What are the responsibilities and job description for the Escrow Servicing Team Lead position at Mercantile Bank?

Job Description

Mercantile Bank is hiring immediately for an experienced Escrow Servicing Team Lead.

Who We Are

Mercantile Bank was created with a goal to deliver financial solutions that empower people and businesses to achieve their dreams, while bettering the lives of its employees and their communities. We have grown from a humble idea to over 40 locations, 6 billion in total assets, and nearly 700 employees. Our values remain at the heart of everything we do - through inclusivity, innovation, and collaboration, we achieve excellence every day and are accountable not only to our customers, but to our employees and the communities in which we serve.

We are proud to invest in our people and our communities, and our employees show their integrity in every interaction. We believe in hiring people based on their character and if necessary, teaching them the skills they need to be successful. We focus on developing employees and seek to promote from within whenever possible.

Our reputation as a great place to work didn't just happen. Our intentional efforts to provide excellent benefits, competitive wages and bonuses, volunteer opportunities, and many options for you to get involved, whether your interest is in learning more about banking, sharpening your leadership skills, or planning a fun activity we have a way for you to get connected with others in the bank and the community. We're proud (but honestly not that surprised) to be one of West Michigan's Best and Brightest Companies to Work For, 16 years and counting.

Escrow Servicing Supervisor : Rewards and Benefits

Some of the medical and wellbeing benefits we provide are :

Multiple medical, dental, and vision plans to choose from
Flexible Spending Accounts (FSA)
Paid Time Off : Paid vacation and paid sick time to care for yourself and your family, 10 paid holidays and a Giving Day to do work that you are passionate about in your community.
Company Paid Life Insurance of 3 times your annual salary.
Employee Assistance Program (EAP)
Adoption and IVF Assistance
Fitness Equipment Purchase Plan

We also provide many opportunities to invest in your financial wellness and career development by providing :

401(k) match at 100% up to the first 5% of your contribution

Employee Stock Purchase Plan

529 College Savings Plans

Discounted bank services

Legal protection

Tuition Reimbursement

Exceptional training, and development opportunities tailored to your career interests and goals.

Escrow Servicing Supervisor : Responsibilities and Daily Duties

The Escrow Servicing Team Lead is responsible for the supervision and leadership of the Escrow Servicing Team. In addition to performing the escrow servicing tasks, the Team Lead helps to oversee the team and processes for all mortgage escrow administration responsibilities including but not limited to flood, force placed insurance, tax and insuring monitoring / payments, payoff quotes, PMI maintenance and cancellations, as well as loan modifications. The Escrow Servicing Team Lead assists the Mortgage Servicing Manager with ensuring the team and the Bank remain compliant with all Federal and State regulations, as well as investor and organization policies and procedures.

Essential Job Functions :

Proficient in all department responsibilities

Oversee the department's daily processes to ensure accurate and timely processing of tasks as listed above

Serve as the primary escalation p0int for internal / external support questions, problems, complaints or other decisions requiring manager level judgements. Ensure proper escalation and communication of issues, decisions, recommendations or changes within / outside the department (when appropriate) and with the department manager.

Maintain up to date written procedures for the escrow servicing department, ensuring that they are compliant with regulatory and investor guidelines.

Ensure compliance with Real Estate Settlement Procedures Act (RESPA) requirements as they pertain to Initial and Annual Escrow Statements.

Manages tracking of private mortgage insurance (PMI) mortgages to ensure compliance with the Homeowners Protection Act of 1998.

Manages the disbursement of funds from escrow / general ledger accounts and submission of payments related to Real Estate Taxes, Hazard Insurance, Flood Insurance, and Private Mortgage Insurance premiums.

In conjunction with Manager review, respond and take corrective actions for all audits and reviews including but not limited to Internal Audit, Compliance, and Regulatory as applicable.

Perform quality checks and establish quality control protocols.

Leads efforts to continue process improvement, with a keen eye on risk management, while also helping to identify potential opportunities to leverage automation.

Keep department staff informed of pertinent policies and procedures affecting the department and / or their jobs; create an atmosphere in which upward and open communication from the employees is encouraged.

Interact with other departments for a smooth flow of information and collaborations to achieve objectives.

Research and respond to advanced or escalated customer requests for information or error resolution as needed.

SUPERVISORY RESPONSIBILITIES (gradually introduced)

Oversee staff development, training and conduct performance reviews, recommend salary adjustments -identify needs / concerns and respond accordingly.

Maintain clear & detailed workflow tracking mechanisms that detail accuracy / quality, timeliness, & volume. Evaluate other methods for

automating workflow management across departments.

Measure staffing requirements using workflow tracking, begin projecting staffing and other budget needs.

Assist in departmental strategic planning

Oversee staff scheduling and adequacy, especially around busy or shorthanded periods like end of the month and vacations.

Escrow Servicing Team Lead : Requirements and Qualifications

3-5 years' experience in Escrow Servicing.

An associate's degree or equivalent job-related certifications or experience.

Working knowledge of investor guidelines for Freddie Mac and / or Fannie Mae, and regulatory requirements established under RESPA.

Stong communication skills, able to multitask, learn quickly, problem solve and function well in a fast-paced work environment.

Preferably in the Alma Market (or at our Comstock Park location), with the opportunity to work hybrid, both in office and from home after 6 months at the bank.

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