Salem Five Cent Savings Bank in
Escrow Servicing Manager (Finance)
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.
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.
Job Duties and Responsibilities
Organize, lead, and manage a team in the execution of all escrow servicing functions, including but not limited to: initial escrow analysis; auditing escrow data automatically mapped to loan accounts during the loan boarding process; manually adding required escrow data that is not automatically boarded; ensuring appropriate tracking and timely processing of tax payments; ensuring appropriate tracking and timely payment of all insurance (Mortgage Insurance, Homeowners Insurance; Flood Insurance; Life Insurance; Disability Insurance); managing 3rd party vendor relationships; processing payments to vendors for all escrow items; balancing department General Ledgers; assisting customers and other departments with escrow needs; managing service ticketing system to ensure timely response and resolution; annual escrow analysis in compliance with regulations; ongoing implementation of strong controls, assist management with audit responsibilities.
Responsible for maintaining list of all operational processes in escrow department. Manage maintenance of and enhancements to written operating procedures for all documented processes. Review department functions to identify areas to increase operational efficiency.
Identify opportunities to gain improvement and efficiency or streamline business through operational workflows with a focus on improving customer experience. Work with management to identify more efficient ways to achieve results by leveraging systems and workflows to streamline processes.
Understand all escrow functions and the processes/work at a detailed level, so as to be able to analyze and recommend changes that improve efficiency. Ability to train and guide team members on new procedures so they are able to carry forward this knowledge and implement change in the department to more efficiently perform the department functions.
Implement and sustain strong control environment and disciplines, including:
Development and maintenance of written operating procedures for all daily, monthly, quarterly, and yearly loan operations tasks.
Define and implement controls to ensure duties are executed accurately and as scheduled, data quality on systems of record, and compliance with bank policy and laws and regulations.
Provide and promote first class customer service through coaching and training opportunities to staff, assisting with staff to identify priorities, continued workflow and allocating development resources accordingly. Work collaboratively with Contact Center to provide refresher training on escrow analysis and other patterns of tier one tickets submitted to escrow for resolution.
Assist with roll out of enhancements, upgrades and new loan products and services. Directly responsible for all escrow system testing including all enhancements and upgrades. Responsible for training department on system enhancements and changes and ensuring updated policy and operational procedures. Continually review processes to optimize efficiency, customer experience and controls.
Manage project scoping, planning and administration. Lead escrow department projects as assigned. Directly responsible for executing projects, completing the testing and implementation and training staff on changes to process. Ensure policy and operational procedures are adjusted as necessary.
Adherence to all Investor and Regulatory Guidelines while demonstrating compliance with banking business laws and regulations. Attend appropriate Users' Group Meetings along with Loan Operations Managers to keep up to date on regulatory changes and system enhancements to support change to process.
Review of third‑party contracts and agreements related to escrow and assist in annual review process for existing vendors. Assist with vendors and outside service providers to ensure operational performance standards are maintained and implemented.
Perform monthly escrow review and audit and report findings to Management.
Assist in research and analysis of new and/or advanced system technologies, and recommendations for possible implementation strategies.
Assist with preparation of Disaster Recovery planning.
Manage any internal or external merger, acquisition or loan system conversion with management support. Involved in contact for outside vendors on system integration, servicing requirements, operational enhancements and problems/resolutions. Coordinates all escrow testing of new system enhancements or program changes.
This candidate will maintain exceptional customer service levels with internal and external customers.
Manage within expense budget for each year.
Any other additional duties or tasks required by management.
Supervisory Responsibilities
Oversee staff of 5+
Recruit, hire and lead escrow servicing team members ensuring skill and experience to meet the business needs
Communicate clearly and offer priorities for the escrow team to support bank goals and objectives
Set clear goals and objectives for each member of the team
Coaching, training and development of team
Conduct periodic performance reviews and provide ongoing guidance, training and direction in developing and implementing the Bank's plans and objectives
Education and/or Experience Bachelor's degree preferred; at least 5 years of experience in banking, lending, credit, or servicing, including at least 3 years in a supervisory role. Demonstrated capability and familiarity with Microsoft products utilizing Excel and Word. Strong operational and organizational skills and technical support experience required.
Physical Demands The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. While performing the duties of this job, the employee is regularly required to sit and use hands to finger, handle, or feel. The employee is occasionally required to walk. Specific vision abilities required by this job include close vision.
Benefits/Incentives Health Insurance, Dental, Vision, Flexible Spending Account, Health Savings Account, 401(k) Matching, Tuition Reimbursement, Employee Referral Program, Summer Family Outing, Annual Holiday Reception and more.
Salary Range $90,000 - $110,000. The pay range is the lowest to highest compensation we reasonably in good faith believe we would pay at posting for this role. We may ultimately pay more or less than this range. Employee pay is based on factors such as relevant education, qualifications, certifications, experience, skills, seniority, location, and performance. This range may be modified in the future.
Ready to Apply Qualified candidates may also submit a resume and application online at
salemfive.com/careers
or mail your resume to Human Resources, 210 Essex Street, Salem, MA 01970. No unsolicited resumes accepted from agencies.
Equal Opportunity Employer The employer is required to notify all applicants of their rights pursuant to federal employment laws. For further information, please review the Know Your Rights notice from the Department of Labor.
