Loan Servicing and Collections Specialist

Location: Retail Lending Operations

Company Overview:

Established in 1895, Bay State Savings Bank is an approximately $500MM, Massachusetts-based mutual Bank. BSSB has six branch locations in central Massachusetts and operates one education branch within a high school. BSSB is the only remaining mutual savings bank originally headquartered in Worcester, Massachusetts. BSSB is a value-driven organization committed to international actions and investments that position the Bank as the communities’ preferred choice for Banking.

Position Description:

Under the general supervision of the Vice President – Loan Servicing, performs a wide and in-depth variety of responsible work in conformance with established policies and operating procedures; performs duties pertaining to the servicing of the Bank’s residential mortgage and consumer loan portfolios, including loans serviced for investors; completes reporting as required by regulatory authorities.

The Loan Servicing and Collections Specialist presents the Bank to the customer (external and internal) in a courteous and professional manner. Furnishes prompt, efficient, and accurate service on customer account inquiries.

Key Responsibilities:

• Responsible for basic knowledge of related company policies and procedures, investor guidelines, mortgage insurance guidelines, FCRA, FDCPA, Reg X, HOPA, and all related state and federal guidelines.
• Responsible for the day-to-day management of past due loan accounts.
• Responsible for the collection and resolution of overdue loan payments, making daily collection calls to identified accounts, and providing responsive and accurate support to customers.
• Prepare hardship loan packages and review modification requests.
• Tracks monthly loan delinquencies and reports to VP of Loan Servicing.
• Orders necessary reports including QC Credit, Appraisals, and Property Inspections.
• Reconcile and assess charges associated with the collections process.
• Reviews and responds to E-Oscar credit report disputes.
• Work with VP of Loan Servicing and Bank’s counsel on loss mitigation efforts as they pertain to Bankruptcies, loan modifications, charge offs, foreclosures, repossessions, short sales and deed in lieu transactions.
• Responsible for the timely onboarding of new loans onto core operating system.
• Completes quality control review of loan files and uploads loan packages to electronic filing system, Identifi.
• Manages daily loan maintenance, responds to customer inquiries, and ensure smooth operations related to the loan portfolio.
• Processes routine transactions including loan payments, reversals, and loan account reconciliation.
• Manages construction loan projects and principal disbursements according to bank procedures.
• Reviews critical system generated reports concerning loan exceptions, master files, payoffs, loan maintenance, and determines appropriate solutions.
• Prepares loan payoff statements and completes payoff transactions; prepares and records discharge of mortgage within required state timeframes.
• Assist with the management of escrow accounts including setup, annual analysis, remittances, and account shortages.
• Monitors flood and hazard insurance coverage complies with regulatory requirements and ensures annual payments are remitted timely.
• Reviews PMI reports, identify customers no longer required to carry insurance, cancel PMI and complete necessary system maintenance.
• Remits monthly PMI premiums and submits monthly loan activity reports.
• Reviews loan subordination and partial release requests and recommends decisions in the best interest of the bank.
• Prepares and sends required loan notices to borrower including late payment notices, escrow close out, rollover notifications, etc.
• Responsible for weekly and monthly federal rate index updates within core system.
• Reviews initial and subsequent adjustable-rate mortgage interest and payment change notices for accuracy.
• Reconciles investor loan portfolio, completes daily and monthly payment remittances, and reviews discrepancies with VP of Loan Servicing.
• Requests interest subsidy payments for Mass Save loans and reconciles related general ledgers.
• Reviews property insurance claims, establishes hold back accounts, and monitors property repairs according to bank procedures.
• Prepares applicable loan related tax forms including 1098-I and 1099-A&C per IRS requirements.

Qualifications, Education and Experience:

• High school diploma or equivalent.
• College course work in the fields of accounting of finance, or equivalent work experience work experience.
• 2-5 years of work experience in the mortgage and consumer lending areas.
• Sound knowledge of State and Federal banking regulations.
• High degree of human relation and communication skills; including written and verbal communication skills.
• Thorough understanding of Mortgages/Consumer Loans and the Loan Servicing area.
• Thorough understanding of Bank’s Retail Lending products, programs, and fee structures.
• High level of computer literacy, including Microsoft Office programs.
• Must have the ability to analyze and evaluate special circumstances and make appropriate decisions according to operating policies and procedures.
• Proactive, precise, and highly motivated.