Job ID | 2023-4057 | Category | Loan Services | Workplace policy | Hybrid |
Overview
The Loan Escrow Services Specialist, coordinates a variety of functions within the Escrow Management Department related to the business operations of the Bank including but not limited to loan servicing functions, confirmation of loan collateral, required insurance covering collateral and other perils, creation of insurance and tax records, ordering real estate tax service contract, transmittal of required insurance for tracking by outsource service provider, processing payment of taxes and insurance, maintenance of escrow records and notepads on loan system, analysis of client escrow accounts, confirmation of annual statement generation and mailing to clients, resolution of loan issues. Monitors Serviced by Others portfolio and maintain current records on Servicer. Provides client service, research, and timely resolution of client inquiries/complaints. Fully knowledgeable and capable of filling in on the day-to-day assignments if necessary. Cross-trains other employees in these functions.
Principal Duties and Responsibilities:
Confirms and performs required maintenance on insurance, tax, and other collateral records created on Loan System at loan booking.
Reviews and verifies the adequacy of insurance coverage and compliance with established policies/ requirements.
Processes, forwards, and monitors insurance outsourced Servicer for tracking and lender placement; reviews service provider’s reports, performs inquiry/research on servicer’s Tickler System and issues request for updated insurance to Insurance Agents, et al.
Maintains ongoing insurance and tax records on all collateral.
Reviews and disseminates Insurance Exception Reports generated by outsourced Service Providers.
Monitors force placement of insurance reviews weekly policy register, confirms billing and payment of force placed premiums; issues instructions for posting lender-placed premiums on loan accounts, and verifies proper posting.
Originates escrow disbursement for payment of insurance premiums and taxes.
Reviews daily Loan System reports on forthcoming disbursements, escrow matters, and exceptions; takes appropriate action required; and disseminates information to Management.
Monitors and generates escrow analysis and annual statements.
Performs research and resolves loan issues.
Monitors Serviced by Others monthly reports and their remittance; creates Delinquency Report for Management; generates and disseminates monthly SBO Management Accounting Report and maintains current records on Servicer.
Provides client service; performs research for timely resolution of client inquiries/ complaints.
Functions efficiently and effectively under deadlines and stress while maintaining a professional and mature demeanor.
Qualifications
Extensive knowledge of loan documentation, mortgage loans, escrows, insurance requirements and terminology.
Must have experience in processing insurance (including but not limited to hazard, windstorm/hail, flood, private mortgage insurance, builders risk, liability, excess liability, worker’s comp, business income, rental loss, equipment, autos, boats, etc.)
Working knowledge of retail, residential and commercial loans, and Servicing Agreements.
Extensive PC skills (Word, Excel, Access, Outlook, Internet) and use of office machines (calculator, facsimile).
Dynamic, self-motivated, with excellent verbal and written communications skills, ability to interact with all levels of the organization, and lead.
Strong client service, organizational and time-management skills.
Detailed oriented, with ability to balance multiple time-sensitive tasks at various levels of completion.
Accuracy and great follow-up skills mandatory. Able to work in a team environment.
Education
Special Instructions to Candidates
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