Main Street Bank
Loan Servicing Specialist II
Main Street Bank, Marlborough, Massachusetts, us, 01752
Loan Servicing Specialist II
Job Details
Level
Experienced
Job Location
Main Office Branch - Marlborough, MA
Position Type
Full Time
Salary Range
$24.00 - $27.00 Hourly
Job Category
Admin - Clerical
Description
Title: Loan Servicing Specialist II Salary Grade:
FLSA Status: Non- Exempt Employment Status: Full Time
Department: Loan Servicing Location: Granger/Hybrid Eligible
Reports To: Loan Servicing Asst Manager
Date Prepared: October 27, 2024 Human Resources Review: October 29, 2024
SUMMARY:
Reporting to the Assistant Manager of Loan Servicing, the Loan Servicing Specialist II handles clerical and administrative tasks for Commercial, Residential, and Consumer loans in line with bank procedures and regulations. As a generalist in servicing the life of the loan responsibilities include but not limited to, managing all aspects of escrow administration, new loan funding/boarding, ensuring compliance, assisting with audits and compliance exams, maintaining loan files, some collections calls/reporting, providing customer service, and supporting other servicers. Additionally, it is expected that this position assists with departmental projects, serves as a resource to team members, and adopts the bank's sales and service culture.
After successful completion of training and proven abilities, this position is eligible for a hybrid work arrangement with an agreed upon number of days per-week/month on site.
Consistent availability is expected during core business hours. Work outside of regular business hours requires approval on an as needed basis to meet deadlines and fulfil the needs of both internal and external customers.
ESSENTIAL DUTIES and RESPONSIBILITIES:
In the performance of respective tasks and duties, the employee is expected to successfully perform quality work within deadlines with or without supervision, interact professionally with other employees, customers, and suppliers; work effectively as a team contributor on all assignments and work independently while understanding the necessity for communicating and coordinating work efforts with other employees and organizations .
Ensures the accurate and timely remittance of quarterly real estate tax payments due to each taxing authority in accordance with taxing jurisdiction guidelines.
Conducts Annual Escrow Analysis ensuring accurate and timely tax payments have been recorded correctly in the core. Review and resolve analysis exceptions and ensure surplus checks are distributed timely.
Ensures all loan payments are processed in accordance with prompt payment standards including the processing of payoffs. Monitors and decisions lockbox payment exceptions.
Monitors all flood insurance, hazard and PMI insurance for loans ensuring compliance with regulatory requirements as well as payment of premiums. Manage weekly/daily reports from the insurance tracking vendor, including forced placed insurance processing, monitoring and reporting
Takes charge of efficiently and professionally executing collection tasks following policy, procedure, and investor guidance for assigned loans.
Responsible for the balancing of assigned general ledger accounts.
Accurate and timely loan setup and maintenance of all assigned loans.
Provide administration support for coordinating loan disbursements and preparation of mortgage and UCC discharges, processing general ledger transactions, preparation of correspondence and reports, monitoring collection of fees and payoffs
General:
May assist internal, external, and regulatory auditors with the collection of requested materials as assigned with their respective engagements.
Effectively use tools and systems to be able to self-manage, organize, and complete work independently, proactively recognizing potential obstacles resolving them before they become an issue, managing to deadlines, creating action plans when not on track, enabling job functions to happen with minimal oversite and meeting conditions of satisfaction.
Use discretion in dealing with large amounts of sensitive, confidential information, while adhering to all Bank policies and procedures
Adhere to all company policies, consistently demonstrating our core values and service standards
Regular and consistent attendance is required to ensure the high standard of customer service.
In the performance of respective tasks and duties, the employee is expected to maintain knowledge of and ensure compliance with Bank Secrecy Act regulations and adheres to compliance procedures and internal/operational risk controls in accordance with all applicable regulatory standards, requirements and policies as well as attending all required training sessions and completing all required on-line training courses.
Other duties as assigned, performing similar or related work as directed, required, or as situation dictates.
LEVEL OF RESPONSIBILITY:
This position interacts independently with other employees and customers, to investigate and resolve loan issues.
Work is a mix of non-routine and routine responsibilities that are completed with general supervision and relies on prior related experience and specific bank policies.
EQUIPMENT REQUIRED:
Smart Phone - To enable the MFA (Multi Factor Authentication) facilitating access to MSB systems.
HYBRID/REMOTE ENVIRONMENT:
Your physical remote location must provide a dedicated workspace that is free from distraction and provides adequate light to be regularly visible on video calls.
