LOAN OPERATIONS ESCROW REPRESENTATIVE

POSITION TITLE: Loan Operations Escrow Representative

DEPARTMENT: Loan Operations

LEVEL: 105

FLEXIBLE WORK PROGRAM ELIGIBILITY CODE: Hybrid Work (HW) & Flextime (FLT)

Function:

Under the general supervision of the Loan Operations Residential-Consumer Team Lead performs a variety of Loan Operations escrow duties. Provides and maintains various functions pertaining to Escrow Taxes, PMI, Hazard and Flood Insurance account management associated with Commercial, Residential, and Manufactured Homes. Oversees or assists in process management of insurance claim checks, forced placed insurance, and monthly new loan insurance billing. Has a working knowledge of escrow/insurance disbursements and escrow analysis ensuring that bank standards and regulations are followed.

Duties:

1. Adhering to investor guidelines while administrating insurance loss claims. Responsible for handling borrowers with all insurance claims including adhering to bank and investor regulations regarding endorsement and distribution of funds. Ensure proper insurance claim documentation is received, escrows funds when necessary, and disburses to contractors as work is completed. Follows up with customer until project is complete.

1. Works with commercial loan officers and commercial customers to handle Commercial insurance claims. Maintains customer relationships while ensuring work is completed to satisfaction. Disburses funds to contractors as needed. Follows up with the customer until project is complete.

1. Part of the team responsible for tax payments to various towns and municipalities, monitoring tax status on all real estate loans (escrow and non-escrow); Responsible for disbursement of hazard and flood insurance premiums to various agencies and companies on escrowed accounts; performs escrow analysis on accounts.

1. Provide accurate and timely reports such as PMI accounts listing, or force-placed summaries as requested by management, auditors, and examiners.

1. Reviews and processes various daily and monthly vendor reports including exceptions, updating flood amounts required for over 300 loans as flood policy is renewed, reviews construction loans for initial advance to ensure proper builders risks insurance is in place, and reviews special handling loans and waived insurance reports.

1. Handles the monthly processing of PMI payments to four plus vendors. Responsible for ensuring that PMI loans are transferred from the mortgage company to the Bank.

1. Responsible for ensuring bank remains compliant with federal regulations when customer requests escrow be collected for taxes and insurance post-closing. This includes obtaining authorization forms from customers, gathering tax and insurance figures, running a new analysis and ensuring the initial deposit is received.

1. Responsible for ensuring bank remains compliant with federal regulations when customer requests escrow be removed. Follows investor guidelines and ensures LTV is sufficient. Provides customer with three-day rescission letter and ensures account is closed after the rescission period. Mails customer necessary compliance letters.

1. Verify tax information has been updated into the CoreLogic Tax service site and conduct escrow maintenance if necessary. Research and resolve CoreLogic exhibit and parcel exceptions.

1. Assists in maintaining and updating the regulatory non-escrow delinquent tax report. Contacts municipalities for updates, follows up with customers to ensure prompt payment and sends delinquent tax notification letters when necessary.

1. Work with external vendors, insurance tracking company and tax tracking company as well as PMI companies, to correct or update any data or formatting issue to ensure vendor relations.

1. Stays abreast of Real Estate and insurance requirements for all states that we lend in including the different requirements for high priced loans.

1. Disburse all forced placed policies on a weekly basis. Balance disbursements to the monthly invoice from our insurance tracking vendor and resolve billing discrepancies when necessary.

1. Quarterly reviews flood loans to ensure accurate reconciliation between bank systems and Allied tracking systems. Reviews private flood insurance policies monthly to ensure they meet CFPB regulations.

1. Assists in the research of annual escrow analysis exceptions and update system, if necessary. Reviews and researches customer inquiries regarding various taxes and insurances.

1. Works on department cases in Sales Force and assists customers with phone call inquiries.

1. Complies with all federal regulations relative to the position including but not limited to all lending regulations, GLB, BSA, PATRIOT, RESPA, OFAC & CIP. Complete requirements for internal/external audits related to Secondary Market to ensure regulatory compliance are met.

1. Assumes additional responsibilities as requested. Overtime will be required during high volume periods in order to keep work up to date.

Knowledge/Skills/Experience Requirements:

• Strong business communication skills with an ability to work well in a collaborative environment including other internal departments.
• Strong attention to detail with an ability to multi-task and respond well to pressure and competing deadlines.
• Strong skills in Excel (pivot tables, vlookups, and other formulas).
• Fast learner – able to assimilate new ideas and thrive in a fast-paced environment.
• Team Player- Escrow team works closely with each other and daily functions shift between employees.
• Strong Communication skills

Physical/Work Condition Requirements:

• In the performance of respective tasks and duties, the employee is expected to successfully perform the essential functions of the position. Reasonable employee accommodation for physical or mental disabilities will be considered on a case-by-case basis. While performing duties the employee is required to sit, talk, hear, lift to 20 lbs., and may be required to work evenings and/or weekends, attend remote meetings and/or travel.