Retail Loan Servicing Assistant

Middlesex Savings Bank•Westborough, MA

About The Position

Performs a variety of loan servicing and processing activities in accordance with established bank policies, procedures, and objectives. Provides a high level of service and responsiveness to customers and coworkers while carrying out duties within the scope of the position’s authority and expertise. The role supports the setup and maintenance of retail loans, servicing inquiries, payment and rate changes, loan modifications, billing corrections, payoff requests, and discharge documentation. It also helps maintain compliance, monitor insurance, review loan setup work, and back up other Loan Servicing team members.

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 word processing, database, and spreadsheet applications.

Nice To Haves

Prior experience or coursework in accounting 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 for loan officers and customers within the scope of authority and expertise.
Work with the manager to support timely and accurate loan servicing practices.
Assist with re-amortization schedules and modification agreements; review agreements, calculate new principal and interest payments, and prepare disclosure statements and agreements for customer signature.
Monitor, maintain, and update rate and payment change records, including HELOCs entering repayment; send adjustment notices and respond to customer inquiries or concerns.
Manually calculate daily interest and per diem rates for customers, lenders, or attorneys as needed.
Process basic or simple loan payments.
Assist with corrected loan bills and prepare and send replacement bills.
Prepare and process payoff requests for mortgage, equity, construction, and consumer loans for internal and external customers.
Prepare discharge documents and customer and attorney letters, and review note information to verify discharge details.
Review coworkers’ new loan setups through daily reports for accuracy and completeness; identify regulatory issues in setup forms and documents.
Monitor and track hazard insurance renewals and cancellations.
Perform advances and disbursements on construction loans, reviewing requests and researching them to ensure associated risks have been mitigated.
Assist with deceased-borrower and successor-in-interest notifications and confirmations.
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.
Perform duties in accordance with regulatory compliance guidelines and Bank policies and procedures, and carry out related duties as required.