Loan Servicing Specialist I

About the role

We are looking for a detail-oriented Loan Servicing Specialist to support the ongoing administration of a diverse lending portfolio in Smithfield, Rhode Island. This Long-term Contract position is ideal for a banking specialist who can manage day-to-day loan servicing activities with accuracy, responsiveness, and a strong understanding of lending operations. The role will contribute to payment processing, collateral documentation, account maintenance, and regulatory adherence across multiple loan products.

Responsibilities

• Process routine and complex loan transactions, including payments, payoffs, reversals, and fund disbursements, while maintaining accurate account records.
• Prepare and distribute documentation related to lien releases, payoff figures, and subordination requests in accordance with established timelines.
• Maintain loan files by tracking titles, collateral records, and insurance documentation to support complete and current account information.
• Respond to servicing requests from customers and internal teams by updating loan details and resolving account-related issues efficiently.
• Review loan accounts for accuracy and assist with correcting discrepancies that may affect balances, status, or supporting documentation.
• Participate in internal audits, compliance activities, and operational reviews by gathering records and validating servicing data.
• Support testing and validation activities within loan servicing systems when process updates or enhancements are introduced.
• Apply lending regulations and internal policies consistently to ensure servicing activities meet compliance standards across loan products.

Requirements

• At least 1 year of banking or financial services experience, with exposure to loan servicing, loan administration, underwriting, or related functions.
• Working knowledge of loan payment processing, payoff handling, and disbursement activities.
• Familiarity with documentation associated with lien releases, subordinations, and collateral administration.
• Ability to interpret and follow lending procedures, regulatory requirements, and compliance guidelines.
• Strong attention to detail with the ability to manage multiple tasks accurately in a deadline-driven environment.
• Effective written and verbal communication skills for working with customers and cross-functional internal teams.
• Proficiency with banking systems or loan servicing platforms and standard office software applications.

Benefits

• Medical, vision, dental, and life and disability insurance available to contract/temporary professionals.
• Eligibility to enroll in the company 401(k) plan for hired contract/temporary professionals.