You must have access to a reliable internet connection with adequate bandwidth to join Teams and other video calls.
SKILLS REQUIRED:
Associates degree or equivalent, typically 2+ years’ experience working in financial services/banking environment Loan Servicing environment preferred.
Experience in all things escrow administration including flood, taxes and hazard Ins.
Familiarity with a variety of loan types and billing (consumer, mortgage and commercial)
Knowledge in financial institution operating policies and procedures, banking regulations (state and federal)
Ability to handle phone calls for delinquency account and reporting
Good working knowledge of data processing systems required (COCC, Encompass, Salesforce preferred)
Proficient in Microsoft 365 Suite products including, but not limited to Excel, Word, Outlook, Teams, and Sharepoint.
COMPETENCIES:
Ability to multi- task, organize, accomplish tasks, and meet deadlines despite frequent interruptions in a fast-paced environment while maintaining attention to detail.
Excellent communication skills (written & verbal) with a responsive approach to communication with internal and external stakeholders
Relationship Builder - Develops and maintains relationships with officers, employees and external contacts and maintains alignment with core values, vision, strategy, and goals.
Ability to meet deadlines along with excellent time management skills
Critical thinking and problem-solving skills with the ability to navigate situations to find efficient, effective, and timely solutions.
Highly detailed, organized and professional
Desire for continuous improvement and willingness to speak up to identify inefficient processes and propose effective solutions.
LANGUAGE/COGNITIVE SKILLS: Thework skills described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
The person in this position frequently communicates with customers about banking products, their bank accounts & transactions and therefore must be able to exchange accurate information in these cases. They will need to use judgment and discretion in decision making situations, interpret and follow all Bank policies and procedures, write/create reports, and business correspondence, (Main Street Bank’s standard language is English). As well as the ability to:
Speak and effectively present/communicate information and respond to questions from customers, groups of managers, vendors, and other employees.
Define problems, collect data, establish facts, and draw valid conclusions.
Read, analyze, and interpret a variety of documents such asstandard Mortgage and Note, Post-closing Documents and Modifications and Bank policies and procedures.
WORKING CONDITIONS AND PHYSICAL EFFORT: The physical and work environment demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
While performing the duties of this job, the employee is required to:
Physical Demands/Efforts
Occasionally lift and/or move up to 15 pounds, (i.e., files)
Frequently required to remain in a stationary position, up to 80% of the time
Occasionally required to stoop and bend
Mental & Visual Demands
Consistently operate a computer for extended periods of time
Specific vision abilities may be required by this job include close vision, distance vision, peripheral vision, depth perception, and ability to adjust focus
Regular use of office productivity machinery (i.e., a calculator, copy machine, fax machine, computer printer).
Work Environment and Hazards
Regularly move throughout the inside the Bank to access resources and individuals
Occasional local travel for bank purposes and/or on behalf of the bank (i.e., customer RDC locations, off-site training).
The employee must be able to work schedules that meet the needs of the bank, which may include early morning, evening and/or weekend hours.
It is a general office environment when in the office where the noise level is moderate
AMERICANS WITH DISABILITIES ACT
Main Street Bank complies with all aspects of the Americans with Disabilities Act (ADA) and state disability laws. This means that we will not discriminate against qualified individuals with a disability in any phase of the employment relationship including application for employment, hiring, promotions and/or advancement opportunities, termination, compensation, training and any other conditions or privileges of employment.
Applicant Notice
The completion of this Application for Employment does not assure a position with Main Street Bank and any offer of employment is conditioned on the satisfactory completion of a background and credit review as determined by the sole discretion of Main Street Bank. Neither this Application for Employment nor any document constitutes a contract of employment for a specific term and that any employment relationship that may be established will be 'at-will' and if hired, may be terminated at any time, for any reason, by the applicant or Main Street Bank.
Massachusetts Law - It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.
Massachusetts General Laws c. 151B prohibits employers from (1) terminating or refusing to hire individuals on the basis of genetic information; (2) requesting genetic information concerning employees, applicants, or their family members; (3) attempting to induce individuals to undergo genetic tests or otherwise disclose genetic information; (4) using genetic information in any way that affects the terms and conditions of an individual’s employment; or (5) seeking, receiving or maintaining genetic information for any non-medical purpose.
Main Street Bank is an Equal Opportunity Employer, we are committed to recruiting, hiring, training, and promoting persons without regard to race, color, religion, national origin, citizenship, age, sex, marital status, ancestry, physical or mental disability, veteran status, sexual orientation, military service, genetic information, and gender identity.
