Loan Servicing Specialist III - Commercial
Company: Middlesex Savings Bank
Posted on: May 16, 2022
Responsibilities include performing a variety of loan servicing
and processing activities in conformance with established bank
policies, procedures and objectives. As a senior member of the
team, serves as a knowledgeable resource to the Commercial Loan
Servicing Specialist I and IIs. Monitors the work of Commercial
Loan Specialist I and IIs and works closely with Commercial Loan
Operations Manager. Performs any functions, within scope of
authority and expertise, to provide the highest level of service
and responsiveness to customers and co-workers.
- Set up new loans for commercial, construction mortgage,
residential mortgage, home equity, collateral loans, installment
loans, personal loans, business overdraft, and ACH lines. Perform
the initial review of legal documents and setup forms for accuracy
- Research and resolve servicing issues in support of loan
officers and customers within scope of authority and expertise.
Perform complex transactions, and loan payments, including but not
limited to: recalculating principal, interest and other payment
information for accounts and performing escrow and SBA analysis as
- Examine data associated with Total Relationship Exposure
activities and links relationships to loan and deposit accounts in
- Work with manager to ensure timely and accurate Loan Servicing
practices. Assists in the training of the loan servicing
- Ensure timely payment of escrowed hazard insurance premiums,
PMI premiums and real estate taxes. Respond promptly to all written
and verbal requests by customer, attorney, Insurance Company, and
town treasurers relating to escrow and insurance administration.
Ensure timely and accurate processing of all ongoing yearly escrow
- Process re-amortization schedules and modification agreements.
Review modification agreements for accuracy and completeness.
Calculate new principal and interest payments. Prepare and provide
to customers new disclosure statements and agreements for
- Prepare and process commercial mortgage, commercial loan, and
construction loan payoff requests from internal and external
- Prepare discharge documents as well as customer and attorney
letters. Review Note information to ensue discharge information is
accurate and complete.
- Monitor, maintain and update rate and payment change records as
required. Send adjustment notices to customers and respond to any
customer inquiries or concerns. May manually calculate daily
interest rate and per diem rate for customer/lender/attorney.
- Perform general ledger account balancing including
reconcilement, research and correction processing as
- Identify Flood, CRA, and other regulatory issues via setup
forms and documents. Review co-workers new loan setups via daily
reports for accuracy and completeness.
- Perform monetary and non-monetary maintenance on all loans.
Daily verification of new loan setup and approvals.
- Perform advances and disbursements on Commercial Lines of
Credit. Review and research requests to ensure all associated risk
have been mitigated.
- Support other Commercial Loan Servicing team members in
transaction processing, post-closing, payoffs and vault
- Perform all duties in accordance with prescribed regulatory
- Perform related and unrelated duties as may be required,
including working on special projects and compliance scrubs to make
sure loans are booked correctly.
- Work on more complicated loans - Participations In, Lead Member
Loans, Swap Loans.
- Serve as Commercial Loan Operations Managers delegate to
perform priority responsibilities when he/she is out of the office.
A Bachelors Degree or equivalent experience, plus specialized
training or course work is required, along with at least 6 years
experience in a related field. Must have a solid understanding of
legal documentation and have experience with commercial loan
products. Paralegal certificate is desirable. Must be very detail
oriented, highly organized and customer service oriented. The ideal
candidate must possess, in the minimum, intermediate technology
skills including knowledge of Microsoft Office applications.
Middlesex Savings Bank is an EO/AA Employer: Min/Fem/Vet/Disabled
Search Firm Representatives, Please Read Carefully: Middlesex
Savings Bank does not accept unsolicited resumes from search firms
for this or any employment opportunity.
Keywords: Middlesex Savings Bank, Worcester , Loan Servicing Specialist III - Commercial, Other , Westborough, Massachusetts
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