Escrow Specialist

Job Summary:The Escrow Specialist plays a vital role in ensuring the efficient, accurate, and compliant management of escrow-related functions within our mortgage servicing division. Responsible for overseeing property taxes, mortgage insurance premiums, insurance tracking, and escrow analysis, this role is integral to delivering a seamless borrower experience. Through close collaboration with internal teams and external vendors, the Escrow Specialist exemplifies our core values of Leadership, creating Raving Fans, Transparency, and High Performance. By managing critical escrow functions with precision and care, this role ensures timely disbursements, resolves inquiries proactively, and upholds compliance with all investor, state, and federal regulations.Core Competencies:Maintains highest level of professional behavior at all times even in stressful situations. Avoids behaviors, comments, and conversations that harm morale, productivity, customer satisfaction and teamwork.Meets confidentiality requirements related to company, customer and financial information.Communicates in writing, verbally and via email in a clear and positive way. Meets policy requirements governing communication content.Meets high-productivity requirements and constantly evaluates and prioritizes work throughout the day to meet frequent deadlines.Takes ownership of work and completes tasks projects accurately. Reviews and proofreads work thoroughly.Works well in a fast-paced team environment and communicates regularly with other team members to ensure deadlines are met.Remains up to date on best practices relevant to the position and uses work hours productively.Essential Duties:Real Estate Property Taxes:Ensure accurate setup of tax lines within both vendor and servicing systems, facilitating smooth disbursement processes.Process, review, and reconcile real estate tax disbursements wired to our tax vendor, ensuring all transactions are accurate and documented.Address daily property tax inquiries by identifying root causes, implementing resolutions, and providing clear guidance to borrowers.Monitor vendor bulletins and reports to ensure loan and agency maintenance requirements are met in a timely manner.Resolve daily exception and control reports, identifying and addressing root causes to maintain seamless operations.Assist with vendor billing reconciliation and provide documentation to correct tax discrepancies or legal descriptions for new loans.Participate in special projects and ad hoc assignments to drive process improvement and efficiency.Mortgage Insurance (MI):Process and reconcile MI premium disbursements across all investors (FHA, FNMA, FHLMC, VA, USDA), ensuring accuracy and timeliness.Respond to daily MI inquiries, performing root cause analysis and implementing resolutions to enhance customer satisfaction.Review and resolve MI-related exceptions and control reports, ensuring adherence to investor guidelines.Review and process MI termination requests in accordance with investor requirements, providing borrowers with accurate and timely service.Engage in ad hoc projects, contributing to continuous improvement in MI operations.Insurance Management:Respond to daily insurance inquiries from both the insurance vendor and internal departments, delivering clear and accurate information.o Review control reports to address any open, expired, or current insurance policies, ensuring compliance and timely renewals.Oversee the placement and payment of lender-placed hazard and flood insurance premiums, ensuring protection and compliance.Work with the insurance vendor to cancel lender-placed insurance when necessary, coordinating closely with all stakeholders.Handle insurance and flood-related tasks, including document retrievals, ACH payment setup, and processing of loss draft deposits.Manage flood zone disputes, ensuring that flood determinations are accurately reflected in the system and appropriately communicated to borrowers.Escrow Analysis and Account Management:Conduct in-depth escrow analyses to prevent payment shocks for borrowers, maintaining accuracy in account management and forecasting.Set up escrow accounts to collect lender-placed insurance premiums, and perform timely analyses for lender-placed policy cancellations.Review and process escrow setup and cancellation requests, adhering to company and investor guidelines.Oversee escrow analysis tasks for Bankruptcy Proof of Claim filings, ensuring thorough documentation and compliance.Engage in special projects and additional duties, promoting innovation and efficiency in escrow-related processes.Education and ExperienceEducation:High school diploma or equivalent required; associate’s or bachelor’s degree in Finance, Business, or a related field preferred.Minimum of 2 years of experience in mortgage servicing or escrow management, with a strong understanding of real estate taxes, insurance, and escrow analysis.Familiarity with mortgage industry regulations, investor guidelines, and escrow procedures.Skills and Competencies:Strong analytical skills, with a proven ability to conduct accurate escrow analyses and resolve account discrepancies.Excellent customer service abilities, with a talent for effective communication, both written and verbal, to address borrower and vendor inquiries.Detail-oriented with strong organizational skills, able to manage multiple tasks and prioritize in a fast-paced environment.Proficiency in mortgage servicing software and systems; experience with escrow-related systems and vendor portals is a plus.Collaborative team player with a commitment to upholding Essex’s core values and delivering a borrower-focused service experience.Computer and Equipment SkillsIntermediate in Microsoft Office programs (Word, Excel, PowerPoint)Word processing (speed and accuracy)MSP or FICS’ Mortgage Servicer a plusEmailInternet softwareUse typical office equipment (computers, fax, phones, copiers, scanners, projectors, etc.)Physical Requirement:Vision (with or without correction) sufficient to read a computer screen and to operate office equipmentClear speaking voice on the telephone, in person, and recordedHearing within normal ranges in noise environments typical of officeAble to sit for long periods of time at computer or other work-station and in meetingsAble to use computers and operate equipmentAble to lift 10 pounds occasionally unassistedWork Authorization: Must be able to verify identity and employment eligibility to work in the U.S. without a visa sponsorship.As part of our dedication to the diversity of our workforce, Essex Mortgage is committed to a policy of Equal Employment Opportunity and will not discriminate against an applicant or employee on the basis of race, color, religion, national origin or ancestry, sex, gender, gender identity, gender expression, sexual orientation, age, physical or mental disability, medical condition, marital/domestic partner status, military and veteran status, genetic information or any other legally recognized protected basis under federal, state or local laws, regulations or ordinances. #J-18808-Ljbffr