Retail Loan Servicing Escrow Specialist

Farmers National Bank of Canfield•Canfield, OH

About The Position

Ensure timely payment of escrowed items for mortgage loans, including insurance and real estate taxes. Manage insurance coverage for non-escrow investor-sold loans by reviewing cancellation notices and ensuring continuation of coverage. Initiate force place coverage when necessary and process payments for policies placed. Set up and maintain escrow addenda and non-escrow insurance tracking for new and sold loans. Input new tax records into the system and on tax servicer websites.

Requirements

High school diploma or GED
3 years' experience with escrow in a loan servicing environment or title company required.
Strong attention to detail with ability to multi-task.
Understanding of GLs and flow of funds for disbursements from customer’s escrow account.
Good verbal and written communication with ability to explain complicated financial information such as escrow analysis or private mortgage insurance in layman’s terms.
Understanding of escrow analysis and compliance of same.
Strong organizational ability with attention to detail with ability to multi-task in a fast-paced environment.
Good problem solver and independent thinker with ability to research and communicate results to branch personnel or customers.
Team oriented with demonstrated effort to assist other department staff during peak work flow.

Responsibilities

Disburse funds from borrowers' escrow accounts for various insurance payments by the due date.
Ensure loans with escrow are set up correctly, with addenda referencing the correct vendor, payee, due date, and policy expiration.
Notify IT of the need for new vendors for taxes or insurances.
Monitor open items for bills and dec pages not received using Business Analytics reports and contact insurance companies to obtain necessary documents within department timeframes.
Monitor non-escrow accounts using BA reports to ensure receipt of non-escrow policies for investor-sold loans.
Contact borrowers and/or insurance companies upon receipt of any cancellation notice and initiate the force place process as necessary.
Ensure escrow disbursement GL is cleared timely for disbursements from the borrower's escrow account.
Act as a point of contact for branches, customers, and agents regarding escrow issues, including insurance payments, policies, or taxing authorities.
Open and identify daily insurance mail received.
Assist with branch and customer questions on escrow analysis.
Assist with questions on the removal of private mortgage insurance and mailing of annual disclosures.
Perform data entry of new tax records in the tax servicer's website.
Complete all mandatory and elective training, including BSA and Anti-Money Laundering procedures, and maintain compliance with all appropriate rules and regulations.
Perform other duties as assigned.
Maintain regular and predictable attendance.