Loan Processor

Loan Processor

Salem Five is a growing regional financial services organization with a rich history of over 170 years. As an independent bank, we are deeply rooted in the communities we serve and offer our employees successful and rewarding careers.

This position requires the ability to work in the Salem, MA office.

Salem Five has more than 30 retail banking branches throughout Essex, Middlesex, Norfolk and Suffolk counties, strong business banking capabilities, an Insurance division, a Wealth Management & Trust organization and a Mortgage Company that has provided homeownership to generations of families.

Salem Five believes deeply in supporting the communities in which we reside. Donations through our Charitable Foundation or events at the branch or location-level are an important part of our DNA. We would not be the company we are without our commitment to businesses and organizations that help the region thrive and to our employees. Come see what we're all about.

ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Other duties may be assigned.

• Deliver a 5-star customer experience to Loan Officers and borrowers through proactive communication, responsiveness, professionalism, and ownership of the file.
• Take full ownership of the file from submission to closing, ensuring no gaps in communication and appropriate follow-through.
• Provide timely updates to Loan Officers and borrowers at key milestones, ensuring expectations are clearly set and managed throughout the process.
• Respond to internal and external inquiries within established service-level standards.
• Work proactively with Underwriting by assembling complete, well-documented files while also anticipating conditions to minimize underwriter touches and re-submissions.
• Maintain consistent communication with Underwriters to ensure clarity of conditions, alignment on risk factors, and efficient path to final approval.
• Obtain all documents necessary to consummate the loan and ensure file completeness, accuracy and compliance with Bank/Investor guidelines minimizing friction points for our customers.
• Escalate potential delays early and collaborate on resolution strategies to protect commitment and closing dates.
• Drive loans to final approval no later than one business day prior to mortgage commitment expiration dates.
• Prioritize refinance transactions to achieve closing within 14 calendar days of the borrower's Intent to Proceed (ITP), when documentation and borrower responsiveness allow.
• Maintain active pipeline management using reports and tracking tools to identify aging files, outstanding conditions, and potential bottlenecks.
• Demonstrate urgency and prioritization skills to meet departmental turn-time expectations.
• Actively participate in Identification of workflow inefficiencies and recommend process improvements that enhance speed, accuracy, and customer satisfaction.
• Develop an ongoing knowledge of the fundamentals of mortgage banking including underwriting, the Mortgage Company and Bank's residential mortgage products and the basic requirements set forth by FHLMC, FNMA, FHA, VA, Rural state housing, and other secondary market investors.
• Ensure regulatory compliance requirements are met relative to BSA, identity theft, fraud, and risk.
• Assess each client's interaction for opportunities to recommend additional banking solutions that add value and support their financial goals.
• Work with post-closing to ensure timely resolution of curative items.
• Assist as called upon in the training of newly hired loan analysts.

Assumes additional responsibilities as requested.

QUALIFICATIONS

• Word, Excel, and mortgage loan processing software skills required.
• Strong time management and organizational skills required.
• Excellent customer service and communication skills required.
• Ability to work in a team-oriented service driven environment.
• Mortgage lending knowledge DU/LP, FNMA/FHA/VA, and State Housing.

EDUCATION and/or EXPERIENCE

High school diploma or equivalent required; college courses/technical training related to Business, Finance/Accounting, Legal or related field is preferred.

Total recent work experience includes one or more years' experience with processing loans or assisting in loan processing or related mortgage support position.

Demonstrated experience delivering high-level customer service in a deadline-driven environment required. Candidates must possess strong communication skills and the ability to manage borrower and Loan Officer expectations effectively.

Benefits/Incentives : We offer a comprehensive benefits package designed to support your well?being and success, including medical, dental, and vision coverage; Flexible Spending and Health Savings Accounts; 401(k) matching; and tuition reimbursement. You will also enjoy additional perks such as our employee referral program, annual holiday reception, summer family outing, and more.

Salary Range : $45,000 - $60,000

The pay range is the lowest to highest compensation we reasonably in good faith believe we would pay at posting for this role. We may ultimately pay more or less than this range. Employee pay is based on factors like relevant education, qualifications, certifications, experience, skills, seniority, location, and performance. This range may be modified in the future.

PHYSICAL DEMANDS

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties of this job, the employee is frequently required to sit; use hands to finger, handle, or feel; and talk or hear. The employee is occasionally required to stand, walk, and reach with hands and arms. The employee must occasionally lift and/or move up to ten pounds. Specific vision abilities required by this job include close vision.