Retail Loan Servicing Assistant

Middlesex Savings Bank; Westborough (MA); On-site; USD 42,000 - 54,000; Full time

Job summary

Middlesex Savings Bank is seeking a Retail Loan Servicing Assistant at the Westborough Operations Center to perform loan servicing and processing in line with bank policies and customer service standards.

You will set up new loans, monitor rate changes, process payments, and assist with payoff requests while ensuring accuracy and compliance. The role emphasizes attention to detail and strong customer service within a collaborative team.

Qualifications

• Basic understanding of debits and credits.
• Detail-oriented and organized.
• Proficient with word processing, databases and spreadsheets.
• Knowledge of residential, consumer and commercial loan products desirable.

Responsibilities

• Sets up new loans for all Retail Loan types and reviews documents for accuracy and completeness.
• Research and resolve servicing issues in support of loan officers and customers.
• Process re-amortization schedules and modification agreements; calculate new payments and prepare disclosures.
• Monitor rate and payment change records; send adjustment notices and respond to inquiries.
• Process basic loan payments and correct loan bills.
• Prepare mortgage, equity, construction and consumer loan payoff requests.
• Prepare discharge documents and review note information for accuracy.
• Review coworker’s new loan setups for accuracy; identify regulatory issues via setup forms.
• Monitor hazard insurance renewals and cancellations.
• Back up other Loan Servicing team members as needed.
• Refer sales opportunities to other departments.

Skills

Debit/Credit basics

Attention to detail

Tech proficiency

Customer service

Education

Associate's Degree or equivalent

Job description

Retail Loan Servicing Assistant

US-MA-Westborough

Job ID: 5822

Type: Full Time

# of Openings: 1

Category: Retail Lending - Retail Lending Operations

Westborough Operations Center

Overview

Performs a variety of loan servicing and processing activities in conformance with established bank policies, procedures and objectives. Performs any functions, within scope of authority and expertise, to provide the highest level of service and responsiveness to customers and co-workers.

Responsibilities

• Sets up new loans for all Retail Loan types including construction mortgages, residential mortgages, home equity loans, collateral loans, auto loans, personal loans, and overdraft lines of credit. Performs the initial review of legal documents and setup forms for accuracy and completeness as well as performing monetary and non-monetary maintenance on all loans.
• Research and resolve servicing issues in support of loan officers and customers within scope of authority and expertise. Works with manager to ensure timely and accurate Loan Servicing practices.
• Assists in the processing of re-amortization schedules and modification agreements. Review modification agreements for accuracy and completeness. Calculates new principal and interest payments. Prepares and provides to customers new disclosure statements and agreements for signature.
• Monitor, maintain and update rate and payment change records as required, including changes related to HELOCs entering their repayment phase. Sends adjustment notices to customers and responds to any customer inquiries or concerns. May manually calculate daily interest rate and per diem rate for customer/lender/attorney.
• Process all basic/simple loan payments. Assists in the production of corrected loan bills and prepares and sends replacement bills.
• Prepare and process mortgage, equity, and construction and consumer loan payoff requests from internal and external customers.
• Prepare discharge documents as well as customer and attorney letters. Review Note information to ensure discharge information is accurate and complete.
• Reviews co-worker’s new loan setups via daily reports for accuracy and completeness. Identifies regulatory issues via setup forms and documents.
• Monitors and tracks hazard insurance renewals and cancellations.
• Performs advances and disbursements on Construction Loans. Reviews and researches requests to ensure all risk associated have been mitigated.
• Assists in the deceased borrower notification and successor in interest notification and confirmation process.
• Supports and backs up other Loan Servicing team members in their daily duties.
• Refers sales opportunities to other departments or Bank affiliates in support of established objectives.
• Performs all duties in accordance with prescribed regulatory compliance guidelines and Bank policies and procedures. Performs related and unrelated duties as may be required.

Qualifications

Education

• Associate's Degree or equivalent relevant work experience is required

Work Experience

• 1-2 years of lending, banking or loan processing or servicing experience is required

Knowledge, Skills, and Abilities

• Must have a basic understanding of debits and credits- prior experience or coursework in accounting is desirable.
• Must be detailed, organized and customer service oriented.
• Must possess at least intermediate technology skills, including knowledge of word processing, database and spreadsheet applications.
• Knowledge of Bank’s various residential, consumer and commercial products and policies is desirable.

Equal Opportunity Employer, including disability/protected veterans

Equal employment opportunity, including veterans and individuals with disabilities.

PI288133947