Retail Loan Servicing Escrow Specialist

Farmers Logo 2022•Canfield, OH

About The Position

Ensure timely payment of escrowed items for mortgage loans, including insurance and real estate taxes. Manage continuation of coverage for non-escrow investor-sold loans by reviewing cancellation notices and contacting relevant parties. Initiate force place coverage for necessary policies and monitor payment cycles. 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 the tax servicer's website. This role requires a strong understanding of GLs and fund flow for disbursements, excellent communication skills for explaining financial information, and organizational abilities to manage tasks in a fast-paced environment. The specialist will also act as a point of contact for branches, customers, and agents regarding escrow issues and assist with escrow analysis and private mortgage insurance removal.

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.
Must possess a 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

Ensure payment of escrowed items (insurance, real estate taxes) for mortgage loans are paid prior to due dates.
Ensure continuation of coverage for non-escrow investor-sold-loans using system reports and cancellation notices.
Review cancellation notices and contact borrowers and/or insurance companies to ensure continuation of coverage.
Initiate policies needing force place coverage and monitor force placed letter cycles, issuing payment when a policy is placed.
Set up and maintain escrow addenda’s and non-escrow insurance tracking for new mortgage loans with escrow and investor sold non-escrow mortgage loans.
Input new tax records in the system and on the tax servicer’s web site.
Disburse funds from borrowers escrow account for the payment of various insurances by date due.
Ensure loans with escrow are set up correctly and addenda’s reference the correct vendor, payee, due date and expiration of policy as applicable.
Notify IT of the need for new vendors for any vendor type for taxes or insurances.
Use Business Analytics reports to monitor open items for bills and dec pages not received.
Call insurance companies to obtain correct documents for escrowed accounts within department timeframes.
Monitor non-escrow accounts using BA reports to ensure receipt of non-escrow policies for investor sold loans.
Contact borrower and/or insurance company upon receipt of any notice of cancellation, starting the force place process as necessary.
Ensure escrow disbursement GL is cleared timely for disbursements from borrower’s escrow account.
Act as a point of contact with branches, customers, and agents for any questions relating to any escrow issues including insurance payments or policies or taxing authorities.
Open and identify daily insurance mail received.
Assist with branch and customer questions on escrow analysis.
Assist with questions on 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.
Maintain compliance with all appropriate rules and regulations.
Perform other duties as assigned.
Maintain regular predictable attendance.