Northeast Bank is a full-service community bank and a national commercial real estate lender with offices in Maine, Massachusetts, New York, and Connecticut and California. We are looking for motivated and talented individuals who want to make an impact in a growing company that cares about its employees, customers, and the communities it serves. Northeast Bank provides competitive compensation and benefits, generous PTO, and a hybrid work environment dependent on the role. If you are looking for a growing organization that prioritizes its employees, we encourage you to apply.
POSITION SUMMARY: The Senior Loan Servicing Associate is responsible for the detailed review and validation of loan files being acquired by the bank. This role plays a critical part in the pre-boarding process, ensuring that all necessary documentation is accurate, complete, and version-controlled before loans are entered into the servicing system. This position requires a high level of diligence, coordination, and technical knowledge of loan documentation to reduce risk and support accurate servicing setup.
RESPONSIBILITIES:
- Assist with coordinating the boarding process for all loans acquired by the National Lending Purchased Loan team, ensuring accuracy and completeness.
- Responsible for obtaining customer information (CIF) data for new purchased loans.
- Review and reconcile reports after each boarding process to ensure the accuracy and completeness of the Remote Process Automation.
- Track and manage missing data or documentation, collaborating with Boston and Lewiston teams as week as previous servicers for timely issue resolution.
- Act as a backup with the finance area to ensure accurate processing of accounting entries.
- Responsible for boarding the escrow information including tax, insurance and flood information.
- Collaborate with the legal team to ensure all the collateral is accurately tracked on the system (UCC, Assignment, Mortgage, etc.)
- Generate and dispatch welcome letters to borrowers as part of the loan boarding.
- Generate and dispatch tax authority letters to Tax Authorities as part of the loan boarding.
- Act as a back-up for quality control edits for newly purchased loans.
- Assist with setting up FASB cost and fee structure per the instructions of the Accounting Department.
- Act as a backup for the processing of non-accrual loans to shadow accounting.
- Process loan servicing requests promptly and accurately, as they pertain to the purchase loans newly boarded.
- Identify and select the correct version of documents when multiple versions are received in a loan pool.
- Actively participate in meetings supporting the execution of the National Lending strategy.
- Identify inefficiencies in current processes and recommend improvements to enhance efficiency and effectiveness.
- Collaborate with team members and management to implement approved process enhancements.
- Regularly review different processes to identify opportunities for optimization and innovation.
- Act as a flexible resource to assist with any backlogs, training needs, or coverage during employee absences.
- Successfully pass technical and regulatory examinations as required by the company.
KNOWLEDGE, SKILLS AND ABILITIES:
- Strong understanding of loan servicing processes and procedures
- Proficiency in reviewing legal paperwork and making adjustments in loan servicing software.
- Excellent communication skills to effectively train team members and collaborate with trainers.
- Ability to research and resolve complex discrepancies.
- Attention to detail and accuracy in data validation and processing.
- Familiarity with regulatory requirements in loan servicing.
- Minimum 3-5 years of previous experience in a similar role or in the financial services industry required.
PHYSICAL DEMANDS AND CONDITIONS:
- Must be able to remain in a stationary position for long periods of time.
- Must be able to occasionally lift up to 25lbs.
- Consistently operates a computer and other office machinery such as calculator, copy machine and printers.
- Climate controlled general office setting with moderate noise level.
- Must express or exchange ideas and meaning with co-workers, supervisors, customers and vendors.
Northeast Bank is an equal employment opportunity and affirmative action employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity and expression, national original, veteran status and any other classification protected by Law. We celebrate diversity and are committed to creating an inclusive environment for all employees.
