Loan Servicing Officer
Department: Loan Servicing
Reports to: Senior Retail Banker – Retail Department Manager
Supervises: Loan Servicing Associates
Level: Level 4
Location(s): Sanford, ME – In Office (Non-Remote)
Partners Bank is a rapidly growing community bank with operations in Maine and New Hampshire that has established superior service level expectations. We offer generous compensation and benefits while fostering opportunities for growth and flexible work schedules when appropriate. We look forward to having you join our team!
This leadership role is responsible for ensuring the accurate and timely processing of work and the day-to-day management of the Loan Servicing department. Ensures compliance with all state and federal regulations. Position is responsible for supervising, mentoring, training, and developing a multi-person team ensuring staff are properly trained on all loan types including consumer, residential, commercial and participation loans. Prepares loans to be sold in a timely manner on the secondary market while also meeting all deadlines associated with the sale of these loans. Acts as the liaison between Loan Servicing, Lending, Collections, Accounting, and all branches.
- Six to eight years’ experience in loan servicing or similar role.
- Minimum of 2-years management or supervisory experience.
- Strong knowledge and understanding of all applicable laws and regulations.
- Extensive knowledge in secondary market sales, remittance, and reporting.
- Strong knowledge in all specialty loans such as FHA, VA, RD, & MSHA.
- Extensive knowledge of accounting principles.
- Excellent verbal and written communications skills.
- Strong time management and organizational skills.
- Exercises the usual authority of a manager concerning performance improvement plans and reviews, promotions, salary recommendations, and terminations.
- Excellent customer service skills with both internal and external customers.
- Proficient in Microsoft Office suite; ability to learn Bank technology.
Specific Job Functions:
- Manages Loan Servicing department staff to include scheduling, timecards, performance appraisals, training, and staff development.
- Responsible for ensuring the timely and accurate processing of work including: Loan Booking, Loan Maintenance, Escrow Analysis and Disbursement, Flood Insurance Tracking, Insurance Tracking, Credit Reporting, Payment Processing, Reconciliations, Payoffs, Audits, etc.
- Ensures proper segregation of duties within the department to maintain proper audit controls.
- Responsible for strict regulatory and documentation compliance with set up of new loans to the core system, including reporting errors and omissions to the Risk Officer and Lending Department heads.
- Ensures the Loan Servicing department provides quarterly and annual reports as required for HMDA data reviews by internal or external auditors.
- Ensures accuracy of the HMDA LAR prior to submission, and submits data as required. Extensive knowledge of all duties within a Loan Servicing/Secondary Market department to ensure that all aspects are handled within the appropriate timeframes.
- Assists the Collections Officer with all Non-Accrual, Foreclosure, Charge off and Bankruptcy loans.
- Assists internal and external auditors to ensure the Bank complies with all state and federal regulations. Attends exit meetings as appropriate.
- Oversees the packaging of sold loans for both Servicing Retained and Servicing Released.
- Proficient with the core system, enhancements, and changes so that all residential, commercial and consumer loans are set-up, calculating, and adjusting properly.
- Maintains proper interest rate indexes on the Core system.
- Responsible for all Board of Director and government guarantee reporting.
- Ensures that all research on General ledger outstanding items are completed in a timely and accurate manner.
- Oversees and verifies scanning of loan files to ensure accuracy.
- Responsible for remaining aware of changes in compliance and regulatory requirements and implementing procedural/process changes sufficient to address any new requirements.
- Responsible for ensuring policies and procedures related to Loan Servicing are up to date and reviewed at least annually.
- Leads or directs department projects and participates as subject matter expert on bank-wide projects as required.
- Performs other duties as assigned.
This Job Description describes the essential functions and qualifications of the job described. It is not an exhaustive statement of all the duties, responsibilities or qualifications of the job. This document is not intended to exclude modifications consistent with providing reasonable accommodations for a disability. This is not a contract.