What are the responsibilities and job description for the Residential Loan Servicing Specialist position at Cambridge Financial?
POSITION : Residential Loan Servicing Specialist
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 or email. Ensure all case management tickets are responded to within the required SLA timeframes.
- Assist in the loan discharge process, ensuring that all necessary steps are taken for the proper release of loan obligations and with processing loan payoffs, ensuring accuracy and efficiency in closing out loan accounts.
- Process recasts for customers who request changes to their loan terms, ensuring proper documentation and compliance.
- 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.
- Perform special projects as assigned by the management team, including process improvements and system updates.
- Perform additional duties as required.
Qualifications :
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, Massachusetts
About Cambridge Savings Bank :
Cambridge Savings Bank is a full-service banking institution with $7 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers, and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services across a robust Massachusetts-based branch network and through digital banking solutions for commercial, small business and consumer customers. In March 2023, Kroll Bond Rating Agency affirmed CSB's investment-grade rating, reinforcing the bank's position as a reliable business lender. To learn more about how CSB can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you make the most out of your banking relationship. Member FDIC. Equal Housing Lender. NMLS # 543370
Cambridge Savings Bank is an equal opportunity employer, and all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability status, protected veteran status, or any other characteristic protected by law. We are a VEVRAA Federal Contractor.
LI-Hybrid
