VP – Loan Servicing

Company Overview:
Established in 1895, Bay State Savings Bank is an approximately $500MM, Massachusetts-based mutual Bank. As a Bank owned by a mutual holding company, the Bank is effectively governed by its depositors, and its mutual ownership structure allows it to focus on long-term and community impact rather than short-term profits. BSSB has six branch locations in central Massachusetts and operates one education branch within a high school. BSSB is the only remaining Bank originally headquartered in Worcester, Massachusetts: the second largest city in New England. BSSB is a value-driven organization committed to international actions and investments that position the Bank as the communities’ preferred choice for Banking.

Position Summary:
Under the general supervision of the Chief Retail Banking Officer, the Vice President – Loan Servicing performs a wide and in-depth variety 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 and management and assists in the supervision of all loan servicing functions. VP – Loan Servicing represents the Bank to the customer (external and internal) in a courteous and professional manner. Furnishes prompt, efficient, and accurate service on customer account inquires.

The VP – Loan Servicing develops, and coaches’ staff with a focus on teamwork, effectiveness, and collaboration. Fosters and supports an environment supportive of the Bank’s service culture. Attains optimum efficiency and consistency throughout the department and provides exceptional customer service, all while ensuring adherence to Bank Core Values, Policies, and Procedures.

Key Responsibilities:
• Performs and supervises loan servicing department duties including new loan set-up account maintenance, flood insurance tracking, homeowner’s insurance tracking, PMI set-up activation and remittance, payoff processing, paid loan maintenance and discharges, collateral releases, escrow processing, collateral loan processing, general ledger reconciliations, daily review of COCC Allotment Report, and adjustable-rate loan processing.
• Manages transfer of newly originated loans from Loan Origination to Loan Servicing.
• Facilitates Loan Servicing quality control review.
• Completes timely master-file review of new mortgage and consumer loans. Compares loan documents to data input on COCC Insight Loans.
• Reviews all COCC loan maintenance changes, for accuracy and appropriate approvals. Verifies source documents to input.
• Monitors Doc Request reports.
• Maintains collateral loans and perform audits.
• Maintains flood files to ensure required flood insurance is in place and regulations are satisfied.
• Maintains hazard insurance to ensure required flood insurance is in place and regulations are satisfied.
• Establishes and maintains monitoring of escrowed insurance.
• Maintains real estate taxes to ensure all taxes are paid on a timely basis and regulations are satisfied.
• Processes construction loans. Coordinates inspections, title run down, and disbursements, promptly.
• Processes insurance losses. Coordinates receipt of insurance checks, receipt of appropriate documentation, ensure completion of repairs, and disburse escrowed insurance proceeds.
• Processes Investment/Purchased loan payments and prepare reconciliation.
• Completes remittance and reconciliation of sold loan portfolio.
• Processes customer modification requests.
• Processes loan payoff requests timely.
• Monitors Lines of Credit approaching end of draw period.
• Calculates payment changes and completes system changes.
• Prepares and distributes loan fee waiver and modification reports.
• Prepares and remits monthly reports to insurers, including PMI carriers and NFP HELOC Insurance.
• Research customer accounts, complex problems and inquires, processes adjustments and corrections as needed. Corrects Credit Bureau records as needed.
• Delinquency/Collections; responsible for ongoing management of delinquent mortgage and consumer loans.
• Monitors E-Oscar system and resolves credit report disputes.
• Maintains compliance with regulatory developments as they affect lending, particularly in the areas of: Fair Lending, TRID, HMDA, CRA, RESPA, Reg B, Flood, Environmental and other related regulations.
• Assists with CRA monitoring and reporting.
• Assists with HMDA scrub, monthly to ensure accurate reporting, along with annual reporting.
• Mentors team to be efficient, collaborative, compliant with established policies and procedures related to customer service and operational matters, proficient with transactional accuracy, and focused on solutions.
• Inspire and motivate others to perform to the best of their ability.
• Monitor staff performance, conduct annual performance reviews, and administer salary adjustments, develop goals for individuals, assign accountabilities, set objectives and priorities. Responsible for ensuring roles have been clearly defined and have accurately written job descriptions and procedures.
• Reviews and updates Loan Policy (along with other policies and procedures), annually. Responsible for the implementation and ensure compliance of all policies and procedures regarding loan servicing.
• Oversees the preparation of the appropriate reports and forms used to communicate the current states of retail loans to management.
• Serves on various committees throughout the Bank as needed.

Qualifications, Education, and Experience:
• High degree of human relation and communication skills, and thorough knowledge of the Loan Servicing area. Must be able to interact with all levels of management and employees in departments of the Bank, as well as provide superior telephone customer service.
• Strong knowledge and understanding of regulatory requirements relative to the origination, processing and servicing of mortgage/consumer loan products and programs.
• Thorough understanding of the requirements and features of the Bank’s loan products, programs, and fee structure.
• High level of computer literacy using spreadsheet and word processing programs, on-line system, and other standard office equipment.
• A high level of organizational and managerial skills to effectively supervise and coordinate the day-to-day activities of the Bank’s retail lending activities.
• Must have ability to analyze and evaluate special circumstances and make appropriate decisions according to operating policies and procedures.
• Ability to handle and communicate with delinquent loan customers.
• Proactive, precise, highly motivated.
• Prior management experience.
• High school diploma or equivalent with additional 2 to 4 years of college courses with major in accounting or finance.
• Proficiency in various functions performed can be acquired through 4-6 years of progressively responsible experience.
• Education equal to a 4-year college degree, preferably in the area of accounting or finance.
• Sound knowledge of state and federal bank regulations and Secondary Market requirements.