Escrow Specialist

The Escrow Specialist is responsible for ensuring all escrowed items are paid in a timely manner. In addition, the Specialist handles optional insurance balancing for the billing, upgraded customer issues, loss claims processing and research. This position also monitors loans for flood insurance and lender placed insurance. The Escrow Specialist ensures that the operation of the Escrow department stays compliant with regulatory requirements and updates policies and procedures as necessary.

This position is 100% in person.

• High School diploma or GED required; associate degree in a Business-related field or commensurate experience preferred.
• Minimum of one (1) year of banking or mortgage experience preferred.
• Excellent written and verbal communication skills.
• Strong interpersonal skills to work collaboratively and effectively with management, peers, and customers.
• Knowledge of FNMA, FHLMC, FHA and VA loan servicing procedures and regulations is preferred.
• Knowledge of RESPA and CFPB regulations is preferred.
• Knowledge of Microsoft Office applications (Outlook, Teams, Excel, Word, etc.) is required.
• Must possess excellent mathematical and analytical skills.
• Must be able to organize and manage workload effectively, to allow for timely and accurate completion of assigned duties and to assist other staff members.

• Review tax/insurance reports identifying items that need paid/updated and direct the loan administrators in paying real estate taxes/insurance premiums.
• Verify appropriate letters for Lender Placed Coverage for hazard and flood insurance are sent to customers.
• Placed lender placed coverage on vacant properties.
• Ensure adequate flood insurance coverage on properties in Special Flood Hazard area.
• Monitor delinquent taxes and hazard cancellations and ensure the required borrower notifications are sent within the required time frames on flood/hazard insurance.
• Process PMI/EDI and HUD billing and flood mapping updates and send appropriate letters when necessary.
• Process loss draft claims according to investor and bank guidelines.
• Handle research on questions/problems as requested from other departments and on upgraded customer issues.
• Balance daily cash received to optional account posting.
• Add/delete optional insurance as needed.
• Remit optional insurance premiums to appropriate companies.
• Send letters to flood tracking companies to cancel life of loan monitoring on paid in full loans.
• Advance taxes/hazard on hardship modifications.
• Obtain and update evidence of insurance on condominiums.
• Establish/maintain tax and insurance payees as needed.
• Verify tax/hazard check amounts to insurance/tax bills.
• Proactively review processes to improve quality and/or efficiency.
• Verify and ensure proper escrow line settings on new loans.
• Participate and respond to internal as well as external audits.
• Sort/review reports and give to appropriate loan administrators.
• Create monthly tax payee listings to identify the quantity of tax bills in each area.

Overtime may be required as needed.

Nothing in this job description restricts management's right to assign or reassign duties and responsibilities to this job at any time. All employees have the responsibility and the accountability to serve as risk managers for their businesses by understanding, reporting, responding to, managing, and monitoring the risk they encounter daily as required by Dollar Bank's risk management program. Compliance with regulatory laws and company procedures is a required component of all position descriptions.