Collateral Management Tax & Insurance Associate

OceanFirst Bank•Toms River, NJ

About The Position

The Collateral Management Tax & Insurance Associate performs duties related to real estate taxes and property and flood insurance requirements for commercial loans. The role includes making timely payments of taxes and insurance premiums for escrowed accounts, tracking taxes and insurance for non-escrowed loan accounts, and maintaining collateral and escrow tracking data in loan systems. The associate responds to customer inquiries, monitors vendor billing, processes payments and escrow analyses, maintains account and collateral information, supports audits and projects, and helps ensure compliance with banking regulations, agency guidelines, and organizational policies. The position works with customers, vendors, tax municipalities, insurance agents, and internal bank departments.

Requirements

High school diploma.
2–3 years of banking experience.
Excellent verbal, written, and interpersonal skills.
Knowledge of loan policies and processes.
Proficiency in the Microsoft Office Suite.
Excellent organizational and time-management skills, strong attention to detail, and ability to multitask.

Nice To Haves

Banking experience in loan servicing is preferred.

Responsibilities

Respond to internal and external inquiries regarding taxes, insurance, escrow analyses, and collateral matters.
Monitor third-party vendor billing reports to help ensure real estate taxes and insurance premiums are paid on time.
Process tax and insurance disbursements from escrow accounts, and prepare and reconcile remittances in accordance with policies and procedures.
Review, prove, and submit end-of-day totals for department settlement.
Monitor delinquent tax, water, and sewer bills and respond to possible tax sale liens.
Review escrowed and non-escrowed loan tracking to ensure hazard and flood insurance are handled in compliance with regulations, policies, and procedures.
Assist with annual escrow account analyses to ensure borrower payments adequately cover real estate tax and insurance billings.
Process interim escrow analyses as needed.
Process requests to convert accounts between escrow and non-escrow status.
Maintain collateral and escrow data in the core banking system and third-party vendor systems used by the Collateral Management team.
Process insurance mail.
Scan daily work to the archival system.
Maintain current knowledge of related systems, including the Core Banking System, Loan Originations, Collateral Tracking, Tax Tracking, and Insurance Services.
Become cross-trained to assist with other collateral management work, including collateral releases, payoff quotes, and UCC terminations.
Participate in conversions, mergers, and other projects as assigned by the Collateral Management Manager.
Review department processes for optimal efficiency.
Review and update procedures to ensure regulatory compliance and alignment with current practices.
Assist with gathering information for audits and loan sale activity as requested.
Understand and comply with banking regulations, agency guidelines, organizational policies, and Loan Servicing Operations compliance requirements for file maintenance.