Sr. Servicing Specialist - Default Management

Job Category
:
Loan Operations - Default Management

Requisition Number
: SRSER
003619

• Posted :
  July 2, 2026
• Full-Time

Showing 1 location

Main Office
210 Essex St
Salem, MA 01970, USA

Salem Five is a growing regional financial services organization with a rich history of over 170 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 home ownership 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.

ESSENTIAL DUTIES AND RESPONSIBILITIES include the following; however 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.
• Maintain exceptional customer service levels with internal and external customers.
• Preparation and distribution of all required department reports.
• Any other additional duties/task required by management.

Qualifications:

• Associate's degree or related knowledge/skills base gained through experience preferred.
• Strong verbal and written communication skills.
• Strong financial skills as it relates to account…