Loan Servicing Associate
Job Summary
The Loan Servicing Associate supports the administration of the bank’s commercial and consumer loan portfolios by assisting with daily servicing activities, including payment processing, account maintenance, and customer support. This is an entry-level position designed to build foundational knowledge of loan operations, servicing systems, and regulatory requirements. The associate works under supervision to ensure accuracy, timeliness, and compliance with bank procedures.
Essential Job Functions
Loan Processing & Account Support
- Assist with boarding new loans into the servicing system under supervision.
- Process routine loan transactions such as payments, basic advances, and fee postings.
- Support maintenance of loan accounts, including updates for extensions, renewals, and modifications.
- Review system-generated reports for accuracy and escalate discrepancies.
Escrow, Insurance & Taxes Support
- Assist in tracking insurance and tax documentation for loan files.
- Help monitor escrow accounts and flag shortages, overages, or missing items.
- Support compliance with insurance requirements (e.g., hazard, flood) by following established checklists..
Customer & Internal Support
- Respond to basic servicing inquiries from internal teams and customers, escalating more complex issues.
- Assist with preparing payoff quotes, statements, and routine correspondence.
- Provide administrative support to Relationship Managers, Credit Administration, and Loan Operations.
Documentation & Compliance
- Assist in reviewing loan files to ensure required documentation is present and complete.
- Maintain tickler systems for insurance, UCC filings, and covenant tracking.
- Support audit and compliance requests by gathering documentation.
Other duties as assigned.