Retail Loan Servicing Escrow Specialist

Farmers National Bank of Canfield; Canfield (OH); On-site; USD 42,000 - 60,000; Full time

Job summary

Farmers National Bank of Canfield is seeking an Escrow Specialist to manage escrow payments for mortgage loans, ensuring timely coverage of insurance, taxes, and investor-sold loans using system reports and notices to keep escrow accounts current.

The role involves communicating with borrowers, insurance companies, and branches; setting up escrow addenda, monitoring force-placed coverage, and maintaining accuracy in tax and disbursement records.

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 analyses clearly.
• Knowledge of escrow analysis and compliance.

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.
• 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; contact insurance companies for documents.
• 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 cancellation notices and initiate force place process as needed.
• Ensure escrow disbursement GL is cleared timely for disbursements from borrower’s escrow account.
• Act as the main contact with branches, customers and agents on escrow questions including insurance payments or taxes.
• Open and identify daily insurance mail; assist with escrow analysis questions.
• 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 mandatory training including BSA and Anti-Money Laundering procedures; maintain compliance.

Skills

Attention to detail

Verbal and written communication

Multi-tasking

Problem solving

Team oriented

Education

High school diploma or GED

Job description

Description

Job Details

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

• 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 an Equal Opportunity Employer: disability/veteran