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Northern Bank · 1 month ago

Residential Loan Servicing Representative

Woburn, MA

Full-time

Onsite

Entry, Mid Level

$26.50/hr - $28.85/hr

1+ years exp

Northern Bank is a full-service bank dedicated to providing practical financial solutions. The Residential Loan Servicing Representative is responsible for a variety of loan servicing activities, ensuring accuracy and compliance with bank policies while delivering exceptional customer service.

BankingCommunitiesFinancial Services

Responsibilities

Sets up new residential mortgage, construction mortgage and equity lines of credit into core processing system promptly after closing & 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 clear up the issue

Organizes new loan file for scanning and filing

Performs general ledger reconciliations daily and monthly for assigned accounts

Responds to verbal & written requests for loan payoffs from attorneys and customers

Processes payments and payoffs daily, completes required general ledger tickets under dual control and produces balance sheet at end of day

Receives daily hazard insurance mail and reviews the daily and weekly reports provided by our vendor for ongoing tracking

Maintains report for Residential loans with flood insurance, ensures that coverage is adequate and in force for the life of the loan

Responsible for the timely payments of real estate taxes for both Residential & Commercial loans. Works closely with Tax Service to maintain current data on their system and ours

Assists with reviewing the periodic escrow disclosure notices and handles customer calls on the 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 & flood insurance premiums to the third-party vendor

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

Performs any function within scope of authority and expertise to support department goals, as assigned by the manager

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, on MERS and on People Soft. Ensures that the 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