Escrow Analyst

Bristol-County-Savings-Bank-1; Taunton (MA); On-site; USD 23,000 - 28,000; Full time

Job summary

Bristol County Savings Bank in Taunton, MA is seeking an Escrow Analyst to manage mortgage and commercial escrow accounts, including tax payments, insurance tracking, and PMI administration. You will resolve escrow discrepancies and support customers with inquiries while ensuring compliance with RESPA and related regulations.

Ideal candidates have 3–5 years of loan operations experience, strong analytical skills, and proficiency with MS Office and COCC systems.

Qualifications

• 3-5 years of loan operations or servicing experience.
• Experience with mortgage loan documents related to escrow accounts.
• Knowledge of escrow regulation including RESPA, CFPB guidance and Homeowners Protection Act.

Responsibilities

• Manage mortgage and commercial escrow portfolios including payments, taxes, and insurance.
• Explain escrow processes to customers and resolve inquiries.
• Ensure compliance with state and federal regulations and bank policies.

Skills

Escrow management

Mortgage servicing

Regulatory knowledge

MS Office

Communication skills

Time management

Problem solving

Education

High School Diploma or equivalent

Tools

COCC

Job description

If you are unable to complete this application due to a disability, contact this employer to ask for an accommodation or an alternative application process.

Escrow Analyst

LOAN SERVICING Full Time Admin - Mid Level Taunton, MA, US

2 days ago Requisition ID: 1896

Salary Range: $22.98 To $28.23 Annually

Job Title

Escrow Analyst

Department

Operations

Reports to

Consumer Loan Supervisor

OVERVIEW:

The Escrow Analyst is primarily responsible for managing the escrow accounts related to residential and commercial loans including but not limited to payments and tracking of real estate taxes, hazard and flood insurance, Private Mortgage Insurance, and Force Placed Insurance. The Escrow Analyst will assist and train internal and external customers with any questions or concerns regarding the Escrow account.

PRIMARY ACCOUNTABILITIES / RESPONSIBILITIES:

• Manage, track and report on all aspects of the mortgage and commercial escrow portfolios. Provides backup support to the Commercial Servicing team as necessary for items related to escrow.
• Actively participate and support the Bank’s strategic goals, review processes to recommend improvements and create efficiency.
• Research and resolve issues related to real estate taxes, hazard and flood insurance.
• Handles force placement of Hazard and Flood Insurance as required and in compliance with all state and federal regulations.
• Responds to customers’ inquiries regarding Escrow servicing and Bank procedures; analyzes amendments and supports documentation and advises customers of any impact of changes/terms.
• Ensures that escrow activities conform to the State and Federal regulations along with the Bank’s policy and procedures.
• Communicates and trains the servicing staff on escrow issues and coordinates resolution.
• Manage the annual escrow analysis process of the bank. Ensure compliance on all loans within our portfolio in the required timeframe, under the specific guidelines set forth in procedures and in compliance with state and federal regulations. Determining root causes for payment changes, overages and shortages.
• Remit payment for renewal premiums for hazard and flood insurance.
• Process the payment of real estate taxes in a timely and efficient manner within the required timeline.
• Review of delinquent tax reports provided by tax tracking servicer. Action each loan as necessary to maintain the bank’s lien position.
• Subject matter expert for all internal and external questions and issues related to escrow accounts and the analysis.
• Take the lead on monitoring and resolving issues and providing input into the overall control environment of our systems to increase operational efficiency and reduce risk.
• Maintain a sound knowledge in regulation and law, loan accounting requirements and interpret, implement and administer company policies, procedures, manuals and systems to ensure proper controls are in place to maintain compliance with all applicable regulations.
• Report, reconcile and remit payment for monthly service providers invoices, PMI, Tax Tracking, Hazard Insurance and Flood Insurance.
• Monitors COCC reporting for exceptions and portfolio management.
• Performs annual flood review to ensure sufficient coverage for life of loan.
• Monitors and communicates with customers and agencies surround LOMAs and flood zone disputes.
• Monitors and reviews Life of Loan tracking reports for flood zone changes.
• Monitor monthly PMI Eligibility report for compliance and process cancellation and/or termination orders. Updates and monitors private mortgage insurance (PMI) mortgages to ensure compliance with the Homeowners Protection Act of 1998.
• Perform annual reconciliation of internal reports to vendor tracking reports to ensure all loans secured by real estate are tracked accordingly.
• Takes a leading role in special loan operations projects involving escrow tasks.
• Quarterly or monthly review of accounts with a negative escrow balance
• Ensure all loan servicing activities comply with federal, state and local regulations. Maintain up-to-date knowledge of industry regulations and best practices.
  • Primary Servicing Regulations RESPA, Regulation X as it relates to Escrow and Forced Placed accounts, Homeowners Protection Act and Flood Disaster Protection Act, Mortgage Servicing, Payment Processing, Periodic Statements, Adjustable-Rate Mortgage Disclosures, Payoff Statements, Error Resolution and Request for Information. The Servicemembers Civil Relief Act (SCRA). Regulation O. State Law governing discharges and payoff requirements.

OTHER ACCOUNTABILITIES / RESPONSIBILITIES (Supporting Role)

• Responsible for processing loan servicing maintenance and/or modifications.
• Responsible for assisting customers with questions or issues regarding their loan accounts received via inbound calls to the bank’s call center team.
• Gathering data and documents for internal and external audits
• Assist with special projects for Loan Operations, as necessary.
• Process Payoff Quote requests.
• Other duties as deemed necessary.

POSITION REQUIREMENTS:

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily.

• High School Diploma or equivalent
• 3-5 years of loan operations or servicing experience or relative equivalent experience
• Experience reviewing mortgage loan documents related to escrow accounts
• Experience with mortgage and banking terminology
• Experience with bank core provider system. Prior COCC experience preferred
• Knowledge of escrow regulation including but not limited to RESPA, CFPB guidance and the Homeowner’s Protection Act
• Strong telephone techniques, communication and customer service skills.
• Understanding of the Bank’s products and services.
• Attention to detail and well-organized.
• Reliable and professional.
• Must have a positive attitude and the ability to work in a changing business environment.
• Strong time Management Skills and ability to operate under demanding deadlines.
• Willingness and ability to learn new technology
• Must be proficient with Microsoft Office including Word, Excel, and Outlook.
• Ability to research and resolve problems
• Wide range of banking knowledge, or relevant experience within the banking environment and familiarity with bank operations, policies, and banking compliance issues.
• Familiarity with all loan servicing CFPB federal, state and local regulations. Include but not limited to RESPA, SCRA, Regulation O, Homeowners Protection Act and Flood Disaster Protection Act.
• The Analyst must demonstrate organization, an analytical orientation and possess the initiative to work in an independent and reliable manner.

SUPERVISORY SCOPE:

None

WORK ENVIRONMENT:

Work environment consists of typical office conditions with moderate noise levels.

PHYSICAL QUALIFICATIONS:

Candidates must have the physical ability to sit, stand, walk, talk and hear. Must be able to lift up to 10 pounds. Must have the ability to adjust focus.

INDEPENDENT ACTION:

Performs work independently within scope of established guidelines and practices. Consults with escrow team and supervisor when clarification or exception may be required.

QUALIFICATIONS:

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed above are representative of the knowledge, skill, and/or ability required. Any physical demands or work conditions described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodation may be made to enable individuals with disabilities.