Escrow Specialist

RESPONSIBILITIES

• Ensure accurate and timely payment of hazard insurance premiums, Private Mortgage Insurance (PMI) premiums and real estate taxes for escrow mortgages and commercial loan accounts in compliance with RESPA regulations.
• Track insurance coverage on escrowed and non-escrowed mortgage loans by processing and following up on insurance declaration pages, cancellation, reinstatement, and new business notifications. Follow up with force placed insurance process as applicable.
• Review daily, weekly, monthly and quarterly system reports, within the Servicing Level Agreement (SLA), to ensure escrow accounts are functioning properly according to investor and federal guidelines. Make necessary corrections or notify other team members of action needed.
• Analyze and interpret escrow analysis statements for customer's and lenders.
• Research and resolve complex escrow account issues regarding disbursement of insurance, PMI, taxes, escrow shortage payments, escrow overage checks, payoffs, releases, etc.
• Quote mortgage payoffs to internal and external customers.
• Process mortgage payoff transactions and payoff overage checks. Prepare mortgage releases on paid off loans.
• Set up new escrow accounts by creating a manual escrow analysis statement and cancel escrow accounts on existing loans.
• Work with third party vendor to monitor non-escrowed mortgage loans with delinquent taxes. Pay delinquent taxes and set up escrow as applicable for sold loans and as instructed by the regional managers for portfolio loans.
• Respond to Escrow phone calls, workflow requests, email, in-person requests, and fax requests in order of urgency and/or priority.
• Maintain awareness of and adherence to Bank's compliance requirements and risk management concepts, expectations, policies and procedures and apply them to daily tasks.
• Deliver a consistent, high level of service within our Serving More standards.
• Other duties as assigned.

COMPETENCIES

• Interpersonal/Customer Service Skills
• Written and Verbal Communication
• Ability to understand and follow directions
• Adaptable to change
• Basic Computer Skills
• Organizational Skills/Detail Oriented
• Analytical Thinking
• Able to Multi-Task or Juggle Priorities
• Problem/Situation Analysis
• Ability to work as part of a team

SCHEDULE

Department hours are Monday through Friday, 8 am to 5 pm. This position is hourly and full time. A minimum of 37.5 hours per week is required to maintain eligibility for full-time status. Generally the position will require 40 hours per week. During peak periods the position may require more than 40 hours per week. This position is 100% onsite in Newark.