the interim servicing period.
Respond to borrower questions regarding payment amounts, payment application, escrow accounts, loan balances, servicing transfer, and other servicing-related matters.
Research and resolve borrower inquiries in a timely and professional manner.
Provide borrowers with appropriate information regarding the transfer of their loan to the new servicer.
Maintain accurate documentation of borrower communications and servicing activity.
Reconciliation and ReportingReconcile interim servicing accounts and loan-level activity.
Coordinate with Accounting to ensure payments, escrow funds, fees, and other servicing transactions are accurately recorded.
Prepare and maintain reports related to the interim servicing portfolio, payment activity, escrow balances, and servicing transfers.
Identify and resolve outstanding items prior to or following servicing transfer.
Compliance and Quality ControlPerform interim servicing activities in accordance with applicable federal and state mortgage servicing requirements, investor guidelines, and Company policies and procedures.
Ensure required borrower notices and servicing transfer communications are completed accurately and within applicable timeframes.
Maintain complete and accurate servicing records to support audits, quality-control reviews, and regulatory requirements.
Identify potential servicing errors, compliance concerns, or operational risks and escalate them appropriately.
Protect confidential borrower and financial information in accordance with Company requirements.
QualificationsEducationHigh school diploma or equivalent required.
Associates or bachelors degree in business, finance, accounting, or a related field preferred.
ExperienceTwo to four years of experience in mortgage servicing, post-closing, mortgage operations, escrow administration, or a related mortgage banking function preferred.
Experience with interim servicing and servicing transfers strongly preferred.
Experience working within a mortgage servicing or loan origination system preferred.
Knowledge, Skills and AbilitiesWorking knowledge of mortgage loan servicing and the mortgage loan lifecycle from closing through servicing transfer.
Understanding of principal, interest, tax, and insurance payment processing and escrow administration.
Familiarity with servicing transfer requirements and applicable mortgage servicing regulations.
Strong mathematical, reconciliation, and analytical skills.
Strong attention to detail and ability to maintain accurate loan and financial records.
Ability to research and resolve payment, escrow, and servicing discrepancies.
Strong organizational skills with the ability to manage multiple loans, deadlines, and servicing transfer dates.
Strong written and verbal communication skills and the ability to professionally interact with borrowers, investors, servicers, and internal business partners.
Proficiency with Microsoft Office applications, particularly Excel, and the ability to learn mortgage servicing systems.
Ability to work independently and effectively manage time-sensitive servicing responsibilities.
Other DutiesThis job description is intended to describe the general nature and level of work performed by individuals assigned to this position. It is not intended to be an exhaustive list of all responsibilities, duties, and qualifications. Responsibilities may be modified or assigned based on business and operational needs.
Position SummaryThe Interim Loan Servicing Administrator is responsible for servicing mortgage loans during the interim period between loan closing/funding and the transfer of servicing to the applicable investor or permanent servicer. This position ensures borrower payments are accurately processed, escrow activity is properly administered, loan records remain accurate, and servicing responsibilities are completed timely through the effective date of servicing transfer.
The Interim Loan Servicing Administrator works closely with Post-Closing, Secondary Marketing, Accounting, and other internal departments to ensure a smooth and accurate transfer of servicing and to address borrower or loan-level issues that arise during the interim servicing period.
Essential Duties and ResponsibilitiesInterim Loan ServicingService newly closed mortgage loans from funding through the effective transfer of servicing to the applicable investor or permanent servicer.
Monitor the interim servicing pipeline and ensure loans are appropriately established, maintained, and transferred within required timeframes.
Maintain accurate loan and borrower information within the servicing system.
Review loan information for accuracy and resolve servicing discrepancies prior to transfer.
Coordinate with internal departments to address issues that may delay or impact the transfer of servicing.
Payment and Escrow ProcessingReceive, process, and accurately apply borrower payments received during the interim servicing period, including principal, interest, taxes, insurance, and other applicable amounts.
Research and resolve payment discrepancies, unapplied funds, returned payments, and other payment-related issues.
Maintain and administer escrow funds during the interim servicing period.
Process tax, insurance, mortgage insurance, or other required escrow disbursements when due prior to the transfer of servicing.
Ensure appropriate accounting and reconciliation of borrower and escrow funds.
Servicing TransferCoordinate the transfer of servicing to investors and permanent servicers.
Ensure required loan, payment, escrow, and servicing information is accurate and transmitted to the receiving servicer.
Prepare and/or coordinate required servicing transfer notifications and related borrower communications.
Reconcile loan balances, escrow balances, payments, and other servicing activity at the time of transfer.
Research and resolve discrepancies identified during or following the servicing transfer process.
Respond to requests from investors or receiving servicers regarding interim servicing activity.
Borrower ServiceServe as a point of contact for borrowers during the interim servicing period.
Respond to borrower questions regarding payment amounts, payment application, escrow accounts, loan balances, servicing transfer, and other servicing-related matters.
Research and resolve borrower inquiries in a timely and professional manner.
Provide borrowers with appropriate information regarding the transfer of their loan to the new servicer.
Maintain accurate documentation of borrower communications and servicing activity.
Reconciliation and ReportingReconcile interim servicing accounts and loan-level activity.
Coordinate with Accounting to ensure payments, escrow funds, fees, and other servicing transactions are accurately recorded.
Prepare and maintain reports related to the interim servicing portfolio, payment activity, escrow balances, and servicing transfers.
Identify and resolve outstanding items prior to or following servicing transfer.
Compliance and Quality ControlPerform interim servicing activities in accordance with applicable federal and state mortgage servicing requirements, investor guidelines, and Company policies and procedures.
Ensure required borrower notices and servicing transfer communications are completed accurately and within applicable timeframes.
Maintain complete and accurate servicing records to support audits, quality-control reviews, and regulatory requirements.
Identify potential servicing errors, compliance concerns, or operational risks and escalate them appropriately.
Protect confidential borrower and financial information in accordance with Company requirements.
QualificationsEducationHigh school diploma or equivalent required.
Associates or bachelors degree in business, finance, accounting, or a related field preferred.
ExperienceTwo to four years of experience in mortgage servicing, post-closing, mortgage operations, escrow administration, or a related mortgage banking function preferred.
Experience with interim servicing and servicing transfers strongly preferred.
Experience working within a mortgage servicing or loan origination system preferred.
Knowledge, Skills and AbilitiesWorking knowledge of mortgage loan servicing and the mortgage loan lifecycle from closing through servicing transfer.
Understanding of principal, interest, tax, and insurance payment processing and escrow administration.
Familiarity with servicing transfer requirements and applicable mortgage servicing regulations.
Strong mathematical, reconciliation, and analytical skills.
Strong attention to detail and ability to maintain accurate loan and financial records.
Ability to research and resolve payment, escrow, and servicing discrepancies.
Strong organizational skills with the ability to manage multiple loans, deadlines, and servicing transfer dates.
Strong written and verbal communication skills and the ability to professionally interact with borrowers, investors, servicers, and internal business partners.
Proficiency with Microsoft Office applications, particularly Excel, and the ability to learn mortgage servicing systems.
Ability to work independently and effectively manage time-sensitive servicing responsibilities.
Other DutiesThis job description is intended to describe the general nature and level of work performed by individuals assigned to this position. It is not intended to be an exhaustive list of all responsibilities, duties, and qualifications. Responsibilities may be modified or assigned based on business and operational needs.