Loan Servicing Specialist

Role Description

This is a full-time on-site role for a Loan Servicing Specialist, located in Carteret, NJ. The Loan Servicing Specialist will handle the daily administration of consumer, commercial, residential and specialty loans, including, but not limited to, the following:

• Onboard all loan types to the core system, including commercial, residential, home equity, purchased and participation loans
• Process incoming loan payments
• Process advance requests for lines of credit
• Prepare and send outgoing participation payments
• Perform loan file maintenance, including setting up and modifying automatic payments and updating loan records as needed
• Respond to customer inquiries related to payments, payoff requests, document copies, and general servicing questions
• Administer escrow and insurance functions, including processing tax and insurance disbursements and monitoring expiring insurance coverage
• Perform annual escrow analyses and update escrow accounts accordingly
• Monitor insurance notices, update insurance information in the core system, and force-place insurance when required
• Process loan payoffs and close out loans on the core system, including releasing collateral, returning documents, archiving files, and notifying insurance companies
• Support post‑closing activities by scanning and maintaining electronic loan files and ensuring receipt of required recordable documents
• Review and process residential mortgage loan packages from brokers for purchase by the Bank
• Assist in the application and closing process of home equity loans
• Collaborate with internal departments to ensure accurate loan servicing and compliance with bank policies and procedures
• Assist with audits, reporting, and special projects as assigned

• Previous experience in loan servicing is required, including experience with tax and insurance escrow processing
• Strong Customer Service and Communication skills for addressing client needs effectively
• Knowledge of various loan products, processing standards, and related compliance requirements
• Detail-oriented with the ability to review and manage loan records accurately
• Ability to meet deadlines and work collaboratively within a team
• High school diploma or equivalent required; additional certifications in banking or lending are beneficial