Residential Loan Servicer and Closer

Saco & Biddeford Savings Institution; Saco (ME); On-site; USD 60,000 - 80,000; Full time

Job summary

Saco & Biddeford Savings Institution is seeking a Residential Loan Servicer and Closer to manage the mortgage lifecycle from closing through servicing. You will coordinate with borrowers, lenders, title companies, and internal teams to ensure accurate, timely closings in compliance with bank policies.

This role requires attention to detail, organizational strength, and the ability to work under deadlines while delivering an excellent borrower experience.

Qualifications

• 3–5 years of residential mortgage closing or loan servicing or loan operations experience.
• Strong knowledge of residential lending documentation and regulatory requirements.
• Experience with conventional, government, and portfolio loan products preferred.
• Working knowledge of investor guidelines and secondary market requirements.
• Strong analytical and problem-solving abilities.
• Ability to work independently with minimal supervision.
• Dependable and punctual, adhering to attendance standards.
• Attention to detail and compliance mindset.

Responsibilities

• Review approved residential loan files for completeness and closing readiness.
• Prepare, review, and coordinate closing documentation in accordance with loan terms, regulatory requirements, and bank procedures.
• Coordinate closing dates and requirements with borrowers, loan officers, processors, attorneys, settlement agents, title companies, and other third parties.
• Review Closing Disclosures and related documents for accuracy and consistency with approved loan terms.
• Verify required conditions, documentation, insurance, title, payoff information, and other closing requirements have been satisfied.
• Ensure loan documents are properly executed, notarized, and returned.
• Review executed loan packages for completeness and accuracy prior to funding.
• Coordinate loan funding and disbursement in accordance with established procedures.
• Identify and resolve closing issues promptly, escalating exceptions when appropriate.
• Maintain accurate closing records and ensure documents are properly imaged and retained.
• Board newly closed residential mortgage, home equity, and consumer real estate loans accurately into the servicing system.
• Verify loan terms, payment information, escrow requirements, interest rates, maturity dates, and other key data following closing.
• Process routine servicing transactions, including payments, payoffs, escrow activity, payment changes, and account maintenance.
• Respond to borrower and internal inquiries regarding loan payments, balances, escrow accounts, payoff requests, and other servicing matters.
• Process and monitor escrow activity, including taxes and insurance, as applicable.
• Prepare and process payoff statements and related documentation.
• Research and resolve payment discrepancies, posting issues, and other servicing exceptions.
• Maintain accurate loan records and documentation throughout the life of the loan.
• Assist with annual servicing activities and regulatory notices as assigned.

Skills

Analytical skills

Problem solving

Attention to detail

Independent work

Team collaboration

Education

High school diploma or equivalent

Bachelor’s degree preferred

Job description

Description

The Residential Loan Servicer and Closer is responsible for providing accurate, timely, and compliant support throughout the residential mortgage loan lifecycle, with primary responsibility for loan closing, post-closing, and ongoing servicing activities. This position coordinates with borrowers, lenders, loan officers, processors, settlement agents, attorneys, title companies, and internal operations teams to ensure residential loans are closed, boarded, and serviced accurately and in accordance with bank policies and applicable regulatory requirements.

Description

The Residential Loan Servicer and Closer is responsible for providing accurate, timely, and compliant support throughout the residential mortgage loan lifecycle, with primary responsibility for loan closing, post-closing, and ongoing servicing activities. This position coordinates with borrowers, lenders, loan officers, processors, settlement agents, attorneys, title companies, and internal operations teams to ensure residential loans are closed, boarded, and serviced accurately and in accordance with bank policies and applicable regulatory requirements.

This role is well suited for an experienced residential lending professional who is detail-oriented, highly organized, comfortable working with deadlines, and committed to delivering an excellent borrower experience.

