Loan Servicing Assistant

3 weeks ago


Westborough, Massachusetts, United States Middlesex Savings Bank Full time
Job Summary

We are seeking a highly skilled Loan Servicing Assistant to join our team at Middlesex Savings Bank. As a Loan Servicing Assistant, you will play a critical role in ensuring the smooth operation of our loan servicing activities.

Key Responsibilities
  • Set up new loans for various retail loan types, including construction mortgages, residential mortgages, home equity loans, collateral loans, auto loans, personal loans, and overdraft lines of credit.
  • Perform initial reviews of legal documents and setup forms for accuracy and completeness, as well as perform monetary and non-monetary maintenance on all loans.
  • Research and resolve servicing issues in support of loan officers and customers within the scope of authority and expertise.
  • Work with the manager to ensure timely and accurate loan servicing practices.
  • Assist in the processing of re-amortization schedules and modification agreements, reviewing modification agreements for accuracy and completeness, calculating new principal and interest payments, and preparing and providing new disclosure statements and agreements for signature.
  • Monitor, maintain, and update rate and payment change records as required, including changes related to HELOCs entering their repayment phase.
  • Send adjustment notices to customers and respond to any customer inquiries or concerns.
  • Process all basic/simple loan payments and assist in the production of corrected loan bills and prepare and send replacement bills.
  • Prepare and process mortgage, equity, and construction and consumer loan payoff requests from internal and external customers.
  • Prepare discharge documents as well as customer and attorney letters, reviewing note information to ensure discharge information is accurate and complete.
  • Review co-worker's new loan setups via daily reports for accuracy and completeness, identifying regulatory issues via setup forms and documents.
  • Monitor and track hazard insurance renewals and cancellations.
  • Perform advances and disbursements on Construction Loans, reviewing and researching requests to ensure all risk associated have been mitigated.
  • Assist in the deceased borrower notification and successor in interest notification and confirmation process.
  • Support and back up other Loan Servicing team members in their daily duties.
  • Refer sales opportunities to other departments or Bank affiliates in support of established objectives.
Requirements
  • Associates Degree or equivalent relevant work experience.
  • At least one year of lending, banking, or loan processing or servicing experience is required.
  • Must have a basic understanding of debits and credits, prior experience or coursework in accounting is desirable.
  • Must be detailed, organized, and customer service oriented.
  • Must possess at least intermediate technology skills, including knowledge of word processing, database, and spreadsheet applications.
  • Knowledge of Bank's various residential, consumer, and commercial products and policies is desirable.


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