The five members of the Mortgage Loan Servicing department may have different interests outside of work, but when they’re on the job, they’re all invested in caring for our customers and protecting the bank’s assets. Loan Servicing Supervisor Kerry Carrasco brings us up to speed on her team. Our featured branch last week was Allouez.
In front: Sara Coppersmith. Back, from left: Kurri Cecchini, Michelle Miller, Brian Sargeant, and Kerry Carrasco.
Personnel
Kerry Carrasco, Loan Servicing Supervisor
Kurri Cecchini, Residential Construction Loan Administrator
Sara Coppersmith, Mortgage Servicing Specialist
Michelle Miller, Mortgage Servicing Specialist
Brian Sargeant, Mortgage Servicing Specialist
What is your department’s main purpose, and what are the services it provides?
Once a mortgage loan has gone through the application, underwriting, and closing processes, the Mortgage Loan Servicing department takes the reins (hopefully for a smooth ride!), for as long as the loan will be on our books, whether that’s six months or 30 years. The services we provide are: answering any customer questions; processing payoffs and escrow transactions; processing construction draws; satisfying mortgages; reviewing PMI cancellation requests; and preparing various monitoring reports for multiple departments within the bank. We also make sure our collateral stays protected by ensuring that insurance for fire, flood, and wind damage is current, and that property taxes are paid on time.
What tasks are performed by the various job titles in your department?
Kurri handles the loans that are specifically for building a new house. She deals directly with the builders and title companies to make sure the draws requested match the work completed. She also handles insurance claims for damage to existing homes.
Our three Mortgage Servicing Specialists — Brian, Michelle, and Sara — process rejected transactions from our Lockbox system and process all mortgage loan payoff transactions. They prepare the Satisfaction of Mortgage on all loans paid in full. They handle disbursements from the escrow accounts, making sure insurance premiums and property taxes are paid. They prepare partial releases of property and modification of loan terms. And of course we all work directly with our loan customers and other departments to resolve any issues as quickly as possible.
What are some things you’d like other departments or branches to know about what your department does?
Any checks our customers receive from their insurance company for damage to their property will be made payable to North Shore Bank as well as to our customer. Because the property is collateral for the money we lent them, we want to make sure the needed repairs are completed and that they are performed by a licensed contractor. We will look at the insurance adjuster’s report for the exact description of repairs needed and compare it to the contractor’s proposal to ensure all damage is being repaired.
Some customers file a claim hoping to keep the insurance money for themselves, but this would not be in the best interest of the bank, as we want to make sure our collateral is kept in the best condition possible.
What events or projects or times of the year keep your department especially busy?
December through February is our busy time. The vast majority of our loans are on properties in Wisconsin, and property taxes are disbursed in December. There is a lot of preparation to ensure that we have all of our loans coded correctly, so that the checks disburse for the right amount and to the correct payee. In February, we analyze all of our escrow accounts. Escrow payments are adjusted as needed, and escrow overages are calculated and refunded to the customers.
What are some important moments or people in the department’s history?
From 2003 through May 2013, all of our mortgage loans were serviced by a sub-servicer in Illinois. Even though we did some of the servicing here, most of the tasks were handled by the sub-servicer. After what we considered to be subpar service by this company, the bank felt that our customers deserved better and we brought the servicing back in-house. While this made for more work, it was well worth it to have the direct contact with our customers again.
Any personal celebrations or milestones among the people in your department recently?
Although two of our team members have been in the department only a little over a year, they had been in branch positions before that — Sara for more than three years, and Kurri for more than six). Michelle has been in the department for more than two years and also had been in branch positions before, and is nearing her nine-year anniversary. Brian (over eight years) and I (over 32) became a part of North Shore Bank during the Maritime acquisition in 2010.
Is there some music, or a TV show or movie or book or anything that’s notably popular among the people in your department?
Even though we work great as a team, our interests are quite different. While one of us (Brian) is talking about who won what game by how much, another (Sara) may be talking about the size of the fish, bird, or deer she caught, shot, or missed. And the rest of us (Michelle, Kurri and me) always have a story to tell about our children or grandchildren.
What’s a great work story from your department?
Michelle, Sara, and Kurri came to the department from branch positions with little to no loan servicing experience. They not only have learned and continue to learn the many different areas of loan servicing (and are doing it well!), but they also brought to us knowledge of the types of loan issues seen in the branch. This helps us plan and put processes in place that make the most sense for the branch staff.
Any exciting or noteworthy developments on the horizon for your department?
It seems there is always something new to learn, thanks to the ever-changing regulations in banking. Every single person in the department is eager to learn all they can, and just when we think we’ve got it down pat, it changes again. The job of loan servicing is never dull and definitely keeps us on our toes!