Escrow Servicing Specialist

Marquette Savings Bank • Erie, PA

5d • Onsite

About The Position

The Escrow Servicing Specialist is responsible for the administration of mortgage escrow accounts, ensuring timely payment of property taxes, hazard insurance, flood insurance, and other escrowed items. This position monitors escrow balances, performs escrow analyses, resolves payment discrepancies, and provides exceptional customer service to borrowers regarding escrow-related inquiries. The specialist will also assist in providing general back-office support for mortgage loan servicing. This position requires knowledge of banking practices, procedures, and standards in accordance with federal regulations and of personnel principles and practices.

Requirements

• High school diploma required
• Knowledge of mortgage escrow accounting and servicing practices.
• Strong understanding of property taxes, insurance requirements, and escrow calculations.
• Excellent analytical and problem-solving abilities.
• Strong customer service and communication skills.
• High attention to detail and accuracy.
• Ability to manage multiple priorities and deadlines.
• Proficiency with mortgage servicing systems and Microsoft Office applications.
• Ability to demonstrate general knowledge of the Bank Secrecy Act/USA Patriot Act, Privacy laws and regulations, as well as consumer protection lending laws and regulations; including, but not limited to, Fair Lending laws and regulations (Equal Credit Opportunity Act, Regulation B, Community Reinvestment Act, and Home Mortgage Disclosure Act), Truth-in-Lending Act, Real Estate Settlement Procedures Act, and Flood Disaster Protection Act.
• General knowledge of information security is required. This includes understanding the importance of safekeeping confidential customer information, understanding and acknowledgement of Bank policies in relation to information security, and maintaining safety in the Bank’s network.
• Ability to read and interpret documents such as safety rules, instructions, and procedure manuals.
• Ability to speak effectively with customers and employees of organization.
• Ability to use standard office equipment.
• Ability to add, subtract, multiply, and divide using whole numbers, common fractions, and decimals.
• Ability to apply common sense understanding to issues and carry out both detailed and uninvolved written or oral instructions.

Nice To Haves

• Associate's or Bachelor's degree preferred.
• 2-5 years of mortgage servicing, escrow administration, loan servicing, or banking experience preferred.

Responsibilities

• Process and monitor payments for real estate taxes, homeowner's insurance, flood insurance, PMI, and other escrowed items.
• Verify and maintain tracking for continuous insurance coverage on mortgaged properties and follow up on missing policies or lapses in coverage.
• Administer the Force Place Insurance Process (flood and hazard) and ensure lending compliance as per the regulatory guidelines
• Perform annual escrow analyses, identify shortages/deficiencies/surpluses, and prepare borrower notifications.
• Calculate and implement escrow payment adjustments.
• Respond to customer inquiries regarding escrow accounts, tax payments, insurance premiums, and escrow analyses.
• Process customer escrow election change requests (adding or canceling escrow accounts)
• Research and resolve borrower complaints and servicing issues.
• Maintain tax service and insurance vendor relationships.
• Ensure compliance with RESPA, CFPB servicing regulations, investor guidelines, and internal policies while maintaining accurate servicing records and documentation.
• Track and resolve unpaid, rejected or returned escrow disbursements.
• Balance general ledger accounts while investigating discrepancies.
• Review tax assessments and special assessments impacting escrow accounts.
• Prepare servicing reports and audit support documentation.
• Assist with internal and external audits related to escrow administration.
• Assist loan analysts with general loan servicing functions, such as payoffs, mortgage satisfaction, payment corrections, and returned payments.

Benefits

• Marquette is an Equal Opportunity Employer, and we actively recruit, and seek to hire, retain, and promote a diverse workforce; we are an equal opportunity employer of protected veterans and individuals with disabilities.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: High school or GED