Escrow Specialist
Milan, IL
The Escrow Specialist at our community bank is responsible for managing and processing escrow accounts related to insurance bills and property taxes for loans. This role ensures accuracy in escrow payouts, collaborates with tax servicing agencies and insurance agents, and provides exceptional customer service. The Escrow Specialist also supports Secondary Market servicing and handles various reporting tasks.
Duties and Responsibilities:
- Ensure timely and accurate payment of insurance bills and property taxes.
- Monitor escrow accounts to maintain sufficient funds for payouts.
- Reconcile discrepancies in payments and ensure compliance with regulatory requirements.
- Collaborate with tax servicing agencies to verify tax amounts and due dates.
- Resolve discrepancies and ensure accurate escrow payouts.
- Maintain updated records of tax payments and communicate changes to relevant parties.
- Communicate with insurance agents to confirm policy details and payment schedules.
- Address any issues or discrepancies in insurance payments.
- Ensure all insurance policies are up-to-date and compliant with loan requirements.
- Conduct thorough reviews of escrow analysis statements.
- Ensure all calculations and details are correct before distribution to customers.
- Identify and correct any errors in the analysis to prevent customer disputes.
- Verify the accuracy of escrow addendums in the Premier/Navigator system.
- Update and correct any errors found during the review process.
- Ensure addendums reflect current loan terms and conditions.
- Calculate and process surplus checks for customers with excess escrow funds.
- Ensure checks are issued promptly and accurately.
- Maintain records of issued checks and reconcile with escrow accounts.
- Provide clear and detailed explanations to customers regarding their escrow analysis.
- Address any concerns or questions customers may have.
- Offer guidance on how escrow accounts are managed and how payments are calculated.
- Assist with preparation and submission of loan paperwork to Fannie Mae/Federal Home Loan Bank.
- Ensure all documentation meets required standards.
- Support the Secondary Market team in managing loan portfolios and resolving issues.
- Monitor and track insurance policies for loans in the Secondary Market.
- Ensure compliance with insurance requirements.
- Communicate with insurance providers to verify coverage and resolve discrepancies.
- Offer support and guidance to customers regarding their Secondary Market loans.
- Resolve any issues or answer questions related to their loans.
- Provide information on loan terms, payment schedules, and insurance requirements.
- Prepare and review various reports related to loan balances, past due loans, and paid loans.
- Ensure reports are accurate and submitted on time.
- Analyze report data to identify trends and areas for improvement.
- Reconcile loan balances and ensure accuracy in reporting.
- Address any discrepancies found during the reconciliation process.
- Maintain updated records of loan statuses and communicate changes to relevant parties.
- Review non-posted items and posting journals for accuracy.
- Correct any errors and ensure proper posting.
- Maintain accurate records of posted transactions and reconcile with account balances.
- Verify the accuracy of newly entered loans.
- Correct any mistakes and ensure all information is accurate.
- Ensure loan entries comply with bank policies and regulatory requirements.
- All other duties as assigned.
Position Requirements:
- Familiarity with Fannie Mae/Federal Home Loan Bank.
Required Skills:
- Strong attention to detail and problem-solving skills.
- Ability to identify and resolve discrepancies in escrow accounts and loan documentation.
- Ensure accuracy in all aspects of escrow management and reporting.
- Ability to multi-task and prioritize.
- Manage multiple tasks efficiently and prioritize workload to meet deadlines.
- Adapt to changing priorities and handle urgent tasks effectively.
- Provide exceptional service and support to customers, addressing their needs and concerns.
- Communicate clearly and professionally with customers to resolve issues.
- Communicate effectively with customers, colleagues, and external partners.
EOE, including disability/vets
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