Commercial Loan Servicer at Torrington Savings Bank – Torrington, Connecticut

Overview:

Performs various duties related to the servicing of commercial loan, escrow, and insurance accounts

Primary Accountabilities / Responsibilities:

• Coordinate timely and accurate onboarding and maintenance of all loan facilities in the Bank’s core system including, but not limited to organizations, modifications, renewals, participations, and letters of credit while ensuring compliance with loan proposals and executed closing documents.
• Maintain all closed loans including review and completion of post-closing checklist and indexing of closing documents to digital file.
• Performs Quality Control on new loans .
• Order commercial appraisals, appraisal reviews and residential appraisals as needed.
• Process Loan Participation transactions: advances, payments, originate wires as necessary.
• Process advances for RLOC, Draw Down and Construction Loans.
• Input new and updated insurance information into COCC’s Insight System for existing mortgages/loans.
• Maintains Escrow Accounts:
• Request bills, maintain and pay real estate taxes, condo fees, mortgage insurance, homeowner’s insurance, mortgage life and disability insurance and any other escrowed items as due.
• Annual analysis of all escrowed accounts.
• Monitor initial escrow disclosures
• Follow through with Insurance cancellations with borrowers and/or agents and commercial lender.
• Purchase force placed insurance for Bank owned property and mortgages with no existing homeowner’s/property insurance.
• Process GL tickets for various fees, application fee, UCC-1 filing fee.
• Quote and Process payoffs; work with commercial lending to determine prepayment penalty. Issue payoff letters to attorneys.
• Coordinate release of liens in land records and with Secretary of State, DMV, etc.
• Return paid documents to customers.
• Generate reports and letters from Synergy.
• Setup, servicing, remittance and balancing of mortgage life, disability, and accidental death insurance.
• Coordinate and maintain automatic transfer of mortgage and loan payments.
• Review computer generated adjustable-rate change reports and letters; mail notices to customers; resolve problems as they occur.
• Perform loan level maintenance, as necessary.
• Monitor paid loan files with computer generated reports.
• Processes loan payments and payoffs received internally and from the mail. Process payment reversals and corrections as needed.
• Prepare and submit monthly reporting to the SBA
• Performs additional duties as requested by Supervisor.

Knowledge/Skills/Experience Requirements:

Accuracy, Clerical Skills; knowledge of the PC and on-line computer system; knowledge of commercial mortgage loan documentation/forms.

Work Environment/Physical Demands/Condition Requirements:

Busy office environment, with moderate noise: computers, printers, phones, and light traffic.

Must be able to focus and not be easily distracted. Must be able to sit for at least 70% of the

workday. Some movement is required to retrieve files, etc. Must be able to see computer

screen and read documents.

Equipment Used:

General office equipment: Computer, Telephone, Mobile devices, Scanner

Information Security:

Responsible for actively protecting the confidentiality of customer information and computer systems used in the bank by:

• Remaining alert to and reporting malicious or suspected malicious email.
• Participating in training opportunities to ensure continued protection of customer data.
• Provide feedback where possible to help improve the Bank’s security culture.

Responsible for maintaining confidentiality of all sensitive information.

Compliance:

Satisfactorily completes all required compliance training and complies with all regulations which apply within the scope of the position.