Sr. Servicing Specialist - Default Management

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 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; 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. 


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