Job Details
Level
Experienced
Job Location
Main Office Branch - Marlborough, MA
Position Type
Full Time
Salary Range
$24.00 - $27.00 Hourly
Job Category
Admin - Clerical
Description
Title: Loan Servicing Specialist II Salary Grade:
FLSA Status: Non- Exempt Employment Status: Full Time
Department: Loan Servicing Location: Granger/Hybrid Eligible
Reports To: Loan Servicing Asst Manager
Date Prepared: October 27, 2024 Human Resources Review: October 29, 2024
SUMMARY:
Reporting to the Assistant Manager of Loan Servicing, the Loan Servicing Specialist II handles clerical and administrative tasks for Commercial, Residential, and Consumer loans in line with bank procedures and regulations. As a generalist in servicing the life of the loan responsibilities include but not limited to, managing all aspects of escrow administration, new loan funding/boarding, ensuring compliance, assisting with audits and compliance exams, maintaining loan files, some collections calls/reporting, providing customer service, and supporting other servicers. Additionally, it is expected that this position assists with departmental projects, serves as a resource to team members, and adopts the bank's sales and service culture.
After successful completion of training and proven abilities, this position is eligible for a hybrid work arrangement with an agreed upon number of days per-week/month on site.
Consistent availability is expected during core business hours. Work outside of regular business hours requires approval on an as needed basis to meet deadlines and fulfil the needs of both internal and external customers.
ESSENTIAL DUTIES and RESPONSIBILITIES:
In the performance of respective tasks and duties, the employee is expected to successfully perform quality work within deadlines with or without supervision, interact professionally with other employees, customers, and suppliers; work effectively as a team contributor on all assignments and work independently while understanding the necessity for communicating and coordinating work efforts with other employees and organizations .
Ensures the accurate and timely remittance of quarterly real estate tax payments due to each taxing authority in accordance with taxing jurisdiction guidelines.
Conducts Annual Escrow Analysis ensuring accurate and timely tax payments have been recorded correctly in the core. Review and resolve analysis exceptions and ensure surplus checks are distributed timely.
Ensures all loan payments are processed in accordance with prompt payment standards including the processing of payoffs. Monitors and decisions lockbox payment exceptions.
Monitors all flood insurance, hazard and PMI insurance for loans ensuring compliance with regulatory requirements as well as payment of premiums. Manage weekly/daily reports from the insurance tracking vendor, including forced placed insurance processing, monitoring and reporting
Takes charge of efficiently and professionally executing collection tasks following policy, procedure, and investor guidance for assigned loans.
Responsible for the balancing of assigned general ledger accounts.
Accurate and timely loan setup and maintenance of all assigned loans.
Provide administration support for coordinating loan disbursements and preparation of mortgage and UCC discharges, processing general ledger transactions, preparation of correspondence and reports, monitoring collection of fees and payoffs
General:
May assist internal, external, and regulatory auditors with the collection of requested materials as assigned with their respective engagements.
Effectively use tools and systems to be able to self-manage, organize, and complete work independently, proactively recognizing potential obstacles resolving them before they become an issue, managing to deadlines, creating action plans when not on track, enabling job functions to happen with minimal oversite and meeting conditions of satisfaction.
Use discretion in dealing with large amounts of sensitive, confidential information, while adhering to all Bank policies and procedures
Adhere to all company policies, consistently demonstrating our core values and service standards
Regular and consistent attendance is required to ensure the high standard of customer service.
In the performance of respective tasks and duties, the employee is expected to maintain knowledge of and ensure compliance with Bank Secrecy Act regulations and adheres to compliance procedures and internal/operational risk controls in accordance with all applicable regulatory standards, requirements and policies as well as attending all required training sessions and completing all required on-line training courses.
Other duties as assigned, performing similar or related work as directed, required, or as situation dictates.
LEVEL OF RESPONSIBILITY:
This position interacts independently with other employees and customers, to investigate and resolve loan issues.
Work is a mix of non-routine and routine responsibilities that are completed with general supervision and relies on prior related experience and specific bank policies.
EQUIPMENT REQUIRED:
Smart Phone - To enable the MFA (Multi Factor Authentication) facilitating access to MSB systems.
HYBRID/REMOTE ENVIRONMENT:
Your physical remote location must provide a dedicated workspace that is free from distraction and provides adequate light to be regularly visible on video calls.
You must have access to a reliable internet connection with adequate bandwidth to join Teams and other video calls.
