Residential Loan Servicing Representative

Northern Bank•Woburn, MA

13d•$27 - $29

About The Position

SUMMARY/OBJECTIVE: The Residential Loan Servicing Representative performs a variety of activities in conformance with established bank policies, procedures and objectives while providing the highest level of service and responsiveness to customers and co-workers. ESSENTIAL FUNCTIONS: Sets up new residential mortgage, construction mortgage and equity lines of credit into core processing system promptly after closing & funding. Reviews new loans booked by other staff members for accuracy and completeness. Maintains a log of incomplete or missing documents and follows-up with the Attorneys’ office and/or branch personnel to clear up the issue. Organizes new loan file for scanning and filing. Performs general ledger reconciliations daily and monthly for assigned accounts. Responds to verbal & written requests for loan payoffs from attorneys and customers. Processes payments and payoffs daily, completes required general ledger tickets under dual control and produces balance sheet at end of day. Receives daily hazard insurance mail and reviews the daily and weekly reports provided by our vendor for ongoing tracking. Maintains report for Residential loans with flood insurance, ensures that coverage is adequate and in force for the life of the loan. Responsible for the timely payments of real estate taxes for both Residential & Commercial loans. Works closely with Tax Service to maintain current data on their system and ours. Assists with reviewing the periodic escrow disclosure notices and handles customer calls on the annual escrow analysis results. Processes re-amortization schedules, as a result of substantial principal curtailments. Works with the vendor to force place hazard or flood insurance when needed. Responsible for the payment of PMI premiums, escrowed hazard & flood insurance premiums to the third-party vendor. Monitors and maintains monthly rate changes for Adjustable Rate Mortgages. Sends notices to borrowers and responds to customer inquiries. Prepares regular and confirmatory mortgage discharges and related correspondence for paid loans to attorneys and/or borrowers. Performs monetary and non-monetary maintenance on covered loans under dual control. Performs any function within scope of authority and expertise to support department goals, as assigned by the manager. Handles a variety of internal and external residential loan servicing calls. Receives incoming wires for loans purchased and prepares a funding sheet for manager’s approval. Processes loan transfer transactions on Core Processor, on MERS and on People Soft. Ensures that the Transfer of Servicing letters are mailed to Borrowers. Prepares outgoing wires for Investor remittances, funding of new loans and payment of real estate taxes via CoreLogic. May serve as the Receptionist for the Residential Lending area.

Requirements

1-3 years of experience in Residential Lending preferred.
Associates degree or equivalent relevant work experience.
Must be detailed, organized and customer service oriented.
Should possess intermediate technology skills, including knowledge of Word & Excel, and working with a core processor.
Team player with a positive attitude.

Nice To Haves

Familiarity with investor reporting experience is preferred.

Responsibilities

Sets up new residential mortgage, construction mortgage and equity lines of credit into core processing system promptly after closing & funding.
Reviews new loans booked by other staff members for accuracy and completeness.
Maintains a log of incomplete or missing documents and follows-up with the Attorneys’ office and/or branch personnel to clear up the issue.
Organizes new loan file for scanning and filing.
Performs general ledger reconciliations daily and monthly for assigned accounts.
Responds to verbal & written requests for loan payoffs from attorneys and customers.
Processes payments and payoffs daily, completes required general ledger tickets under dual control and produces balance sheet at end of day.
Receives daily hazard insurance mail and reviews the daily and weekly reports provided by our vendor for ongoing tracking.
Maintains report for Residential loans with flood insurance, ensures that coverage is adequate and in force for the life of the loan.
Responsible for the timely payments of real estate taxes for both Residential & Commercial loans.
Works closely with Tax Service to maintain current data on their system and ours.
Assists with reviewing the periodic escrow disclosure notices and handles customer calls on the annual escrow analysis results.
Processes re-amortization schedules, as a result of substantial principal curtailments.
Works with the vendor to force place hazard or flood insurance when needed.
Responsible for the payment of PMI premiums, escrowed hazard & flood insurance premiums to the third-party vendor.
Monitors and maintains monthly rate changes for Adjustable Rate Mortgages.
Sends notices to borrowers and responds to customer inquiries.
Prepares regular and confirmatory mortgage discharges and related correspondence for paid loans to attorneys and/or borrowers.
Performs monetary and non-monetary maintenance on covered loans under dual control.
Performs any function within scope of authority and expertise to support department goals, as assigned by the manager.
Handles a variety of internal and external residential loan servicing calls.
Receives incoming wires for loans purchased and prepares a funding sheet for manager’s approval.
Processes loan transfer transactions on Core Processor, on MERS and on People Soft.
Ensures that the Transfer of Servicing letters are mailed to Borrowers.
Prepares outgoing wires for Investor remittances, funding of new loans and payment of real estate taxes via CoreLogic.
May serve as the Receptionist for the Residential Lending area.