Retail Loan Servicing Assistant

Middlesex Savings Bank•Westborough, MA

6d•$41,097 - $62,682

About The Position

Performs a variety of loan servicing and processing activities in conformance with established bank policies, procedures, and objectives. Provides a high level of service and responsiveness to customers and co-workers while carrying out functions within the scope of the role’s authority and expertise. The position supports loan setup, servicing, payment processing, payoffs, document preparation, and related customer and internal requests, while following regulatory compliance guidelines and bank policies.

Requirements

Associate’s degree or equivalent relevant work experience.
1–2 years of lending, banking, loan processing, or loan servicing experience.
Basic understanding of debits and credits.
Detail-oriented, organized, and customer-service oriented.
At least intermediate technology skills, including knowledge of word processing, database, and spreadsheet applications.

Nice To Haves

Prior accounting experience or coursework is desirable.
Knowledge of the bank’s residential, consumer, and commercial products and policies is desirable.

Responsibilities

Set up new retail loans, including construction mortgages, residential mortgages, home equity loans, collateral loans, auto loans, personal loans, and overdraft lines of credit; review legal documents and setup forms for accuracy and completeness; and perform monetary and non-monetary loan maintenance.
Research and resolve servicing issues in support of loan officers and customers, and work with the manager to ensure timely and accurate loan servicing practices.
Assist with re-amortization schedules and modification agreements; review agreements for accuracy and completeness; calculate revised principal and interest payments; and prepare and provide new disclosure statements and agreements for customer signature.
Monitor, maintain, and update rate and payment change records, including changes when HELOCs enter repayment; send adjustment notices and respond to customer inquiries or concerns; and, when needed, manually calculate daily interest and per diem rates for customers, lenders, or attorneys.
Process basic loan payments and assist with corrected loan bills, including preparing and sending replacement bills.
Prepare and process mortgage, equity, construction, and consumer loan payoff requests from internal and external customers.
Prepare discharge documents and customer and attorney letters, and review note information to ensure discharge details are accurate and complete.
Review co-workers’ new loan setups through daily reports for accuracy and completeness, and identify regulatory issues through setup forms and documents.
Monitor and track hazard insurance renewals and cancellations.
Process advances and disbursements on construction loans, reviewing and researching requests to ensure associated risks have been mitigated.
Assist with deceased borrower notifications and successor-in-interest notification and confirmation processes.
Support and provide backup for other Loan Servicing team members’ daily duties.
Refer sales opportunities to other departments or bank affiliates in support of established objectives.
Perform duties in accordance with regulatory compliance guidelines and bank policies and procedures, and perform other duties as required.