Requirements

Residential Loan Closing

• Review approved residential loan files for completeness and closing readiness.
• Prepare, review, and coordinate closing documentation in accordance with loan terms, regulatory requirements, and bank procedures.
• Coordinate closing dates and requirements with borrowers, loan officers, processors, attorneys, settlement agents, title companies, and other third parties.
• Review Closing Disclosures and related documents for accuracy and consistency with approved loan terms.
• Verify required conditions, documentation, insurance, title, payoff information, and other closing requirements have been satisfied.
• Ensure loan documents are properly executed, notarized, and returned.
• Review executed loan packages for completeness and accuracy prior to funding.
• Coordinate loan funding and disbursement in accordance with established procedures.
• Identify and resolve closing issues promptly, escalating exceptions when appropriate.
• Maintain accurate closing records and ensure documents are properly imaged and retained.

Residential Loan Servicing

• Board newly closed residential mortgage, home equity, and consumer real estate loans accurately into the servicing system.
• Verify loan terms, payment information, escrow requirements, interest rates, maturity dates, and other key data following closing.
• Process routine servicing transactions, including payments, payoffs, escrow activity, payment changes, and account maintenance.
• Respond to borrower and internal inquiries regarding loan payments, balances, escrow accounts, payoff requests, and other servicing matters.
• Process and monitor escrow activity, including taxes and insurance, as applicable.
• Prepare and process payoff statements and related documentation.
• Research and resolve payment discrepancies, posting issues, and other servicing exceptions.
• Maintain accurate loan records and documentation throughout the life of the loan.
• Assist with annual servicing activities and regulatory notices as assigned.

Compliance and Risk Management

• Perform all responsibilities in accordance with applicable federal and state laws, regulations, investor requirements, and bank policies and procedures.
• Maintain working knowledge of residential lending and servicing requirements, including applicable requirements under RESPA, TILA, ECOA, HMDA, FCRA, and other relevant regulations.
• Protect confidential borrower and bank information and adhere to established information-security requirements.
• Identify potential compliance, documentation, fraud, or operational risks and elevate concerns accordingly.
• Support internal and external audits, examinations, quality-control reviews, and loan file testing.
• Maintain accurate documentation to support regulatory and operational requirements.

Education Requirements And Position Qualifications

• High school diploma or equivalent required; bachelor’s degree preferred.
• 3–5 years of residential mortgage closing or loan servicing or loan operations experience.
• Strong knowledge of residential lending documentation and regulatory requirements.
• Experience with conventional, government, and portfolio loan products preferred.
• Working knowledge of investor guidelines and secondary market requirements.
• Strong analytical and problem-solving abilities.
• Ability to work independently with minimal supervision.
• Dependable and punctual, adhering to attendance standards and demonstrating accountability in all actions.
• Ability to work independently and as a team player, contributing to a supportive and collaborative work environment.
• Strong attention to detail, ensuring that all tasks are completed to the highest standards of accuracy and compliance.
• Proven ability to deliver quality work during times of increased volume, demonstrating resilience and a strong work ethic.
• Ability to, with or without accommodations, read/see documents and computer screens, communicate in person via telephone or Zoom calls, and use a computer and other office equipment.
• Ability to travel to all Bank locations, ensuring a flexible and adaptable approach to meeting organizational needs.

Working Conditions

• Physical surroundings are generally pleasant and comfortable with protection from weather conditions, though temperature changes may occur.
• Ability to sit or stand with freedom of movement, regularly alternating between both positions.
• Ability to stand for extended periods of time when necessary, contributing to a dynamic and active work environment.
• Extensive operation of computers and office equipment requiring dexterity, coordination, and frequent use of hands.

Competencies

• Regulatory knowledge
• Problem solving
• Decision making
• Relationship management
• Operational efficiency
• Mentoring and support

Those holding this position must be capable of performing all duties and responsibilities, either unaided or with the assistance of a reasonable accommodation, as determined by management.

The Bank has reviewed this job description to ensure that essential functions and basic duties have been included. It is intended to provide guidelines for job expectations and the employee’s ability to perform the position described. It is not intended to be construed as an exhaustive list of all functions, responsibilities, skills and abilities. Additional functions and requirements may be assigned by supervisors as deemed appropriate. This document does not represent a contract of employment, and the bank reserves the right to change this job description and/or assign tasks for the employee to perform, as the Bank may deem appropriate.