Escrow Specialist
About The Position
The Escrow Specialist is responsible for the administration and maintenance of the bank’s escrow portfolio, ensuring accurate analysis, payment processing, account maintenance, and regulatory compliance. This role oversees escrow account setup and boarding, performs escrow analyses, processes tax and insurance disbursements, and maintains escrow-related documentation throughout the life of the loan. The Escrow Specialist works closely with Loan Servicing, borrowers, insurance providers, tax authorities, and other third parties to ensure escrow accounts are managed accurately, efficiently, and in accordance with bank policies and regulatory requirements.
Requirements
- High school diploma required; Associate’s or Bachelor’s degree preferred.
- 5+ years of experience in escrow administration, mortgage servicing, or loan servicing REQUIRED.
- Working knowledge of escrow analysis, insurance tracking, tax payments, and mortgage servicing practices.
- Familiarity with RESPA requirements and escrow regulations preferred.
- Strong computer skills, including Microsoft Office and loan servicing systems.
Nice To Haves
- Familiarity with RESPA requirements and escrow regulations
Responsibilities
- Perform initial and ongoing escrow account setup, maintenance, and boarding for consumer and mortgage loan portfolios.
- Conduct annual and periodic escrow analyses to ensure appropriate collection and disbursement amounts.
- Process escrow disbursements for property taxes, hazard insurance, flood insurance, and other required payments.
- Monitor escrow accounts for shortages, surpluses, deficiencies, and payment exceptions.
- Prepare and distribute escrow analysis statements and customer notifications.
- Maintain accurate escrow records, loan documentation, and account files.
- Review and update insurance information, tax records, and escrow-related documentation.
- Research and resolve escrow discrepancies, payment issues, and customer inquiries.
- Coordinate with borrowers, insurance agents, tax authorities, and other third parties regarding escrow matters.
- Ensure escrow administration complies with applicable regulations, including RESPA and other regulatory requirements.
- Assist with audits, examinations, reporting requirements, and document retention processes.
Benefits
- Health, dental, and vision insurance
- Life and disability insurance
- Critical illness, accident, and hospital indemnity insurance
- Pet insurance and pet discount program
- 401(k) plan
- Generous paid time off policy
- Generous holiday schedule
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What This Job Offers
Job Type
Full-time
Career Level
Mid Level
Education Level
High school or GED
