Escrow Analyst

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LOAN SERVICING Full Time Admin - Mid Level Taunton, MA, US

2 days ago Requisition

Salary Range: $22.98 To $28.23 Annually

Job Title

Escrow Analyst

Department

Operations

Reports to

Consumer Loan Supervisor

OVERVIEW:

The Escrow Analyst is primarily responsible for managing the escrow accounts related to residential and commercial loans including but not limited to payments and tracking of real estate taxes, hazard and flood insurance, Private Mortgage Insurance, and Force Placed Insurance. The Escrow Analyst will assist and train internal and external customers with any questions or concerns regarding the Escrow account.

PRIMARY ACCOUNTABILITIES / RESPONSIBILITIES:

• Manage, track and report on all aspects of the mortgage and commercial escrow portfolios. Provides backup support to the Commercial Servicing team as necessary for items related to escrow.
• Actively participate and support the Bank’s strategic goals, review processes to recommend improvements and create efficiency.
• Research and resolve issues related to real estate taxes, hazard and flood insurance.
• Handles force placement of Hazard and Flood Insurance as required and in compliance with all state and federal regulations.
• Responds to customers’ inquiries regarding Escrow servicing and Bank procedures; analyzes amendments and supports documentation and advises customers of any impact of changes/terms.
• Ensures that escrow activities conform to the State and Federal regulations along with the Bank’s policy and procedures.
• Communicates and trains the servicing staff on escrow issues and coordinates resolution.
• Manage the annual escrow analysis process of the bank. Ensure compliance on all loans within our portfolio in the required timeframe, under the specific guidelines set forth in procedures and in compliance with state and federal regulations. Determining root causes for payment changes, overages and shortages.
• Remit payment for renewal premiums for hazard and flood insurance.
• Process the payment of real estate taxes in a timely and efficient manner within the required timeline.
• Review of delinquent tax reports provided by tax tracking servicer. Action each loan as necessary to maintain the bank’s lien position.
• Subject matter expert for all internal and external questions and issues related to escrow accounts and the analysis.
• Take the lead on monitoring and resolving issues and providing input into the overall control environment of our systems to increase operational efficiency and reduce risk.
• Maintain a sound knowledge in regulation and law, loan accounting requirements and interpret, implement and administer company policies, procedures, manuals and systems to ensure proper controls are in place to maintain compliance with all applicable regulations.
• Report, reconcile and remit payment for monthly service providers invoices, PMI, Tax Tracking, Hazard Insurance and Flood Insurance.
• Monitors COCC reporting for exceptions and portfolio management.
• Performs annual flood review to ensure sufficient coverage for life of loan.
• Monitors and communicates with customers and agencies surround LOMAs and flood zone disputes.
• Monitors and reviews Life of Loan tracking reports for flood zone changes.
• Monitor monthly PMI Eligibility report for compliance and process cancellation and/or termination orders. Updates and monitors private mortgage insurance (PMI) mortgages to ensure compliance with the Homeowners Protection Act of 1998.
• Perform annual reconciliation of internal reports to vendor tracking reports to ensure all loans secured by real estate are tracked accordingly.
• Takes a leading role in…