Loan Processing Manager

Loan Processing Manager

Salem Five is a growing regional financial services organization with a rich history of over 160 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 office. 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 homeownership 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. Other duties may be assigned.

• Provides oversight, management, training and support to the Loan Analysts to ensure all policies and procedures are followed while providing a high level of customer service to both the borrowers, loan officers and banking personnel
• Monitor and manage the processing pipeline to ensure that all loans are addressed in a timely manner including efficient and timely movement of the pipeline, updated estimated closing dates, commitment dates and use of the Encompass LOS system allowing for complete transparency as to the status of all loan files.
• Ensures that Loan Analysts are providing a thorough review of all loan documentation and providing accurate information in order to expedite the approval of loan files in a timely manner while ensuring a high degree of quality in loan documentation.
• Provides training and support on a regular basis to both new and existing Loan Analysts while identifying new processes & methodologies to bring greater efficiencies to the processing role.
• Provide coverage and support for Loan Analysts when needed including the processing of all Salem Five employee loan files
• Embrace new and emerging technologies to support operations and customers through flexibility and the ability to learn and adapt to change
• Create written procedures for all functions performed by the Loan Analysts, ensure all updates to process and procedures are distributed to staff and maintained on the mortgage intranet no less than quarterly.
• Identify inconsistencies and / or inefficiencies with practices and / or procedures and work with management to make changes with necessary
• Obtain and review all documents in the mortgage loan file to ensure completeness, accuracy and compliance with Bank / Investor guidelines
• Maintain a relationship with third party vendors including but not limited to verification service provides, credit reporting agencies and mortgage insurance companies
• Review and escalate all loans that require flood insurance to ensure accuracy and compliance with flood policies and procedures
• Develop an ongoing knowledge of the fundamentals of mortgage underwriting, the Mortgage Company and Bank's residential mortgage products and the basic requirements set forth by FHLMC, FNMA, FHA, VA, Rural state housing and other secondary market investors
• Maintain an understanding of mortgage compliance including but not limited to FactACT, FCRA, TRID, ECOA, BSA and HMDA
• Works directly with the Underwriting Manager and when necessary Mortgage Underwriters to provide feedback on both loan level issues and global underwriting matters
• Pre-underwrites loans where applicable and make preliminary recommendation for lending decision and / or eligibility
• Responsible for the maintenance of processing and underwriting reports as required by management.
• Work with the SVP of Mortgage Operations on various projects and procedural changes to ensure accuracy, efficiency and compliance
• Assumes additional responsibilities as requested.

Supervisory responsibilities include managing all loan processing. Is responsible for the overall direction, coordination, and evaluation of the Loan Analysts including the support teams such as pre-closers. Performs responsibilities in accordance with the organization's policies and applicable laws. Responsibilities include recruiting, interviewing, hiring, motivating, coaching and training employees; planning, assigning, and directing work & workflow; appraising performance; rewarding and disciplining employees; addressing and resolving issues.

Education and / or experience : Bachelor's degree (B. A.) from four-year college or university; or one to two years related experience and / or training; or equivalent combination of education and experience.

Physical demands include sitting, using hands, talking, standing, walking, reaching, lifting, and close vision. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Benefits / Incentives : Health Insurance, Dental, Vision, Flexible Spending Account, Health Savings Account, 401k Matching, Tuition Reimbursement, Employee Referral Program, Summer Family Outing, Annual Holiday Reception and more.

Salary Range : Competitive Base