Sr. Servicing Specialist - Default Management

Salem Five is a growing regional financial services organization with a rich history of over 160 years. As an independent bank, we are deeply rooted in the communities we serve and offer our employees successful and rewarding careers.This position requires the ability to work in the Salem, MA offices.Salem Five has more than 30 retail banking branches throughout Essex, Middlesex, Norfolk and Suffolk counties, strong business banking capabilities, an Insurance division, a Wealth Management & Trust organization and a Mortgage Company that has provided homeownership to generations of families.Salem Five believes deeply in supporting the communities in which we reside. Donations through our Charitable Foundation or events at the branch or location-level are an important part of our DNA. We would not be the company we are without our commitment to businesses and organizations that help the region thrive and to our employees. Come see what we're all about.JOB DUTIES AND RESPONSIBILITIES: include the following. Other duties may be assigned.Responsible for ensuring appropriate procedures for all residential and consumer servicing functions in compliance with all applicable regulations and laws. Responsible for analyzing existing process to identify areas for operational efficiency using technology and automation.Understand and support servicing functions including: collections process including early intervention, default, loss mitigation, bankruptcy and foreclosure; processing payments; issuing accurate notices including default notifications, and right to modification; claim monitoring and audit; invoice processing and general ledger control and reconciliation; customer inquiries and requests; credit correction requests and analysis; collection call auditing; escalated customer issues including working with the complaint department and/or legal toward resolution; maintenance to customer, account, or transactional records; maintaining collection loan files; Monitoring the legal foreclosure process to ensure timely action, manage title issues and ensure proper controls; loan modifications; and audit responsibilities.Organize and manage the execution of all residential loss mitigation servicing functions to help facilitate customers with home retention options including: standard forbearance, legal forbearance or temporary reduced forbearance through collection of financial documentation, preparation of worksheets, communication with attorneys and law firms in the formulation and execution of contracts; follow-up with customers to ensure success and determining if a loan modification or repayment plan is applicable; Oversee loan modification process to ensure proper screening of customers through document collection and financial data submission to the Bank or Investors to determine eligibility; supervise communication with customers not eligible or declined to determine other options.Oversee Recovery process including severely delinquent and charged off accounts for reasonableness of recovery and assignment to attorney when applicable. Monitor recovery performance and ensure timely summary reporting to management.Assist with customer inquiries and requests through all means including the internal service request ticketing system to ensure prompt response and follow through; research and customer contact, coordination with Legal and the compliance department when required, gathering documents and coordinating and responding to all requests for information and notices of error to ensure compliance.Monitoring and analyzing new regulations in regards to state and federal compliance of collection and loss mitigation procedures. Manage the process of instituting and updating standard operating procedures to ensure proper compliance.Will assist the Senior Control Analyst, Operation and Process Control Team and Loan Operations Data and Analytics Manager to complete process mapping for servicing functions. Will assist with analyzing data and existing functions to recommend ways to streamline processes for improvement to processing speed, quality and efficiency.Assist with the development and maintenance of written operating procedures for all daily, monthly, quarterly, and yearly tasks. Ensure duties executed accurately and as scheduled, data quality on systems of record, and compliance with bank policy and laws and regulations.Experience in Customer Service/Collections preferredDemonstrates capability and familiarity with Microsoft products utilizing Excel, Word and Outlook.EDUCATION and/or EXPERIENCEAssociate's degree preferred; at least 3 years of experience in lending, credit, or servicing. Demonstrated capability and familiarity with Microsoft products utilizing Excel and Word. Strong systems knowledge including data analytics and technical support experience preferred.Qualifications:Associates Degree or related knowledge/skills base gained through experience preferredStrong customer service skillsStrong verbal and written communication skillsStrong financial skills as it relates to account reconciliationsMust be self-motivated, able to work independently and possess solid decision making skillsKnowledge of Microsoft Office including Excel and WordMust be comfortable in learning and operating a multitude of computer applicationsSkills/Knowledge:Must be able to communicate (written and oral) effectively and professionally with federal and state agencies and also internal and external customers.Must have strong interpersonal skills and be a strong collaborator with customers and co-workers; focuses on responding to customer inquiries; maintains confidentiality; keeps emotions under control; remains open to others' ideas and tries new things.Must be able to strictly adhere to the many Federal and State rules and regulations that relate to all departmental functionsAttentiveness to detail is required.Proficiently manage an efficient workflow in a multiple task-oriented, fast-paced environment.Must be well organized and flexible.Must be highly productive and able to work with minimal supervision.Must be able to deal well with a fast-paced environment to meet tight deadlines and maintain high productivity.PHYSICAL DEMANDSThe physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. While performing the duties of this job, the employee is regularly required to sit and use hands to finger, handle, or feel. The employee is occasionally required to walk. Specific vision abilities required by this job include close vision.Benefits/Incentives: Health Insurance, Dental, Vision, Flexible Spending Account, Health Savings Account, 401k Matching, Tuition Reimbursement, Employee Referral Program, Summer Family Outing, Annual Holiday Reception and moreSalary Range: Competitive BaseReady to apply? If this job sounds like a fit for you, then click on Apply/Apply Now in this posting. We look forward to talking with you.Equal Opportunity Employer/Protected Veterans/Individuals with DisabilitiesThe contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor's legal duty to furnish information. 41 CFR 60-1.35(c)

Created: 2025-02-04