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Loan Servicing Officer at East Cambridge Savings Bank in Cambridge, Massachusetts

Posted in Banking 30+ days ago.

Type: Full-Time

Job Description:

East Cambridge Savings Bank’s Lending Department is actively recruiting for a Loan Servicing Officer


Under the general direction of the Vice President/Loan Servicing Manager, organizes and manages the daily functions of the loan servicing functions in accordance with established Bank policies, procedures and strategic goals.

We are looking for candidates with:

  • Bachelor’s degree or equivalent in specialized coursework and training.  
  • Five years of loan servicing experience and three years management experience.  
  • Well-developed organizational and decision-making skills. 
  • Strong attention to detail. 
  • Strong written and verbal communication skills. 
  • Familiar with secondary market investment guidelines.

Primary Responsibilities:

  • Manages the Loan Servicing Department; conducts periodic performance reviews, provides direction, coaching and mentoring to staff in completion of assignments, and makes hiring, salary and promotional recommendations.
  • Responsible for establishing priorities for the Department.  Manages the daily operations which includes review of loan documentation, research, new loan setup, collections, escrow, hazard, flood, PMI processing and investor relations.  Recommends and develops procedural changes and departmental work methods through the writing and revising of procedure manuals.  Schedules and monitors staff work hours, maintains personnel and absentee records.
  • Develops, documents and deploys changes to Loan Servicing functions in support of new products, and any regulatory changes or requirements and/or efficiency initiatives.
  • Performs the second-tier review of new commercial, residential and consumer loan setups to ensure all critical fields are verified against the loan documentation.
  • Supervises daily work related to secondary market investors for all reporting and remitting activity.  Ensures accuracy of work and resolves issues within scope of authority. Reviews all monthly investor reconciliations to ensure accuracy, timeliness, and completeness.
  • Implements appropriate sales, service, and operational goals, consistent with the Bank’s objectives.  Counsels, directs, and trains staff to ensure that goals and objectives are met.  Monitors efforts and results on an ongoing basis, making appropriate recommendations for enhancements as needed.
  • Monitors the interface between COCC and other Lending applications to ensure it is efficient.  Enhances systems set-up to automate work processes, working with IT to resolve system issues.  
  • Reviews and analyzes all daily and monthly servicing activity reports to ensure accuracy and resolve any discrepancies.  Balances the monthly loan servicing general ledger accounts.
  • Communicates and updates Lending Department and other Bank departments with new and revised Loan Servicing information and requirements.  Generates communication in area of responsibility as needed.
  • Provides guidance in the resolution of routine problems in a timely manner. Streamlines processes to improve workflow efficiency. Directly and through subordinates, ensures efficient delivery of lending services to customers.  Researches and resolves more complex customer questions or discrepancies in transactions related to non-accrual, charge-off, and interest accrual calculations.
  • Maintains knowledge of industry and Loan Servicing field which includes up-to-date knowledge of loan products, investor requirements, MERS and lending regulations.  Demonstrates continual learning by attending industry seminars, webinars and other training programs.  Recommends and assists in the development and implementation of new products and services. 
  • Updates Loan Servicing Policies and Procedures manual as needed.  Monitors the preparation of reports and review finished product, updating Senior Management with relevant data as needed.  Provides assistance and support with any data/system updates.
  • Ensures Department compliance with all State and Federal regulations.  Performs operational audits to ensure compliance with established policies and procedures, and for compliance with laws and regulations in preparation for audits and regulatory exams.
  • Maintains knowledge of the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Customer Identification Program (CIP), and Office of Foreign Assets Control (OFAC) regulatory requirements.  Ensures that management and staff members complete BSA related annual training in a timely manner and that all BSA procedures are followed when applicable.  Identifies and reports compliance related issues and suspicious activity.

Other Job Responsibilities:

  • Performs related managerial, administrative and special projects as required or assigned to ensure the ongoing effectiveness of the lending function.
  • Participates in civic activities to promote growth and development in the community and a positive image for the Bank.

Contact our Human Resources Division or visit for more details and to apply. 

Or submit your resume to:

Email: Fax: 617-252-6877 Phone: 617-354-7700

East Cambridge Savings Bank, Attn: Human Resources

344 Cambridge Street Cambridge, MA 02141

East Cambridge Savings Bank is an Equal Opportunity Employer