Payoff Specialist

Job Details

Job Location:

Operations - Springfield, MO 65807. Job Category:
Banking. At Oak Star, 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 Oak Star 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.

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.

• 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.

The Payoff Specialist performs duties specific to the position and other functions as assigned.

• 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…