Insurance and Escrow Specialist

Insurance and Escrow Specialist

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The Insurance and Escrow Specialist is responsible for administering all insurance and escrow functions across the commercial and retail loan portfolios. This includes monitoring and managing property, flood, hazard, private mortgage, and life/disability insurance; conducting escrow analyses; administering escrow tax and insurance disbursements; and coordinating lender-placed insurance. The role ensures timely and accurate servicing while maintaining compliance with federal and state regulations, agency and investor requirements, and internal bank policies.

The position works closely with borrowers, insurance agents, vendors, and internal partners – including Compliance – to mitigate risk and support a high-quality customer experience.

• Insurance Administration
  • Monitor and manage property, hazard, flood and life/disability insurance coverage for commercial and retail loan portfolios.
  • Ensure required insurance coverage remains current and meets bank, regulatory, and investor/insurer guidelines (FHA, FNMA, FHLMC, GNMA, VA, USDA, FHLB).
  • Track private mortgage insurance (PMI) requirements, terminations, renewals, and annual reviews in accordance with investor and regulatory rules.
  • Review insurance documentation for accuracy, sufficiency, and compliance; follow up with borrowers and agents on deficiencies.
  • Administer lender-placed insurance including monitoring notices, coordinating placement/cancellations, posting premiums, and maintaining accurate records.
  • Complete monthly premium payments for life/disability insurance, file claims as necessary.
• Escrow Administration
  • Set up, maintain, and monitor escrow accounts for both commercial and retail loans.
  • Process escrow disbursements for taxes and insurance, ensuring timely, accurate payments.
  • Conduct annual escrow analysis in accordance with RESPA and internal policy.
  • Resolve escrow shortages, overages, and deficiencies; communicate escrow changes to borrowers.
  • Process customer requests to cancel escrow accounts ensuring compliance with required notification timelines.
• Customer, Vendor, and Internal Coordination
  • Serve as the primary point of contact for insurance agents, carriers, escrow vendors, and force-placed insurance providers.
  • Provide courteous and professional service to borrowers, loan officers, internal departments, auditors, and investors.
  • Coordinate with the Compliance Officer on insurance-related regulations (flood, PMI, RESPA escrow standards) and assist with audits, exams, and reporting needs.
  • Prepare transfers, GL entries, and reconciliations for escrow and insurance transactions.
• Compliance and Reporting
  • Maintain accurate records and documentation.
  • Prepare routine and ad‑hoc reports for management, Compliance, and Risk.
  • Participate in audits and exams related to insurance and escrow.
  • Stay current with federal/state regulations, including Flood Disaster Protection Act, RESPA, PMI requirements, and applicable investor servicing guidelines.
  • Assist with testing, vendor updates, and system enhancements related to escrow or insurance modules.

• Participate in department training, meetings, and cross-functional projects.
• Provide support during year-end processes and regulatory change implementations.
• Perform other duties as assigned.

• High School Diploma or equivalent required.
• 1 or more years of experience in mortgage servicing, escrow administration, or insurance operations.
• Working knowledge of mortgage and commercial real estate loan servicing practices.
• Knowledge of federal/state insurance and escrow regulations (Flood, RESPA, PMI rules).
• Proficiency with mortgage loan servicing software; strong MS Office skills.
• Excellent communication, organizational, and problem‑solving skills.
• Ability to manage multiple priorities and adapt to evolving business needs.

• Office environment is generally pleasant and comfortable.
• Minimal physical effort required; work is primarily desk‑based with occasional movement and handling of light materials and supplies.
• Handling of moderately heavy materials (up to 20 pounds).

Entry level

Full‑time

Other

Banking