HAND – Escrow Coordinator

The HAND Escrow Coordinator works in NACA’s Home and Neighborhood Development (HAND) Department and is responsible the processing and management of rehab escrows transactions. The Rehab Escrow are funds held by the lender to be disbursed for completed work for a specified scope of work after the loan is closed. The Escrow Coordinator has direct oversight over all open escrow accounts.

S/h works with the Member, contractor, draw inspectors and lender to authorize payment disbursements, management of rehab escrow balances, project ledgers and close outs. S/h communicates with the Member and their approved contractor(s), aid and education about HAND’s post close payment process policies. An Escrow Coordinator must contact multiple Members each day resulting in at least forty (40+) reviews a day, which includes confirmation of funds, preparation of rehab ledgers, draw inspection reviews, payment authorizations, lender payment conditions, reconciliation of funds resulting from project change orders and eventual escrow close out requests.

The Escrow Coordinator works directly with the lender’s construction lending teams maintaining regular reporting of all open accounts, setting up new vendors, providing approved supporting documentation of all project work and addressing aged account reviews.

Employment with NACA requires ongoing participation in NACA’s advocacy, outreach, community organizing, and other activities as determined by NACA. NACA Counselors must support and actively promote NACA’s tactics and mission of fighting for economic justice including participation in NACA’s aggressive advocacy campaigns and other activities. This is also important in expanding NACA’s Best in America Mortgage, home ownership, and other programs. While these activities are crucial for NACA’s continued success, they may reduce the available time for NACA Counselor’s to work with their Members and impact their Performance Pay compensation in the short term.

These activities contribute to long term production as they contribute towards awareness in the community of NACA’s product and services.

This position requires general accounting and bookkeeping experience in facilitation of the Rehabilitation Escrow agreement and disbursement policies including, but not limited, to specific responsibilities described below.

• Work Escrow Confirmation and account set up – Confirm that the amount available for disbursement matches final budget and Closing Disclosure. Prepare the project ledger and provide it to the Member. Confirmation done within 48 of loan closing.
• Draw Inspections – Review draw inspection(s) to determine payment authorization based on the percentage of work complete with deduction for holdbacks and verified material purchases. Decision within 24 hours of receiving draw inspection including requesting additional documentation and information from Member and contractor.
• Payment Authorizations – Review draw inspection and inspector comments related to completeness and quality of work. Communicate with Member concerning inspection and applicable comments. Determine the agreed upon amount to release to contractor for partial or full and final payment. Communicates with Member within 48 hours of receipt of inspection.
• Payment Turn Times – requesting payment to contractor from lender within 48 hours of receiving Member’s approval, contractor’s lien waiver and applicable supporting documents.
• Lender Payment – within 48 hours of proof of disbursement by Lender, scan proof into file and update project ledger. Send Member project ledger noting balance of escrow account.
• Vendor Set-Up – Confirm that license, insurance and W9 are current and submitted to Lender for future payment disbursements.
• Lien Waivers – Receive and confirm accurate lien waiver in amount of payment release for partial or final payments.
• Payment Verification – verify and document all approved change order deductions and credits to support accurate accounting of monies applied to each contract agreement supporting total amount of funds due contractor at completion of work.
• Accounting Ledger – Maintain…