Residential Loan Servicing Specialist

POSITION: Residential Loan Servicing Specialist

Position Summary:

At Cambridge Savings Bank, our purpose is to have a positive impact on our customers, employees, and community's financial well-being. We are committed to exceeding expectations and having a strong commitment to diversity and inclusion. We are seeking a highly detail-oriented and efficient Residential Loan Servicing Specialist to join our team. The successful candidate will be responsible for ensuring the timely and accurate processing of residential and consumer loans, from boarding to ongoing servicing. This includes ensuring data accuracy, maintaining loan records, managing communication with internal and external customers, and meeting service level agreements (SLAs).

Key Result Areas:

* Review newly boarded loans to ensure the accuracy of the transfer from Encompass to the subservicer's system of record. Confirm that all loan data (terms, rates, borrower information, etc.) is correctly transferred and reconciled.

* Book all residential and consumer lending loans into the banking system promptly to meet SLAs.

* Regularly update loan records in the servicing system, ensuring that any changes to loan terms, payments, or borrower information are properly reflected and documented in a timely manner.

* Address and correct any loan errors identified by the QC department promptly, ensuring that issues are resolved within the required SLAs.

* Work closely with the post-closing team to obtain any missing or necessary documentation needed to effectively board loans to the subservicer.

* Communicate with both internal and external customers by phone, email, and Salesforce. Ensure all case management tickets are responded to and resolved within the required SLA timeframes.

* Manage and complete Salesforce cases, researching requests and providing timely follow-up to customers and internal business partners.

* Process residential and consumer loan discharges, ensuring all necessary steps are completed accurately and timely for the proper release of loan obligations.

* Process loan payoffs, ensuring accuracy and efficiency in closing out loan accounts.

* Serve as the backup for loan recasts and assist with recast processing, ensuring proper documentation and compliance with established procedures.

* Process servicing transactions accurately and timely, including maintenance requests, payment adjustments, corrections, and account changes.

* Set up, maintain, and update automatic payment (Autopay) arrangements in accordance with customer requests and bank procedures.

* Process approved late fee waivers and ensure proper documentation and system updates are completed.

* Complete HELOC check verifications and related account maintenance activities.

* Regularly balance general ledger accounts related to loan servicing, ensuring accuracy in financial reporting and transaction processing.

* Prepare and work with daily, weekly, and monthly servicing reports, providing insights and tracking performance against key metrics.

* Perform FDICIA testing as required, ensuring compliance with regulations and operational standards.

* Participate in cross-training opportunities and demonstrate a willingness to learn additional loan servicing functions to support department needs.

* Perform special projects as assigned by the management team, including process improvements and system updates.

Qualifications:

* High school diploma required, college degree preferred.

* 3-5 years' banking experience, preferably in loan servicing or bank operations.

* Strong communication skills, both written and oral, and interpersonal skills.

* Excellent customer service, problem resolution skills and strong PC skills.

* Experience with Salesforce or similar case management systems preferred.

* Working knowledge of residential and consumer loan documents preferred.

* Ability to interact with internal and external customers effectively.

* Ability to meet deadlines along with excellent time management skills.

* Demonstrated willingness to learn new processes, systems, and servicing functions.

* Ability to successfully cross-train and support multiple areas within Loan Servicing.

The above description covers the most significant major responsibilities but does not exclude other occasional responsibilities and accountabilities, the inclusion of which would be in conformity with the major purpose of this job.

Location: Hybrid/Waltham, MA Salary Range: $27.41 - $36.59/hr

The reasonably estimated salary for this role at Cambridge Savings Bank ranges from $27.41 - $36.59/hr. Cambridge Saving Bank will determine actual compensation for the role based on factors including, but not limited to, the successful candidate's skills, qualifications, and experience. In addition, Cambridge Savings Bank offers a wide range of comprehensive and inclusive employee benefits for full-time roles including healthcare, parental planning, mental health benefits, performance bonus opportunities, a 401(k) plan and match, flexible time off, and others.

Visa Sponsorship: Cambridge Savings Bank is unable to sponsor or take over sponsorship of an employment visa for this role at this time.

About Cambridge Savings Bank: