At OakStar, strong relationships are at the heart of everything we do—including how we work together. Since 2005, we’ve grown from a single location in Springfield, Missouri, into a trusted, multi-state financial institution serving communities across Missouri, Kansas, and Colorado. As an SBA Preferred Lender and a recognized leader in small business banking, our work supports local economies and meaningful growth—giving our team members the opportunity to make real, visible impact through their roles.
Working at OakStar means joining a fast-paced, collaborative, and supportive team guided by our SERVE values—stewardship, empathy, responsiveness, vision, and empowerment. We’re committed to service excellence, giving back to our communities, and fostering a workplace where team members are supported. Comprehensive benefits include health, dental, vision, life, and disability insurances, as well as 401(k), 401(k) match, paid time off, and paid holidays.
Summary
The Payoff Specialist is responsible for administering the loan payoff process for consumer, mortgage, commercial, and other loan products while ensuring accuracy, regulatory compliance, and exceptional customer service. This position prepares and verifies payoff quotes, coordinates lien releases and collateral documentation, satisfies loan records, and ensures timely completion of all post-payoff activities.
Essential Duties
- Prepare accurate and timely responses to payoff inquiries including payoff statements for consumer, mortgage, commercial, agricultural, solar, and other loan products in accordance with bank policies and regulatory requirements.
- Calculate payoff amounts, including accrued interest, fees, escrow balances, late charges, and other applicable amounts.
- Review loan payoff transactions timely while ensuring all account balances reconcile appropriately.
- Review collateral thoroughly prior to release, ensuring all approvals and requirements are met before processing.
- Review loan documentation to ensure all payoff requirements have been satisfied prior to closing loan accounts and that no cross-collateralization exists across other loans.
- Coordinate the modification, substitution, or release of collateral, including vehicle titles, mortgage releases, UCC terminations, and other security instruments.
- Prepare and process satisfaction documents, lien releases, reconveyances, title documentation, and other required payoff documentation.
- Work with title companies, attorneys, insurance companies, financial institutions, dealerships, and borrowers to facilitate loan payoff transactions.
- Ensure all collateral files and loan documents are accurately updated and retained in accordance with record retention requirements.
- Verify that paid loans are properly closed within the core processing system and that all related systems are updated.
- Monitor payoff queues to ensure established service level expectations are consistently met.
- Maintain working knowledge of applicable federal and state regulations affecting loan servicing, lien perfection, collateral release, and loan satisfaction requirements.
- Meet established turnaround times for key controls and audit requirements.
Secondary Duties
The Payoff Specialist performs duties specific to the position and other functions as assigned.
Responsibilities
- Ensure compliance with all bank policies and procedures, as well as all applicable state and federal banking regulations.
- Treat people with respect, keep commitments, inspire the trust of others, work ethically and with integrity, uphold the bank’s values, and accept responsibility for one’s own actions.
- Demonstrate knowledge of and adherence to EEO policy, show respect and sensitivity for cultural differences, educate others on the value of diversity, promote a working environment free of harassment of any type, and value a diverse workforce.
- Follow policies and procedures, complete tasks accurately and on time, support the bank’s goals and values, and benefit the bank through outside activities.
- Perform the position safely, without endangering the health or safety of yourself or others, and report potentially unsafe conditions to management. Comply with occupational safety and health standards and all rules, regulations, and orders issued pursuant to the OSHA Act of 1970 that are applicable to one’s position at the bank.
- Possess and maintain a current driver's license and a vehicle with appropriate insurance coverage. Both are required to drive while performing assigned duties and responsibilities.
- Possess and maintain adequate skills in computer operation, including email, word processing, spreadsheet, and specialty software programs.
- Possess and maintain adequate typing skills to meet the needs of the position.
- Possess and maintain adequate math skills to meet the needs of the position. This may include the ability to count currency and coin, calculate interest, balance accounts, add, subtract, multiply, and locate routine mathematical errors.
- Practice effective and efficient organizational and time management skills.
- Be able to work with general supervision while performing duties.
- Use effective oral, written, and interpersonal communication skills. This includes the ability to apply common sense when carrying out instructions, interpreting documents, understanding procedures, writing reports and correspondence, and speaking clearly to customers and employees.
- Be able to deal with routine problems involving multiple facets and variables in standardized situations.
Supervisor Responsibility
The Payoff Specialist is not responsible for the supervision of any employee(s).
Environment, Physical, & Mental Demands
The environment for this position is primarily a non-confined office-type setting in which employees are free to move about at will. This environment may include some minor annoyances, such as noise, odors, drafts, temperatures, etc.
Physical demands include writing, typing, speaking, listening, lifting (up to 25 pounds), driving, carrying, seeing (such as close, color and peripheral vision, depth perception, and adjusted focus), sitting, walking, standing, squatting, kneeling, and reaching.
Mental demands include analytical reasoning, reading and understanding documents or instruments, performing detailed work, following directions, problem solving, providing effective customer or employee communication, performing accurate math calculations, understanding language, engaging in effective verbal and written communication, enduring stress, conducting multiple concurrent tasks, and withstanding constant interruptions.
Physical and mental demands also include correct usage of the following equipment: telephones, cellular phones, copy and fax machines, adding machines or calculators, encoders, money counters, credit card terminals, postage machines, cash recyclers, vaults, computers, and related printers.
Work environment characteristics, physical demands, and mental demands are representative of those an employee encounters while performing the essential functions of this job and represent the knowledge, skill, and/or ability required to perform the job in a satisfactory manner. Individual abilities may result in some deviation from these guidelines.
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions of the job.
These qualifications are general guidelines normally considered essential to the satisfactory performance of this position. The specifications listed below are representative of the knowledge, skill, and/or ability required to perform the position in a satisfactory manner. Individual abilities may result in some deviations from these qualifications.
- Associate's or Bachelor's degree in business, finance, accounting, or a related field preferred.
- At least three years of banking, loan operations, loan servicing, or lending experience.
- Experience preparing payoff statements, releasing collateral, or satisfying loans.
- Thorough understanding of loan servicing processes and loan documentation.
- Working knowledge of consumer, mortgage, commercial, and agricultural loan products.
- Familiarity with lien perfection, title processing, mortgage satisfactions, UCC filings, and collateral release procedures.
- Knowledge of applicable banking regulations and compliance requirements related to loan servicing and payoff administration.
- Strong mathematical aptitude with the ability to accurately calculate interest, fees, escrow adjustments, and payoff amounts.
- Excellent attention to detail with a high level of accuracy.
- Strong analytical and problem-solving skills with the ability to research and resolve complex account issues.
- Excellent organizational and time management skills with the ability to manage multiple priorities and meet deadlines.
- Effective verbal and written communication skills with the ability to explain payoff information to customers and business partners.
- Strong customer service skills and a commitment to providing responsive, professional support.
- Proficiency with core banking systems, loan servicing software, Microsoft Office applications, and other banking technologies.
- Ability to work overtime during peak periods or to meet deadlines.
Management reserves the right to change this position description at any time according to business needs.
