Retail Loan Servicing Escrow Specialist

Farmers National Bank; Canfield (OH); On-site; USD 45,000 - 65,000; Full time

Job summary

Farmers National Banc Corp. is seeking an escrow analyst to ensure escrowed items are paid on time, maintain coverage for non-escrow loans, and manage force-placed insurance processes for mortgage portfolios.

The role involves reconciling escrow disbursements, coordinating with vendors and borrowers, and using BA reports to track open items. A high school diploma and 3 years escrow experience are required.

Qualifications

• 3 years’ experience with escrow in a loan servicing environment or title company required.
• Strong attention to detail with ability to multi task.
• Understanding of GLs and flow of funds for disbursements from customer’s escrow account.
• Good verbal and written communication with ability to explain escrow analysis or private mortgage insurance.

Responsibilities

• Disburse funds from borrowers escrow account for the payment of various insurances by date due.
• Ensure loans with escrow are set up correctly and addenda reference the correct vendor, payee, due date and expiration of policy as applicable.
• Notify IT of need for new vendors for any vendor type for taxes or insurances.
• Use Business Analytics reports to monitor open items for bills and dec pages not received.
• Monitor non-escrow accounts using BA reports to ensure receipt of non-escrow policies for investor sold loans.
• Contact borrower and/or insurance company upon receipt of notices of cancellation and initiate force place process as needed.
• Assist with branch and customer questions on escrow analysis and removal of private mortgage insurance.

Skills

Escrow Analysis

Loan Servicing

Attention to detail

Communication skills

Education

High School diploma or GED

Job description

Canfield Main Office
Canfield, OH 44406, USA

Description

SUMMARY: Ensure payment of escrowed items for mortgage loans (including all insurance types and real estate taxes) are paid prior to due dates of each escrowed item. Ensure continuation of coverage for non-escrow investor-sold-loans using a combination of system reports and cancellation notices. Review cancellation notices received and contacting borrower and/or insurance company to ensure continuation of coverage. Initiate policies needing force place coverage and monitor force placed letter cycles issuing payment when policy placed. Set up and maintain escrow addenda’s and non-escrow insurance tracking for sold loans for new mortgage loans with escrow and investor sold non escrow mortgage loans. Input new tax records in system and on tax servicer’s web site.

ESSENTIAL DUTIES and RESPONSIBILITIES include, but are not limited to the following:

• Disburse funds from borrowers escrow account for the payment of various insurances by date due.
• Ensure loans with escrow are set up correctly and addenda’s reference the correct vendor, payee, due date and expiration of policy as applicable.
• Notify IT of need for new vendors for any vendor type for taxes or insurances.
• Using Business Analytics reports to monitor open items for bills and dec pages not received. Calling insurance companies to obtain correct documents for escrowed accounts within department timeframes so as not to interrupt borrower’s insurance.
• Monitor non escrow accounts using BA reports to ensure receipt of non-escrow policies for investor sold loans
• Contact borrower and/or insurance company upon receipt of any notice of cancellation starting force place process as necessary.
• Ensure escrow disbursement GL is cleared timely for disbursements from borrower’s escrow account.
• Act as point of contact with branches, customers and agents for any questions relating to any escrow issues including insurance payments or policies or taxing authorities.
• Open and identify daily insurance mail received.
• Assist with branch and customer questions on escrow analysis.
• Assist with questions on removal of private mortgage insurance and mailing of annual disclosures.
• Perform data entry of new tax records in tax servicer’s website.
• Complete all mandatory and elective training including BSA and Anti-Money Laundering procedures. Maintain compliance with all appropriate rules and regulations.
• Other duties as assigned.
• Regular predictable attendance if an essential requirement of this position

EDUCATION and/or EXPERIENCE:

• High school diploma or GED
• 3 years’ experience with escrow in a loan servicing environment or title company required.
• Strong attention to detail with ability to multi task.
• Understanding of GLs and flow of funds for disbursements from customer’s escrow account.
• Good verbal and written communication with ability to explain complicated financial information such as escrow analysis or private mortgage insurance in layman’s terms.
• Understanding of escrow analysis and compliance of same.
• Must possess a strong organizational ability with attention to detail with ability to multi task in a fast paced environment.
• Good problem solver and independent thinker with ability to research and communicate results to branch personnel or customers.
• Team oriented with demonstrated effort to assist other department staff during peak work flow.

Farmers National Banc Corp. is anEqual Opportunity Employer: disability/veteran

Qualifications

Skills

Preferred

Loan Servicing

Novice

Escrow Analysis

Novice

Education

Required

High School or better.

Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities
This employer is required to notify all applicants of their rights pursuant to federal employment laws.For further information, please review the Know Your Rights notice from the Department of Labor.