Escrow Servicing Specialist
Seneca Falls, NY
About the Role
Provides and maintains various functions associated with Escrow account management for residential and home equity products as well as commercial mortgages. Oversees or assists in process management of PMI (MGIC and National MI Corp), flood insurance and A&H mortgage insurance remittances. Provides other departmental support services.
Major Duties and Responsibilities
- Sets up loans with third party vendor services including but not limited to Lereta Tax Service and Private Mortgage Insurance.
- Verifies input of insurance and taxes of all new escrow accounts on Core system and verifies Lereta Tax Service system has been updated with the information.
- Generates tax escrow reports and invoices to be paid from Lereta; process and reconcile all payments of real estate taxes.
- Generates insurance/flood escrow reports and processes all payments of insurance/flood policies that are escrowed.
- Completes escrow analysis on a monthly basis; undertakes applicable actions.
- Generates a negative escrow report on a monthly basis; verify, update and run escrow analysis, if necessary, on loans in which the escrow balance is negative over bank policy; take applicable follow up action.
- Process PMI cancellations and terminations.
- Process PMI and A&H remittances monthly; balance applicable general ledgers.
- Track flood insurance renewals and cancellations on a monthly basis for both escrowed loans and non-escrowed loans, updating the tracking spreadsheet per flood insurance tracking procedure.
- Provide back-up for loan processing specialist.
- Departmental projects, as assigned.
- A high school diploma or equivalent is required; a college degree or commensurate work experience is preferred.
- 1 year operations and escrow experience or equivalent.
- Basic knowledge of escrow management and excellent customer service skills.
- Basic knowledge of operations and insurance documentation.
- Excellent interpersonal, customer service, written and oral communication skills. Ability to communicate professionally with all levels of employees, management, vendors and customers.
- Ability to maintain confidentiality at all times.
- Be proactive and positive in a constantly changing and highly regulated environment.
- Detail oriented and efficient, with strong organizational and time management skills, ability to multi task and manage deadlines.
- Contribute to building a positive company spirit, display passion and optimism, inspire respect and trust and uphold the company values.
- Proficient in Microsoft Office Suite (Word, Excel and Outlook).