Westerly Community Credit Union

Loan Servicing Specialist I

General Information
Location  4979 Tower Hill Road
Wakefield, RI 02879
United States
Employee Type  Non-Exempt
Brief Description



1)      Assumes responsibility for the effective and efficient completion of Loan Funding

a)       Create and fund Equity, flex equity, indirect boats-manufactured homes-solar, and business loans in loans PQ/Symitar.

b)      Perform OFAC, pull Chex systems,

c)       open loan and share accounts, create tracking records, escrow share, escrow tracking records, file maintain loan record, fund/send wire, process any loan payoffs, cut and mail checks to payoff/make payment as per loan Closing disclosure.

d)      Mail payoff checks, Wire Funds, Create tracking records. Create fresh start loans as requested by collections

e)      Create Fresh Start loans as requested by collections

2)      Assumes responsibility of pre-quality control of indirect loans:

a)       Checks for compliance of required paperwork per WCCU policy. Verifies all paperwork meets required standards. Contact and follow up on inaccurate/missing information, corrects discrepancies. Collects account card and CDD, perform Verifin check. Forward to management to sign off to proceed to fund.

3)      Assumes responsibility of files/collateral in retention room

a)       Secure, Organize, file, maintain and release files and collateral held in retention room. Files for equity, mortgage and business departments. Collateral for all loans including titles for automotive, boat, boat trailer, ships mortgages, UCC’s, recorded deeds and loan information.

b)      Assumes responsibility of tracking, collecting, updating and retaining of Flood, boat, auto, Home owners and business insurance policies per WCCU policy. Insurance tracking to maintain accurate, updated information. Force place if needed

c)       Force place policies that are non-renewed, cancelled or member does not carry. Follow established Federal guidelines for Force place flood insurance. Update, change, terminate or create policy thru Proctor Website. Process Proctor payments, monitor monthly reports.

d)      Create tracking records for home owners insurance, jumbo insurance, business insurance, flood insurance and boat insurance. Run reports for each to maintain accurate and up to date records.

4)      Assumes responsibility of tracking records      

a)       Deed tracking to ensure recorded deeds have been secured

b)      UCC tracking to ensure boat UCC’s have been filed with the State SOS and to extend before expiration date. Boat titles and ships mortgages have been secured with the State and USCG

c)       Manufactured home UCC tracking of SOS and town recorded that are filed with the state and recorded with the town.

d)      Auto title tracking to ensure titles have been secured thru the state DMV or filed electronically if in mandated ELT state.

e)      Escrow refund tracking to ensure escrow funds have been refunded in a timely manner per regulations.

f)        GAP, ADR, MBP tracking to create invoice from vendor. Create invoice, match to accounts and gl’s. Submit for payment. Make any corrections as needed, update loan record tracking.

5)      Run reports for paid loans, FASB anticipated town escrow

a)       Paid loan reports weekly to process the closed loan. Confirm and verify loan payoff information is accurate. Release note and collateral, prepare payoff letter, prepare discharges, sign off titles, prepare ships satisfaction of mortgage, file online with SOS,-UCC terminations, prepare third party requests. Mail to member or 3rd party per payoff instructions

b)      FASB reports, mortgage and business, monthly in a timely fashion to assist Accounting with balancing gl accounts. Balance accurately

c)       Anticipated report run twice monthly to gather and prepare taxes and hazard insurance to be submitted by Rhonda. Prepare tax letters for tax department with supporting (collected updated from tax collectors office/website) quarterly tax information for each member. Collect insurance, scan and forward to Rhonda to be submitted with insurance check.

d)      Town escrow report to verify dates, amounts and members are included in insurance and tax payments

6)      maintaining collateral

a)       track titles, UCC’s, recorded deeds, ships mortgages for all loans

b)      follow up if WCCU is not listed as lien holder, if not issued, verify information is correct and accurate. Contact DMV offices.

7)      Assumes responsibility for other related duties(as per procedures in the Lending Drive)

a)       Provide accurate payoff letters as requested for Auto, Boat, Equity, Consumer, Mortgage and business loan payoffs

b)      Process loan payoff payments to assure accurate fees and loan payoff is accurate

c)       Process insurance claim checks for auto and boat claims

d)      Monthly charge off’s approved by board of directors at monthly meeting

e)      Term out HELOC’s at maturity-mail member letter and coupons for new payment and rate.

f)        Process Cuna debt protection and disability payments to member loans.

g)       Process and maintain business line of credit renewals as requested by business department.

h)      Prepare, process and mail daily loan coupons for all non-escrowed accounts


Works with mortgage department for loan payoffs and loan funding

Work with Branch staff to answer loan related questions

Work with collections, operations and branch staff to correct transactions.

Scanning as requested

Provides back up/vacation coverage for Loan Servicing Specialists (as necessary)




Education/Certification:        High School Degree


Required Knowledge:              Thorough knowledge of Credit Union loan products and applicable policies and standards.

                                                 Understanding of government regulations and legal requirements involving mortgage and consumer lending.





                                                                Good project management abilities.

                                                                Well organized.   

                                                                Strong analytical and problem-solving skills.

                                                                Solid communication abilities.

                                                                Able to meet deadlines.

                                                                Positive, can-do attitude

                                                                Caring & community-oriented

                                                                Strong Service & Sales skills – showing a desire for our Members to succeed




To excel in the tasks specific to this essential role, as well as participate and help develop our WCCU Cares culture. You would be responsible for providing outstanding service to our members and to our internal staff (#TeamWCCU).  Your actions will directly contribute to our goal of caring about our members, their financial needs, and our community. This position is responsible for organizing, indexing, and scanning new loans, refinances, and annual reviews to Synergy. Maintains and updates loan records, follows up on missing titles, UCC’s, and mortgages, ensures security interests are perfected, and manages releases of titles and mortgages. Provides payoff letters in a timely fashion. Ensures all functions are carried out in accordance with established policies and procedures. Funds home equity loans, business loans and all indirect loans. Resolves recordkeeping and loan related errors and discrepancies.   Ensures that services are delivered professionally and efficiently and that member problems are resolved promptly.