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Summer Associate Internship (Mortgage Payment/Payoff Specialist)

Company: Navy Federal Credit Union
Location: Pensacola
Posted on: September 12, 2023

Job Description:

The Real Estate Lending (REL) Mortgage & Equity Servicing teams service all mortgage and fixed equity loans as well as home equity lines of credit from the time the loans close until they pay off. Our mission is to build a trusted relationship while providing an exceptional servicing experience for our members on what is most likely their largest financial asset. Our teams include Account Servicing, Account Servicing Support, Escrow Servicing, and Financial & Investor Reporting.
Within Account Servicing, the Mortgage Payment Services team processes mortgage and equity loan payments and payoffs. They reverse payments and/or fees as needed and clear funds held in suspense. In addition, they perform daily balancing for automatic drafting and escrow suppression. Our goal is to provide the best member experience in a timely and accurate manner.
The Summer Associate will process mortgage and equity loan payments and payoffs, respond to a large variety of member inquiries regarding mortgage and equity loan servicing via phone or online
communication, and ensure General Accounting remits funds to investors. They will research and clear funds held in suspense, perform daily balancing for automatic drafting and escrow suppression, process Home Equity transactions, and reverse payments and/or fees as needed.
The Summer Associate Program is a 12-week internship program beginning in May 2024 and ending in August 2024. Students will work on impactful projects and meaningful work during their internship. To qualify for this position, applicants must be currently pursuing a degree from an accredited college or university and have an anticipated graduation date of December 2024 or later.
Post manual payments, loan advances, adjustments, and escrow transactions for mortgage and equity loans using the Mortgage Servicing automated system
Review, verify, and balance cash receipts, debit, and credit activity via automated systems
Balance daily manual cash batches and prepare wire transfers
Reconcile ACH debit authorizations and journal vouchers to ensure the general ledger is updated, maintain registers and canceled check logs
Track recurring issues/problems and communicate findings to management Review manually/system generated checks for accuracy
Enter mortgage/equity payoffs into the system and balance payoff transactions
Research un-posted loan payments using automated systems
Receive/research returned checks from General Accounting to determine the correct amount applied to the mortgage, and reverse funds
Resolve discrepancies in general ledger accounts
Receive and process funds received via check, wire, etc. to pay off mortgages from origination, attorneys, title companies, and members
Reverse loan payments, reapply corrected payments, adjust interest, etc., on mortgage and equity loans
Determine payment check negotiability and return non-negotiable items to members
Ability to work independently and in a team environment
Basic organizational, planning, and time management skills
Basic research, analytical, and problem-solving skills
Basic skill in diagnosing and troubleshooting issues
Basic verbal and written communication skills
Some accounting skills and knowledge of Mortgage Servicing
Hours: Monday - Friday 8:00AM - 4:30PM
Location: 820 Follin Lane, Vienna, VA Heritage Oaks Dr Pensacola, FL 32526
Navy Federal is now hybrid! Our standard enterprise requirement for a hybrid schedule is to report onsite 4-16 days each month. The number of days reporting onsite will ultimately be determined by the employee's leadership and business unit needs. You will learn more throughout the hiring and onboarding process.
About Us
You have goals, dreams, hobbies, and things you're passionate about-what's important to you is important to us. We're looking for people who not only want to do meaningful, challenging work, keep their skills sharp and move ahead, but who also take time for the things that matter to them-friends, family, and passions. And we're looking for team members who are passionate about our mission-making a difference in military members' and their families' lives. Together, we can make it happen. Don't take our word for it:
--- Military Times 2022 Best for Vets Employers
--- WayUp Top 100 Internship Programs
--- Forbes 2022 The Best Employers for New Grads
--- Fortune Best Workplaces for Women
--- Fortune 100 Best Companies to Work For
--- Computerworld Best Places to Work in IT
--- Ripplematch Campus Forward Award - Excellence in Early Career Hiring
--- Fortune Best Place to Work for Financial and Insurance Services
Equal Employment Opportunity: Navy Federal values, celebrates, and enacts diversity in the workplace. Navy Federal takes affirmative action to employ and advance in employment qualified individuals with disabilities, disabled veterans, Armed Forces service medal veterans, recently separated veterans, and other protected veterans. EOE/AA/M/F/Veteran/Disability EOE/AA/M/F/Veteran/Disability
Disclaimers: Navy Federal reserves the right to fill this role at a higher/lower grade level based on business need. An assessment may be required to compete for this position. Job postings are subject to close early or extend out longer than the anticipated closing date at the hiring team's discretion based on qualified applicant volume. Navy Federal Credit Union assesses market data to establish salary ranges that enable us to remain competitive. You are paid within the salary range, based on your experience, location and market position
Bank Secrecy Act: Remains cognizant of and adheres to Navy Federal policies and procedures, and regulations pertaining to the Bank Secrecy Act.

Keywords: Navy Federal Credit Union, Pensacola , Summer Associate Internship (Mortgage Payment/Payoff Specialist), Other , Pensacola, Florida

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