Loan Servicing Specialist II

4 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 key member of our Commercial Loan Servicing team, you will be responsible for performing 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 but not limited to: 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.
  • Process re-amortization schedules and modification agreements. Review modification agreements for accuracy and completeness. Calculates 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-workers 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.
Requirements
  • Bachelor's Degree or equivalent experience, plus specialized training or coursework is required.
  • 4-6 years experience in a related field is required.
  • Must have a solid understanding of legal documentation and have experience with commercial loan products.
  • Must be very detail-oriented, highly organized, and customer-service-oriented.
  • The ideal candidate must possess, in the minimum, intermediate technology skills including knowledge of Microsoft Office applications.
  • Paralegal certificate is preferred.

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