Sr. Commercial Loan Servicing Specialist

Sr. Commercial Loan Servicing Specialist

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.

Job duties and responsibilities include, but are not limited to the following:

• Perform all department functions in accordance with established policies and procedures; analyze loan packages received to determine best course of action to board to core system (DNA); ensure standards for a complete closing package are met; board all new credits to system of record; process payments and advances; issue statements and notices; adjust interest rates as agreed; respond to internal and external customer inquiries and requests; maintenance to customer, account, or transactional records; maintain official loan files; ensure boarding of documents to document image system of record with appropriate QC; manage collateral position and release; manage tax and insurance escrow; first level accounting reconcilement.
• Responsible for tracking and maintaining all legal documents including imaging and QC along with tracking of all missing documents. Execute timely to ensure all items received are imaged and all missing items are reporting weekly via audit reports to Commercial Operations.
• Responsible for critical function of updating rate indexes daily in core system with a dual control.
• Responsible for processing any manual rate changes or adjustments required at a loan level.
• Monitor and follow-up on commercial loans designated in a Flood Zone. Work with Loan Officers and in accordance with RESPA to ensure appropriate insurance.
• Responsible for filing of UCC's financing statements with the City, State or Registry. Track renewals for five year continuation and process UCC terminations.
• Review and recommend adjustments to processes to optimize efficiency, customer experience and controls. Includes ensuring ongoing training on process and systems to fully leverage automated tools for efficiency, quality and control.
• Implement and sustain strong control environment and disciplines, including: the development and maintenance of written operating procedures for all daily, monthly, quarterly, and yearly loan operations tasks. And maintaining controls to ensure: duties executed accurately and as scheduled, data quality on systems of record, and compliance with bank policy and laws and regs.
• Reconcile invoices including any requiring manual adjustments from Customer accounts to offset costs.
• Responsible for timely and accurate preparation of payoff quotes; processing of payoff funds; preparation of discharges.
• Responsible for processing approved charge off's in accordance with policy and accounting standards.
• Archiving paper records in accordance with retention procedures.
• Maintaining exceptional customer service levels with internal and external customers. Executing on service requests within established SLA's.
• Responsible for preparation of wires for dealers and participations.
• Works with the Product Development Team as needed to prepare for the roll out of new loan products. Assists with testing and implementation of those products, as well as training and updating of SOP's to appropriately support the new product.
• Assist with any internal/external loan system conversion with management support. Performs all testing of new system enhancements or program changes.
• Any other additional duties/task required by management.

Education/Experience/Qualifications

• Bachelor's degree preferred; 5 years of experience in commercial lending, credit, or loan servicing a plus.
• Strong customer service skills.
• Strong verbal and written communication skills.
• Strong financial skills as it relates to account reconciliations.
• Must be self-motivated, able to work independently and possess solid decision making skills.
• Knowledge of Microsoft Office including Excel and Word.
• Must be comfortable in learning and operating a multitude of computer applications.

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: $60,000 - $75,000

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 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 regularly required to drive to clients across multiple states, sit, walk, use hands to data enter, talk and hear. The employee is occasionally required to stoop, kneel, crouch, or crawl. The employee must occasionally lift and/or move up to 10 pounds. Specific vision abilities required by this job include close vision.