About the position
The HAND Escrow Coordinator works in NACA's Home and Neighborhood Development (HAND) Department and is responsible for the processing and management of rehab escrows transactions. The Rehab Escrow are funds held by the lender to be disbursed for completed work for a specified scope of work after the loan is closed. The Escrow Coordinator has direct oversight over all open escrow accounts. S/he works with the Member, contractor, draw inspectors and lender to authorize payment disbursements, management of rehab escrow balances, project ledgers and close outs. S/he communicates with the Member and their approved contractor(s), aid and education about HAND's post close payment process policies. An Escrow Coordinator must contact multiple Members each day resulting in at least forty (40+) reviews a day, which includes confirmation of funds, preparation of rehab ledgers, draw inspection reviews, payment authorizations, lender payment conditions, reconciliation of funds resulting from project change orders and eventual escrow close out requests. The Escrow Coordinator works directly with the lender's construction lending teams maintaining regular reporting of all open accounts, setting up new vendors, providing approved supporting documentation of all project work and addressing aged account reviews.
Responsibilities
- Confirm that the amount available for disbursement matches final budget and Closing Disclosure.
- Prepare the project ledger and provide it to the Member.
- Review draw inspection(s) to determine payment authorization based on the percentage of work complete.
- Communicate with Member concerning inspection and applicable comments.
- Request payment to contractor from lender within 48 hours of receiving Member's approval.
- Scan proof of disbursement by Lender and update project ledger.
- Confirm that license, insurance and W9 are current for vendor set-up.
- Receive and confirm accurate lien waiver in amount of payment release.
- Maintain accurate and detailed ledger of the Rehab Escrow balance.
- Work with HAND management and Legal department regarding project disputes.
- Conduct bi-weekly review of open accounts and provide lender with status of project.
- Provide completed detailed narratives within NACA lynx system.
- Confirm and complete all scheduled appointments on HAND calendar.
- Inform and prepare members for the HAND rehab process.
- Follow-up with Members, Vendors, Lender, NACA staff and others.
- Obtain regular project updates until project complete.
- Provide reports including Aged Account Report on status on all aged files.
Requirements
- B.A. or B.S. in Accounting, Finance, or Residential Construction Related Fields - Preferred.
- High School Graduate or Equivalency - Required.
- Five years or more in business accounting or bookkeeping.
- Field experience as relates to Residential Construction Management, Repair, Maintenance and Inspection Services - preferred.
- Regional knowledge of local and state building codes, permits and licensing requirements.
Nice-to-haves
- Hold License(s) or Certification(s) in one or more residential repair trade services - Preferred.
- Mortgage and/or real estate courses - preferred.
Benefits
- Salary Range: $18.00 To $25.00 Hourly
- Full-Time position with potential for overtime.
