Loan Servicing Collateral Tracking & Escrow Specialist (onsite)

Newtown Savings Bank • Newtown, CT

44d • Hybrid

About The Position

Newtown Savings Bank is seeking an organized, team player to fill the role of a Loan Servicing Collateral Tracking & Escrow Specialist position.  This position is responsible for collateral tracking, including the payment of real estate taxes and any type of escrowed expense. Assist in the completion of the annual escrow analysis process.  Ensure work is processed to meet department standards and all regulatory requirements. Recommend updates and challenge department procedures.  This is an onsite opportunity at our corporate office in Newtown, CT.  This role has a remote option of one day per week.

Requirements

• High School diploma required and 1-2 years banking experience with basic accounting coursework and/or 1 year work experience in a loan related position.
• Basic understanding of Loan Servicing functions such as an understanding of the core loan system or have experience in other loan systems.
• Attention to detail, strong customers service skills, and strong communication skills.
• Solid understanding of Microsoft Excel and Word applications.
• Work independently and in a team environment; must be well organized and dependable.
• Maintain the utmost confidentiality on all bank matters.

Responsibilities

• Assist in processing escrow disbursements such as taxes, hazard insurance, flood insurance, private mortgage insurance, lender placed insurance, credit life and disability, and remit in a timely manner.
• Assist in the annual escrow analysis process ensuring state and federal regulatory requirements are met.  Order annual escrow statements; analyze overages and shortages and/or deficiencies for all escrow accounts.
• Responsible for the review of all loans in a designated flood zone, as well as loans remapped into a flood zone.  Assist with maintaining sufficient insurance coverage throughout the life of the loan meeting current regulatory guidelines.  Assist with customer and departmental questions relating to flood insurance guidelines.
• Assist with monitoring Private Mortgage Insurance (PMI) cancellations and consumer requests for cancellation.  Prepare letters and new escrow analysis as required by regulation.
• Review various COCC Insight reports and be responsible as the second review approval sign-off.
• Responsible for monitoring Master insurance policies for all Condominium and Planned Unit Developments to ensure the current insurance policy is on file.  Assist with contacting condo association/property manager for insurance when necessary.
• Monitor commercial insurance tracking and provide assistance to the Commercial Closing area in obtaining updated insurance which may include commercial insurance, key man-life insurance, insurance covering all business assets, and SBA loans. Responsible for contacting insurance agents and commercial loan officers and/or customers to obtain current insurance.
• Check all residential insurance policies scanned to Identifi for final review.
• Responsible for setup and/or monitoring for Hazard, Flood and Lender Placed activations, cancellations and terminations.
• Monitor and set up new tax escrow starts for loans/ mortgages as required.
• Respond to customer inquiries via the group phone extension and email box providing prompt and courteous service.
• Assist staff in resolution of sensitive customer issues and professionally problem-solve for customers who are dissatisfied.
• Responsible for reviewing collateral tracking for secured vehicle titles.  Ensure regulatory requirements are met.
• Challenge, develop and maintain updates to written procedures.

Benefits

• Full time employees also receive a complete benefit package including a generous 401(k), medical benefits, paid time off, and short and long term disability programs.

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level
• Education Level: High school or GED
• Number of Employees: 251-500 employees