Loan Operations - Servicing
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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.
Job Duties and Responsibilities
Organize, lead, and manage a team in the execution of all escrow servicing functions, including but not limited to: initial escrow analysis; auditing escrow data automatically mapped to loan accounts during the loan boarding process; manually adding required escrow data that is not automatically boarded; ensuring appropriate tracking and timely processing of tax payments; ensuring appropriate tracking and timely payment of all insurance (Mortgage Insurance, Homeowners Insurance; Flood Insurance; Life Insurance; Disability Insurance); managing 3rd party vendor relationships; processing payments to vendors for all escrow items; balancing department General Ledgers; assisting customers and other departments with escrow needs; managing service ticketing system to ensure timely response and resolution; annual escrow analysis in compliance with regulations; ongoing implementation of strong controls, assist management with audit responsibilities.
Responsible for maintaining list of all operational processes in escrow department. Manage maintenance of and enhancements to written operating procedures for all documented processes. Review department functions to identify areas to increase operational efficiency.
Identify opportunities to gain improvement and efficiency or streamline business through operational workflows with a focus on improving customer experience. Work with management to identify more efficient ways to achieve results by leveraging systems and workflows to streamline processes.
Understand all escrow functions and the processes/work at a detailed level, so as to be able to analyze and recommend changes that improve efficiency. Ability to train and guide team members on new procedures so they are able to carry forward this knowledge and implement change in the department to more efficiently perform the department functions.
Implement and sustain strong control environment and disciplines, including:
Development and maintenance of written operating procedures for all daily, monthly, quarterly, and yearly loan operations tasks.
Define and implement controls to ensure duties are executed accurately and as scheduled, data quality on systems of record, and compliance with bank policy and laws and regulations.
Provide and promote first class customer service through coaching and training opportunities to staff, assisting with staff to identify priorities, continued workflow and allocating development resources accordingly. Work collaboratively with Contact Center to provide refresher training on escrow analysis and other patterns of tier one tickets submitted to escrow for resolution.
Assist with roll out of enhancements, upgrades and new loan products and services. Directly responsible for all escrow system testing including all enhancements and upgrades. Responsible for training department on system enhancements and changes and ensuring updated policy and operational procedures. Continually review processes to optimize efficiency, customer experience and controls.
Manage project scoping, planning and administration. Lead escrow department projects as assigned. Directly responsible for executing projects, completing the testing and implementation and training staff on changes to process. Ensure policy and operational procedures are adjusted as necessary.
Adherence to all Investor and Regulatory Guidelines while demonstrating compliance with banking business laws and regulations. Attend appropriate Users' Group Meetings along with Loan Operations Managers to keep up to date on regulatory changes and system enhancements to support change to process.
Review of third‑party contracts and agreements related to escrow and assist in annual review process for existing vendors. Assist with vendors and outside service providers to ensure operational performance standards are maintained and implemented.
Perform monthly escrow review and audit and report findings to Management.
Assist in research and analysis of new and/or advanced system technologies, and recommendations for possible implementation strategies.
Assist with preparation of Disaster Recovery planning.
Manage any internal or external merger, acquisition or loan system conversion with management support. Involved in contact for outside vendors on system integration, servicing requirements, operational enhancements and problems/resolutions. Coordinates all escrow testing of new system enhancements or program changes.
This candidate will maintain exceptional customer service levels with internal and external customers.
Manage within expense budget for each year.
Any other additional duties or tasks required by management.
Supervisory Responsibilities
Oversee staff of 5+
Recruit, hire and lead escrow servicing team members ensuring skill and experience to meet the business needs
Communicate clearly and offer priorities for the escrow team to support bank goals and objectives
Set clear goals and objectives for each member of the team
Coaching, training and development of team
Conduct periodic performance reviews and provide ongoing guidance, training and direction in developing and implementing the Bank's plans and objectives
Education and/or Experience Bachelor's degree preferred; at least 5 years of experience in banking, lending, credit, or servicing, including at least 3 years in a supervisory role. Demonstrated capability and familiarity with Microsoft products utilizing Excel and Word. Strong operational and organizational skills and technical support experience required.
Physical Demands The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. While performing the duties of this job, the employee is regularly required to sit and use hands to finger, handle, or feel. The employee is occasionally required to walk. Specific vision abilities required by this job include close vision.
Benefits/Incentives Health Insurance, Dental, Vision, Flexible Spending Account, Health Savings Account, 401(k) Matching, Tuition Reimbursement, Employee Referral Program, Summer Family Outing, Annual Holiday Reception and more.
Salary Range $90,000 - $110,000. The pay range is the lowest to highest compensation we reasonably in good faith believe we would pay at posting for this role. We may ultimately pay more or less than this range. Employee pay is based on factors such as relevant education, qualifications, certifications, experience, skills, seniority, location, and performance. This range may be modified in the future.
Ready to Apply Qualified candidates may also submit a resume and application online at
salemfive.com/careers
or mail your resume to Human Resources, 210 Essex Street, Salem, MA 01970. No unsolicited resumes accepted from agencies.
Equal Opportunity Employer The employer is required to notify all applicants of their rights pursuant to federal employment laws. For further information, please review the Know Your Rights notice from the Department of Labor.
Loan Operations - Servicing
#J-18808-Ljbffr