This position is responsible for the processes and relationships/interactions related to the accounting for loans that are pledged, serviced for, and by others as well as reconciliations related to servicing activities.
ESSENTIAL DUTIES AND RESPONSIBILITIES:
1. Perform all reporting remitting and reconciliation for the Residential loan portfolio serviced by and for others.
2. Primary contact for Reverse Mortgage servicing entity, entities who service loans on behalf of OceanFirst Bank, and entities who OceanFirst Bank services loans.
3. Performs monthly reconciliation for investor custodial bank accounts and related general ledger accounts.
4. Prepares and analyzes monthly accounting reports used to calculate remittances for actual/actual, scheduled/actual and schedule/schedule investor portfolios.
5. Ensures compliance with investor guidelines, ensuring daily and monthly reporting remitting and reconciling deadlines are met as required by investors.
6. Perform and review all activities associated with the Reverse Mortgage portfolio serviced by Celink.
7. Ensure reporting and remittances from entities servicing loans for OceanFirst Bank are timely and accurate.
8. Maintain Foreclosure Receivable reconciliation – this includes a monthly review of detailed activity and a broader periodic review of the balances outstanding. Interact with members of Accounting and Loss Mitigation to resolve concerns identified.
9. Provide support to residential loan servicing for Investor Loans (SFO/SBO)
10. Prepares daily wire transfers for remittances due to investors, Reverse Mortgage Servicer, Student Loan servicer and other like relationships.
11. Creates journal entries to post principal and interest corporate advances as necessary.
12. Tracks P/I and T/I advance and recovery activity.
13. Performs payment processing and prepares and posts journal entries for all loans sold servicing retained.
14. Transfers all loans sold servicing retained in bank’s core system to investor portfolio.
15. Performs daily teller proof of all activity initiated through bank’s core system.
16. Handles correspondence and inquiries from and to all investor, reverse mortgage servicer, student loan servicer and servicing entities as well as other like relationships.
17. Pledge loans to FHLB, reconcile turnaround reports, review edits and determine correct action needed to clear the edit.
18. Pledge loans to FRB, reconcile turnaround reports, review edits and determine correction action needed to clear the edits.
19. Identify loans available to sell to REIT, and work with related departments and Business Intelligence to transfer loans.
20. Calculate Servicing Asset, analyze student loan portfolio and distribute reports
21. Point of first contact from Accounting with regard to differences identified for Residential Loan Servicing.
22. Coordinate Loan sale/purchases of loan pools with internal departments ensuring smooth transitions
23. Actively participate in special projects and conversions as assigned
Knowledge, Skills & Abilities
• Excellent organizational, and oral and written communications skills.
• Proficient in MS Office Suite.
• Ability to handle multiple tasks simultaneously.
• Excellent and time management skills with strong attention to detail.
Experience & Education
• Bachelors degree in Accounting or Finance
• 5 years’ experience within a mortgage banking operation, with related experience in financial analysis and data processing.
• 5 years Accounting experience in the banking/financial services industry.
Internal and External Contacts
• Periodic contact and coordination with other departments or divisions required.
• External contact with service providers and with entities we provide services.
• Frequent internal contact with Operations, Information Technology, Accounting.
Working Conditions / Physical Requirements
Office environment. Ability to operate computer. Ability to communicate in order to exchange simple to complex information with individuals and groups. Ability to travel throughout Bank footprint.