Loan Servicing Specialist II - Commercial in Westborough, Massachusetts at Middlesex Savings Bank

Loan Servicing Specialist II - Commercial

US-MA-Westborough

Job ID: 5820
Type: Full Time
# of Openings: 1
Category: Loan Operations - Other
Westborough Operations Center

Overview

Responsibilities include performing a variety of loan servicing and processing activities in conformance with established bank policies, procedures and objectives. As a member of the team, serves as a knowledgeable resource to the Commercial Loan Servicing Specialist I. Performs any functions, within scope of authority and expertise, to provide the highest level of service and responsiveness to customers and co-workers.

Responsibilities

• Set up new loans for commercial, construction mortgage, installment loans, business overdraft, Small Business and ACH lines. Perform the initial review of legal documents and setup documents in Abrigo for accuracy and completeness.
• Research and resolve servicing issues in support of loan officers and customers within scope of authority and expertise. Perform transactions and loan payments, including but not limited to: recalculating principal, interest, borrowing base processing, rate adjustments, payment reversals and reapplication, reviewing incoming wires for payoff, providing other payment information for accounts and performing escrow analysis as necessary.
• Ensure timely payment of escrowed real estate taxes. Create and review initial escrow disclosures for new mortgage loans. Respond promptly to all written and verbal requests by customer, attorney and town treasurers relating to escrow. Ensure timely and accurate processing of all ongoing yearly escrow analyses.
• Perform advances and disbursements on Commercial Lines of Credit. Processing an internal deposit, wire, or treasurers check as requested. Review and research requests to ensure all associated risk have been mitigated.
• Process re-amortization schedules and modification agreements. Review modification agreements for accuracy and completeness. Calculates new principal and interest payments. Prepare and provide to customers new disclosure statements and agreements for signature.
• Prepare and process commercial mortgage, commercial loan, and construction loan payoff requests from internal and external customers.
• Prepare discharge documents as well as customer and attorney letters. Review Note information to ensue discharge information is accurate and complete.
• Work with manager to ensure timely and accurate Loan Servicing practices. Assists in the training of the loan servicing staff.
• Monitor, maintain and update rate and payment change records as required. Send adjustment notices to customers and respond to any customer inquiries or concerns.
• Perform general ledger account balancing including reconcilement, research and correction processing as necessary.
• Examine data associated with Total Relationship Exposure activities and links relationships to loan and deposit accounts in core system.
• Identify Flood, CRA, and other regulatory issues via Abrigo documents and workflows. 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.
• Support other Commercial Loan Servicing team members in transaction processing, post-closing, payoffs and vault responsibilities.
• Reviewing automated daily rate schedule updates, and manual processing of the SOFR rate schedule daily and Prime rate schedule as necessary.
• Update loan risk ratings and FDIC codes as directed
• Perform COCC validation testing in accordance with COCC enhancements/upgrades.
• Perform all duties in accordance with prescribed regulatory compliance guidelines.
• Perform related and unrelated duties as may be required.

Qualifications

Education

• Bachelor's Degree or equivalent experience, plus specialized training or course work is required

Work Experience

• 4-6 years experience in a related field is required

Knowledge, Skills, and Abilities

• Must have a solid understanding of legal documentation and have experience with commercial loan products.
• 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.
• Abrigo and COCC Insight

Licenses and Certifications

• Paralegal certificate Preferred

Equal Opportunity Employer, including disability/protected veterans