Sr Commercial Loan Servicing Specialist

Salem Five Bank•Salem, MA

6h•$59,000 - $80,000•Onsite

About The Position

Salem Five is hiring a Sr Commercial Loan Servicing Specialist who must be able to work in the Salem, Massachusetts offices. The role performs commercial loan servicing and department operations in accordance with established policies, procedures, bank policies, and applicable laws and regulations. It supports loans throughout their lifecycle, from analyzing closing packages and boarding credits to processing payments, advances, rate changes, payoffs, discharges, charge-offs, and document retention. The specialist maintains loan records and files, manages collateral and escrow matters, reconciles accounts and invoices, and responds to internal and external customer requests within established service levels. The position also supports regulatory and operational controls, including tracking and imaging legal documents, monitoring flood-zone loans and required insurance, filing and maintaining UCC financing statements, updating rate indexes under dual control, and maintaining written operating procedures. It contributes to process improvements, training, new product rollouts, loan system conversions, and testing system enhancements. The role requires strong customer service, communication, organization, attention to detail, and the ability to handle multiple tasks and deadlines with minimal supervision. Salem Five describes itself as a growing regional financial services organization with more than 160 years of history and more than 30 retail banking branches. The salary range is $59,000–$80,000. A comprehensive benefits package includes medical, dental, and vision coverage; Flexible Spending and Health Savings Accounts; 401(k) matching; tuition reimbursement; an employee referral program; and company events.

Requirements

Must be able to work in the Salem, Massachusetts offices.
Strong customer service skills.
Strong verbal and written communication skills, including professional communication with federal and state agencies and internal and external customers.
Strong financial skills related to account reconciliations.
Must be self-motivated, able to work independently, and possess solid decision-making skills.
Knowledge of Microsoft Office, including Excel and Word.
Must be comfortable learning and operating multiple computer applications.
Must have strong interpersonal and collaboration skills, respond to customer inquiries, maintain confidentiality, remain composed, and be open to others' ideas and trying new approaches.
Must strictly adhere to applicable federal and state rules and regulations.
Attentiveness to detail is required.
Must manage an efficient workflow in a multiple-task, fast-paced environment.
Must be well organized and flexible.
Must be highly productive and able to work with minimal supervision.
Must be able to meet tight deadlines in a fast-paced environment while maintaining high productivity.

Nice To Haves

Bachelor’s degree preferred.
Five years of experience in commercial lending, credit, or loan servicing is a plus.

Responsibilities

Perform department functions according to established policies and procedures, including analyzing loan packages, determining the appropriate course of action to board loans to the DNA core system, and ensuring closing packages are complete.
Board new credits to the system of record; process payments and advances; issue statements and notices; adjust interest rates; respond to customer inquiries; maintain customer, account, and transaction records; and maintain official loan files.
Ensure loan documents are boarded to the document imaging system with appropriate quality control, manage collateral positions and releases, manage tax and insurance escrow, and perform first-level accounting reconciliations.
Track and maintain legal documents, image received items, monitor missing documents, and report missing items weekly through audit reports to Commercial Operations.
Update rate indexes daily in the core system using dual control and process loan-level manual rate changes or adjustments.
Monitor and follow up on commercial loans designated in flood zones, working with Loan Officers and in accordance with RESPA to ensure appropriate insurance.
File UCC financing statements with the relevant city, state, or registry; track five-year continuation renewals; and process UCC terminations.
Review and recommend process adjustments to improve efficiency, customer experience, and controls, and support ongoing training and effective use of automated tools.
Develop and maintain written operating procedures for daily, monthly, quarterly, and annual loan operations tasks, and maintain controls for accurate, timely work, system data quality, and regulatory and policy compliance.
Reconcile invoices, including manual adjustments from customer accounts to offset costs.
Prepare payoff quotes accurately and on time, process payoff funds, and prepare discharges.
Process approved charge-offs in accordance with policy and accounting standards.
Archive paper records in accordance with retention procedures.
Maintain strong service levels for internal and external customers and complete service requests within established SLAs.
Prepare wires for dealers and participations.
Support new loan product rollouts by assisting with testing and implementation, training, and updates to standard operating procedures.
Assist with internal or external loan system conversions with management support and test new system enhancements or program changes.