SKILLS REQUIRED:
Associates degree or equivalent, typically 2+ years’ experience working in financial services/banking environment Loan Servicing environment preferred.
Experience in all things escrow administration including flood, taxes and hazard Ins.
Familiarity with a variety of loan types and billing (consumer, mortgage and commercial)
Knowledge in financial institution operating policies and procedures, banking regulations (state and federal)
Ability to handle phone calls for delinquency account and reporting
Good working knowledge of data processing systems required (COCC, Encompass, Salesforce preferred)
Proficient in Microsoft 365 Suite products including, but not limited to Excel, Word, Outlook, Teams, and Sharepoint.
COMPETENCIES:
Ability to multi- task, organize, accomplish tasks, and meet deadlines despite frequent interruptions in a fast-paced environment while maintaining attention to detail.
Excellent communication skills (written & verbal) with a responsive approach to communication with internal and external stakeholders
Relationship Builder - Develops and maintains relationships with officers, employees and external contacts and maintains alignment with core values, vision, strategy, and goals.
Ability to meet deadlines along with excellent time management skills
Critical thinking and problem-solving skills with the ability to navigate situations to find efficient, effective, and timely solutions.
Highly detailed, organized and professional
Desire for continuous improvement and willingness to speak up to identify inefficient processes and propose effective solutions.
LANGUAGE/COGNITIVE SKILLS: Thework skills described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
The person in this position frequently communicates with customers about banking products, their bank accounts & transactions and therefore must be able to exchange accurate information in these cases. They will need to use judgment and discretion in decision making situations, interpret and follow all Bank policies and procedures, write/create reports, and business correspondence, (Main Street Bank’s standard language is English). As well as the ability to:
Speak and effectively present/communicate information and respond to questions from customers, groups of managers, vendors, and other employees.
Define problems, collect data, establish facts, and draw valid conclusions.
Read, analyze, and interpret a variety of documents such asstandard Mortgage and Note, Post-closing Documents and Modifications and Bank policies and procedures.
WORKING CONDITIONS AND PHYSICAL EFFORT: The physical and work environment demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
While performing the duties of this job, the employee is required to:
Physical Demands/Efforts
Occasionally lift and/or move up to 15 pounds, (i.e., files)
Frequently required to remain in a stationary position, up to 80% of the time
Occasionally required to stoop and bend
Mental & Visual Demands
Consistently operate a computer for extended periods of time
Specific vision abilities may be required by this job include close vision, distance vision, peripheral vision, depth perception, and ability to adjust focus
Regular use of office productivity machinery (i.e., a calculator, copy machine, fax machine, computer printer).
Work Environment and Hazards
Regularly move throughout the inside the Bank to access resources and individuals
Occasional local travel for bank purposes and/or on behalf of the bank (i.e., customer RDC locations, off-site training).
The employee must be able to work schedules that meet the needs of the bank, which may include early morning, evening and/or weekend hours.
It is a general office environment when in the office where the noise level is moderate
AMERICANS WITH DISABILITIES ACT
Main Street Bank complies with all aspects of the Americans with Disabilities Act (ADA) and state disability laws. This means that we will not discriminate against qualified individuals with a disability in any phase of the employment relationship including application for employment, hiring, promotions and/or advancement opportunities, termination, compensation, training and any other conditions or privileges of employment.
Applicant Notice
The completion of this Application for Employment does not assure a position with Main Street Bank and any offer of employment is conditioned on the satisfactory completion of a background and credit review as determined by the sole discretion of Main Street Bank. Neither this Application for Employment nor any document constitutes a contract of employment for a specific term and that any employment relationship that may be established will be 'at-will' and if hired, may be terminated at any time, for any reason, by the applicant or Main Street Bank.
Massachusetts Law - It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.
Massachusetts General Laws c. 151B prohibits employers from (1) terminating or refusing to hire individuals on the basis of genetic information; (2) requesting genetic information concerning employees, applicants, or their family members; (3) attempting to induce individuals to undergo genetic tests or otherwise disclose genetic information; (4) using genetic information in any way that affects the terms and conditions of an individual’s employment; or (5) seeking, receiving or maintaining genetic information for any non-medical purpose.
Main Street Bank is an Equal Opportunity Employer, we are committed to recruiting, hiring, training, and promoting persons without regard to race, color, religion, national origin, citizenship, age, sex, marital status, ancestry, physical or mental disability, veteran status, sexual orientation, military service, genetic information, and gender identity.