Insurance Escrow Specialist

River Run Services•Newburyport, MA

20h

About The Position

River Run is a shared services organization supporting its banking affiliates, Newburyport Bank, Pentucket Bank, and Rollstone Bank & Trust. The Insurance Escrow Specialist manages insurance escrow accounts accurately and on time, including annual escrow analyses, insurance and private mortgage insurance (PMI) payments, and monitoring property insurance status in compliance with regulatory requirements. The role prepares monthly and quarterly reports on flood tracking and insurance status and ensures collateral is properly insured and payments comply with applicable regulations. The specialist supports compliance with federal and state laws, regulations, bank policies, and investor guidelines. This includes keeping current on bank products, services, procedures, policies, and applicable compliance requirements, and verifying transactions and account balances, including compliance with the Bank Secrecy Act as applicable to the role.

Requirements

High school diploma.
At least 5 years of experience in a professional office environment within a lending-related function, preferably focused on escrow.
Basic knowledge of state and federal lending regulations, including the Real Estate Settlement Procedures Act, Homeowners Protection Act, and Biggert-Waters Flood Insurance Reform Act.
Basic knowledge of word processing, spreadsheet, and other office applications.
Strong customer service skills and attention to detail.
Ability to work successfully both independently and as a member of a team.

Responsibilities

Complete annual escrow analyses for all loans in compliance with applicable regulatory requirements.
Manage insurance and PMI payments to ensure they are completed on time.
Track open insurance loss proceeds and approve disbursements in accordance with investor guidelines.
Review and process PMI cancellation requests and automatic cancellations in accordance with regulatory requirements and investor guidelines.
Review flood insurance at renewal to ensure sufficient coverage, and complete Private Flood Insurance reviews as needed.
Coordinate with the Insurance Tracking Service to monitor property insurance status and the force-placement process, ensuring collateral is properly insured.
Support quarterly flood tracking and reporting to the Compliance Committee.
Attend team meetings and complete mandatory training on schedule; apply current knowledge to daily work to ensure accuracy and compliance.
Adhere to federal and state laws, regulations, and bank policies by preventing violations, minimizing risks, and safeguarding the Bank’s interests.
Verify transactions and account balances in compliance with bank policies and applicable state and federal regulations, including the Bank Secrecy Act as applicable.