Escrow Administrator

BANK FUND STAFF FEDERAL CREDIT UNION•Washington, DC

1d•Onsite

About The Position

Bank-Fund Staff Federal Credit Union (BFSFCU) is a full-service financial cooperative organized and chartered in 1947. Located in Washington, DC, BFSFCU maintains three full-service branches and a full-service Lending Center. The Escrow Administrator is responsible for the administration, monitoring, and servicing of all property tax and insurance programs on real estate loans. This includes ensuring appropriate coverage, timely payments, and accurate annual escrow analysis. The role involves establishing, reviewing, and disbursing funds from member escrow accounts for taxes and insurances, maintaining accuracy in the DNA system, and ensuring compliance with escrow regulations. The position also handles initial escrow analysis for new mortgage loans, responds to member inquiries, coordinates with various teams for issue resolution, and acts as a liaison with system vendors, insurance companies, and taxing authorities. Additionally, the role processes force-placed insurance, manages casualty loss inquiries and claims, reviews tax delinquency reports, and ensures accurate year-end reporting (1098s and PMI disclosures). The Escrow Administrator also provides assistance to Mortgage Originations representatives and adheres to the Service PACT philosophy, documenting all member interactions in the CRM system and scanning documents to OnBase. This position creates and maintains daily procedures and undertakes other assigned duties.

Requirements

Associates Degree in related field or equivalent combination of Education and Experience.
Must be eligible to register with the Nationwide Mortgage Licensing System & Registry (NMLS) and must maintain registration with NMLS as a registered Mortgage Loan Originator (MLO).
Prior Banking Experience preferred.
A strong and proven commitment to the Credit Union’s Service PACT Philosophy.
Well-developed communication and member relations skills.
Proven ability to organize and prioritize tasks in a fast-paced environment.
Proficient in computer software programs.

Responsibilities

Administer, monitor, and service all property tax and insurance programs on real estate loans.
Ensure appropriate coverage, current payments, and accurate annual escrow analysis.
Establish, review, and disburse funds from member escrow accounts for real-estate taxes, homeowners, flood, wind, and private mortgage insurances.
Ensure accuracy of insurance escrow account information on the DNA system by verifying documentation.
Ensure accuracy of tax escrow account information on the DNA system by verifying new mortgage account files, HUD-1 statements, and closer’s instructions.
Maintain taxing authority changes/updates and inform the servicing department.
Ensure escrow analysis compliance with new escrow regulations.
Process and review the annual escrow analysis, generating and sending coupons, debit memos, deficit notices, history, and next year projections.
Process escrow refund checks.
Research and respond to member inquiries regarding their escrow accounts and escrow analysis.
Process and review all new first mortgage loans initial escrow analysis within the DNA system.
Coordinate the mailing of initial escrow notifications to members.
Respond to and research all escrow inquiries or escrow servicing issues received via email, phone, DNA Contact activities, relationship manager, and walk-ins.
Coordinate with the Closing and Post Closing teams to correct issues and set up new escrow accounts.
Act as a liaison with all escrow servicing system vendors, insurance companies, and taxing authorities.
Process all aspects of force-placed insurance, including obtaining coverage, initiating notices, and processing cancellation requests.
Update all notices and information in the mortgage record of OnBase.
Act as a contact for all member casualty loss inquiries.
Obtain necessary claim documents, including repair estimates and Casualty loss agreement forms.
Ensure proper endorsements of insurance claim checks submitted by members.
Set up and monitor Casualty loss accounts in the DNA Core System and disburse funds.
Review and process property tax delinquency reports.
Coordinate with the Tax Escrow position for the mailing of property tax delinquency letters.
Follow up with members to ensure supplemental bills are paid on time.
Review year-end 1098’s and PMI disclosures statements for proper year reporting.
Ensure year-end corrections are completed in a timely manner.
Review escrow reports and correct any accounts shown as exceptions.
Review BFSFCU quarterly savings rates and the interest-on-escrow program quarterly.
Provide individual assistance and guidance to Mortgage Originations Section representatives for escrow account establishment.
Adhere to the Service PACT philosophy and standards.
Summarize and document all member interactions in the Customer Relationship Management (CRM) system.
Handle all documents in accordance with Credit Union procedures by scanning and indexing all incoming Insurance and Tax documentation/correspondence to the OnBase system.
Create, maintain, and periodically revise daily procedures for the position.
Undertake other work-related duties as assigned by the Supervisor, Mortgage Servicing.