Commercial Loan Servicer

Why Torrington Savings Bank?

Looking to grow your career at a place where community, innovation, and opportunity come together? Torrington Savings Bank offers more than just a job—we offer a supportive environment where your skills and ideas can thrive. As a trusted financial institution with over 150 years of history, we’re committed to serving our local communities while helping our employees reach their professional goals. Whether you're just starting out or looking to take the next step in your career, you'll find a collaborative culture, opportunities for advancement, and a workplace that values work-life balance. Join a team that takes pride in building relationships and delivering personalized banking experiences every day.

Current Opportunity

Commercial Loan Servicer

Overview:

Performs various duties related to the servicing of commercial loan, escrow, and insurance accounts

Primary Accountabilities / Responsibilities:

• Coordinate timely and accurate onboarding and maintenance of all loan facilities in the Bank’s core system including, but not limited to organizations, modifications, renewals, participations, and letters of credit while ensuring compliance with loan proposals and executed closing documents.
• Maintain all closed loans including review and completion of post-closing checklist and indexing of closing documents to digital file.  
• Performs Quality Control on new loans .
• Order commercial appraisals, appraisal reviews and residential appraisals as needed. 
• Process Loan Participation transactions: advances, payments, originate wires as necessary.
• Process advances for RLOC, Draw Down and Construction Loans.
• Input new and updated insurance information into COCC’s Insight System for existing mortgages/loans.  
• Maintains Escrow Accounts:
• Request bills, maintain and pay real estate taxes, condo fees, mortgage insurance, homeowner’s insurance, mortgage life and disability insurance and any other escrowed items as due.
• Annual analysis of all escrowed accounts.
• Monitor initial escrow disclosures
• Follow through with Insurance cancellations with borrowers and/or agents and commercial lender.
• Purchase force placed insurance for Bank owned property and mortgages with no existing homeowner’s/property insurance.
• Process GL tickets for various fees, application fee, UCC-1 filing fee.
• Quote and Process payoffs; work with commercial lending to determine prepayment penalty. Issue payoff letters to attorneys.
• Coordinate release of liens in land records and with Secretary of State, DMV, etc.
• Return paid documents to customers. 
• Generate reports and letters from Synergy.
• Setup, servicing, remittance and balancing of mortgage life, disability, and accidental death insurance.
• Coordinate and maintain automatic transfer of mortgage and loan payments.
• Review computer generated adjustable-rate change reports and letters; mail notices to customers; resolve problems as they occur.  
• Perform loan level maintenance, as necessary.
• Monitor paid loan files with computer generated reports.
• Processes loan payments and payoffs received internally and from the mail. Process payment reversals and corrections as needed.
• Prepare and submit monthly reporting to the SBA
• Performs additional duties as requested by Supervisor.

Knowledge/Skills/Experience Requirements:

Accuracy, Clerical Skills; knowledge of the PC and on-line computer system; knowledge of commercial mortgage loan documentation/forms.

Torrington Savings Bank offers an excellent benefits package which includes medical, dental, and vision coverage. We also offer company paid life insurance, short term disability, long term disability, and a wellness reimbursement program up to $350 per year. Employees are eligible to participate in our 401k plan after 6 months of service which has an employer match up to 3%. Employees may also be eligible for an additional employer match to their 401K following one year of service.

Torrington Savings Bank is an equal opportunity employer, dedicated to a policy of non-discrimination in employment on any basis prohibited by law. The Bank considers applicants for all positions without regard to disability, military/veteran status, or any other legally protected status, and is committed to providing equal opportunities in terms of its recruiting and hiring practices. 

Applicants requiring reasonable accommodation in the application process should notify Human Resources. 

Torrington Savings Bank participates in e-Verify and will provide the federal government with your Form I-9 information to confirm that you are authorized to work in the U.S.A.

EOE/AA/D/V 

Torrington Savings Bank is a drug free workplace.