Nelnet

  • Payment Analyst I

    Job Locations US-WI-Madison
    Posted Date 1 week ago(2/10/2020 12:31 PM)
    ID
    2020-9902
    # of Openings
    1
    Category
    Administrative/Clerical
  • Summary

    Purpose of Position

     

    Under the direction of the Payment Analyst Supervisor the Payment Analyst is responsible for handling payment correction requests.  This involves validating the requests, communicating with Servicing's working bank about lockbox and payment adjustments, collaborating within the payment analyst team to analyze and resolve difficult payment issues, assisting with development of new procedures and training Payment Specialists and other Payment Analysts, working with counterparts at other servicers to resolve misdirected payments, and correcting the problem payments.  Also responsible for backing up other Cash Operations staff due to workload or staffing changes.

     

    Essential Functions

     

    1. Perform as a high functioning Payment Analyst team by working together as a group, collaborating with each other, sharing ideas to solve complex problems, providing backup/support for one another and are yet each responsible for their own daily activity.
    1. Research and resolve misapplied payments. This involves:
      • Follow established guidelines to determine appropriateness of payment correction requests and method of correction.
      • Determine whether misapplied payments stem from unresolved processing problems at the lockbox such as encoding errors or exception processing errors by consulting with payment analyst team members. Recommend changes in processing to Payment Analyst Supervisor to improve the accuracy and efficiency with which payments are processed.
      • Research problems with payment postings within Cash Operations as they arise. Identify problem areas and recommend possible solutions to payment posting problems.
      • Research and resolve misdirected payments (payments sent to the wrong servicer). Develop and maintain contacts at other student loan servicers to assist in resolving these payments.
      • Enable Borrower Services and payment reconciliation staff to determine the status of payment corrections by entering standardized activity messages to thoroughly document progress.
      • Develop and maintain an in-depth knowledge of Department of Education and commercial payment processes, procedures, and audit trails. This includes borrower payments received through the lockbox, ACH, school refunds, claim payments, overpayment refunds, conversion/deconversion payments, consolidation, etc.
      • Perform the necessary payment corrections and reconcile adjustments entered with payment posting reports.
      • Provide excellent customer service by following through on commitments, providing prompt and accurate corrections, communicating status, and providing feedback on problem accounts or payment correction requests.
    2. Assist with development of new payment processes and procedures
      • Assist Audit Management, Payment Analyst Supervisor and Senior Payment Analyst to develop new procedures
      • Document formal procedures as needed
      • Assist in training Payment Specialists and Payment Analysts on the new procedures
      • Assist with validating new procedures with Payment Analyst Supervisor and Senior Payment Analyst
      • Assist with client acceptance testing of payment screen changes
    3. Back up other Cash Operations staff. Acquire an understanding of their duties sufficient to perform them when needed due to their absence or to supplement their work output when requested by supervisor. Provide assistance to other Cash Operations staff when requested
    4. Maintain written documentation on all procedures.
    5. Perform related duties as assigned.

    Responsibilities

    1. Primary contact for clients and lenders.
    2. Responsible for quality control on all claims reviewed to ensure the correct procedures and guidelines were used.
    3. Ensure the reviewers used correct calculations to determine claims payment and provide detailed feedback.
    4. Analyze, research and resolve problem accounts.
    5. Analyze, research and respond to lenders appeals in formal manner.
    6. Assist and meet with Auditors to provide departmental procedures, documentation and explanations.
    7. Answer multiple questions from processors, customer service, lenders, clients and borrowers using extensive claims and student loan knowledge.
    8. Backup for Analyst II to monitor weekly pending claims report to ensure all claims are reviewed within departmental federal guidelines.
    9. Distribute work to reviewers.
    10. Able to complete the weekly statistical reports to assist the Supervisor.
    11. Assist Analyst II in the CCI industry wide claims project. This may include testing and communication with clients.
    12. Assist in system CSR’s affecting claims.
    13. Train new staff on Claim procedures.
    14. Write and update department procedures in response to process enhancements or regulatory changes.
    15. Assist Analyst II in Post Claim Sampling
    16. Provide training and ongoing support within the department and for the College Assist client as needed.
    17. Assist Analyst II in independent claims projects as needed.

    Qualifications

    EDUCATION:

    High School diploma

     

     EXPERIENCE:

    2+ years analytical experience with prior claims knowledge.  Leadership experience helpful.

     

    COMPETENCIES – SKILLS/KNOWLEDGE/ABILITIES:

    1. Leadership skills
    2. Highly developed analytical skills
    3. Attention to detail
    4. Strong oral/written communication skills
    5. Spreadsheet skills
    6. Intermediate math
    7. Customer service orientation
    8. Negotiation
    9. Judgment skills

    EEO Statement

    Nelnet is an Equal Opportunity Employer, complies with Executive Order 11246, and takes affirmative action to ensure that qualified applicants are employed, and that employees are treated during employment, without regard to race, color, religion/creed, national origin, gender, or sex, marital status, age, disability, use of a guide dog or service animal, sexual orientation, military/veteran status, or any other status protected by Federal or State law or local ordinance. Qualified individuals with disabilities who require reasonable accommodations in order to apply or compete for positions at Nelnet may request such accommodations by contacting Nelnet Talent Acquisition & Recruiting.

    Nelnet is a Drug Free and Tobacco Free Workplace.

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