Loan Servicing Specialist II

2 weeks ago

Westborough, Massachusetts, United States Westborough Operations Center Full time
Job Summary

We are seeking a highly skilled Loan Servicing Specialist II to join our team at the Westborough Operations Center. As a senior member of the team, you will serve as a knowledgeable resource to the Commercial Loan Servicing Specialist I and perform a variety of loan servicing and processing activities in conformance with established bank policies, procedures, and objectives.

Key Responsibilities
  • Set up new loans for commercial, construction mortgage, residential mortgage, home equity, collateral loans, installment loans, personal loans, business overdraft, and ACH lines.
  • Perform the initial review of legal documents and setup forms for accuracy and completeness.
  • Research and resolve servicing issues in support of loan officers and customers within scope of authority and expertise.
  • Perform complex transactions, and loan payments, including recalculating principal, interest, and other payment information for accounts and performing escrow and SBA analysis as necessary.
  • Examine data associated with Total Relationship Exposure activities and links relationships to loan and deposit accounts in core system.
  • Work with manager to ensure timely and accurate Loan Servicing practices.
  • Assists in the training of the loan servicing staff.
  • Ensure timely payment of escrowed hazard insurance premiums, PMI premiums, and real estate taxes.
  • Respond promptly to all written and verbal requests by customer, attorney, Insurance Company, and town treasurers relating to escrow and insurance administration.
  • Ensure timely and accurate processing of all ongoing yearly escrow analyses.
  • Process re-amortization schedules and modification agreements.
  • Review modification agreements for accuracy and completeness.
  • Calculate new principal and interest payments.
  • Prepare and provide to customers new disclosure statements and agreements for signature.
  • Prepare and process commercial mortgage, commercial loan, and construction loan payoff requests from internal and external customers.
  • Prepare discharge documents as well as customer and attorney letters.
  • Review Note information to ensure discharge information is accurate and complete.
  • Monitor, maintain, and update rate and payment change records as required.
  • Send adjustment notices to customers and respond to any customer inquiries or concerns.
  • May manually calculate daily interest rate and per diem rate for customer/lender/attorney.
  • Perform general ledger account balancing including reconcilement, research, and correction processing as necessary.
  • Identify Flood, CRA, and other regulatory issues via setup forms and documents.
  • Review co-worker's new loan setups via daily reports for accuracy and completeness.
  • Perform monetary and non-monetary maintenance on all loans.
  • Daily verification of new loan setup and approvals.
  • Perform advances and disbursements on Commercial Lines of Credit.
  • Review and research requests to ensure all associated risk have been mitigated.
  • Support other Commercial Loan Servicing team members in transaction processing, post-closing, payoffs, and vault responsibilities.
  • Perform all duties in accordance with prescribed regulatory compliance guidelines.
  • Perform related and unrelated duties as may be required.
Qualifications

We are looking for a highly skilled and detail-oriented individual with a solid understanding of legal documentation and experience with commercial loan products. The ideal candidate must possess intermediate technology skills, including knowledge of Microsoft Office applications.

Bachelor's Degree or equivalent experience, plus specialized training or coursework, is required. 4-6 years of experience in a related field is also required.

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