Loan Servicing Representative - Residential

About the role

The Residential Loan Servicing Representative performs a variety of activities in conformance with established bank policies, procedures, and objectives while providing the highest level of service and responsiveness to customers and co-workers.

Responsibilities

• Sets up new residential mortgage, construction mortgage, and equity lines of credit into the core processing system promptly after closing and funding.
• Reviews new loans booked by other staff members for accuracy and completeness.
• Maintains a log of incomplete or missing documents and follows up with the Attorneys’ office and/or branch personnel to resolve issues.
• Organizes new loan files for scanning and filing.
• Performs general ledger reconciliations daily and monthly for assigned accounts.
• Responds to verbal and written requests for loan payoffs from attorneys and customers.
• Processes payments and payoffs daily, completes required general ledger tickets under dual control, and produces a balance sheet at the end of the day.
• Receives daily hazard insurance mail and reviews daily and weekly reports provided by the vendor for ongoing tracking.
• Maintains reports for residential loans with flood insurance, ensuring coverage is adequate and in force for the life of the loan.
• Responsible for the timely payment of real estate taxes for both residential and commercial loans, working closely with Tax Service to maintain current data.
• Assists with reviewing periodic escrow disclosure notices and handles customer calls regarding annual escrow analysis results.
• Processes re-amortization schedules as a result of substantial principal curtailments.
• Works with the vendor to force-place hazard or flood insurance when needed.
• Responsible for the payment of PMI premiums, escrowed hazard, and flood insurance premiums to third-party vendors.
• Monitors and maintains monthly rate changes for Adjustable Rate Mortgages, sends notices to borrowers, and responds to customer inquiries.
• Prepares regular and confirmatory mortgage discharges and related correspondence for paid loans to attorneys and/or borrowers.
• Performs monetary and non-monetary maintenance on covered loans under dual control.
• Handles a variety of internal and external residential loan servicing calls.
• Receives incoming wires for loans purchased and prepares a funding sheet for manager’s approval.
• Processes loan transfer transactions on Core Processor, MERS, and PeopleSoft, ensuring Transfer of Servicing letters are mailed to borrowers.
• Prepares outgoing wires for investor remittances, funding of new loans, and payment of real estate taxes via CoreLogic.
• May serve as the Receptionist for the Residential Lending area.
• Performs any function within the scope of authority and expertise to support department goals, as assigned by the manager.

Requirements

• Familiarity with investor reporting experience is preferred.
• 1-3 years of experience in Residential Lending preferred.
• Associate’s degree or equivalent relevant work experience.
• Must be detailed, organized, and customer service-oriented.
• Should possess intermediate technology skills, including knowledge of Word and Excel, and working with a core processor.
• Team player with a positive attitude.

Pay

The hourly rate range for the Residential Loan Servicing Representative is $26.50 - $28.85 per hour.

About the company

Northern Bank is a full-service bank dedicated to providing practical, common-sense financial solutions to help our customers live their lives and grow their businesses. From deposit products to loans to payment and collections services, we work hands-on with our entrepreneurial customers, both locally and across the country, to provide the financial support they need to realize their personal and business goals. Founded in 1960, Northern Bank has assets of over $3 billion with 12 locations serving communities throughout Middlesex County.