Escrow Servicing Specialist

Municipal Credit Union•New York, NY

11h

About The Position

The Escrow Servicing Specialist performs escrow administration for member residential mortgage and home equity loan portfolios, working under limited supervision and exercising significant independent judgment. The role covers real estate tax and insurance escrow administration, including property and vendor monitoring, timely and accurate payments, and scheduled annual escrow analyses in accordance with applicable regulations and investor requirements. It also includes hazard, flood, and force-placed escrow duties. The specialist serves as a subject matter expert who independently researches, analyzes, and resolves complex escrow issues; ensures escrow items are paid on time; and prepares recommendations and solutions for management. The role monitors third-party relationships, maintains written procedures, supports regulatory compliance, responds to member and internal inquiries, and may cross-train in other escrow, investor reporting, or residential mortgage servicing functions.

Requirements

High school diploma or equivalent required.
Comprehensive reading skills to review complex documents, procedures, and regulations.
Ability to work independently in a multitasking environment while meeting critical deadlines.
Computer literacy and proficiency in Microsoft Office applications.
Strong interpersonal communication skills with a focus on excellent member service.
Excellent organizational skills; detail-oriented, accurate, and self-motivated.
Ability to exercise independent judgment and research and resolve complex escrow issues.

Nice To Haves

Associate degree preferred.
Knowledge of the Harland Loan servicing system or a similar servicing application.

Responsibilities

Assist with accurate and timely payment of real estate tax escrow items.
Set up contracts with CoreLogic to support accurate tax bill reporting.
Monitor outsourced vendors and track timely disbursement of insurance escrow payments.
Maintain and update credit union records, including upcoming bills and quarterly tax amounts.
Assist with scheduled escrow account analyses in accordance with bank, state, and federal regulations and investor requirements.
Ensure accurate and timely real estate tax and insurance information with the third-party servicer in accordance with bank procedures and applicable regulations.
Assist with monitoring and handling delinquent real estate taxes.
Ensure timely and accurate payment of escrowed items, including homeowners’ and flood insurance, private mortgage insurance, and condo fees.
Review flood-positive determinations for newly originated residential mortgage and home equity loans.
Review and maintain accounts for monthly flood map changes.
Monitor member service requests and system exception reports; research and resolve issues.
Respond to internal and external member inquiries related to escrow items.
Maintain related written procedures in accordance with bank standards and regulations.
Stay informed about changes to state and federal regulations, investor servicing requirements, and bank policy.
Assist management with special projects and perform other servicing-related duties as assigned.
Assist with training new employees.
Create procedures and review and update them as needed.
Cross-train in additional escrow and investor reporting functions, and potentially residential mortgage servicing, to provide team backup.
Complete required regulatory compliance training, including BSA/AML/OFAC, and adhere to related compliance requirements.