Escrow and Insurance Specialist

BASIC PURPOSE: 

The Escrow and Insurance Specialist is responsible for the administration and maintenance of mortgage/real estate escrow accounts. This includes processing escrow disbursements, performing escrow analyses, coordinating insurance and tax payments, and assisting with loan payoff escrow reconciliation in compliance with bank policies, regulatory requirements, and internal controls. Additionally, this position is responsible for managing the outsourced hazard and flood insurance tracking program for the bank’s real estate loan portfolio, Including the handling of force-placed insurance.

PRINCIPLE ACCOUNTABILITIES:

General Escrow Administration

• Execute escrow disbursements for hazard insurance, property taxes, and other escrowed expenses.
• Perform annual escrow analyses and generate required borrower notifications regardingshortages, surpluses, and payment adjustments.
• Monitor and maintain escrow accounts to ensure all balances and transactions remainaccurate.
• Execute annual mass tax disbursements and ensure timely, accurate payments to taxing authorities.
• Process loan payoff transactions and calculate escrow balances due to borrowers, including the issuance of escrow refunds.
• Conduct test analyses and ongoing monitoring of escrow accounts to verify calculation accuracy.
• Research and resolve discrepancies related to escrow balances, tax payments, or insurance disbursements.

Lender-Placed Insurance (LPI) Management

• Coordinate Lender-Placed Insurance administration with third-party vendor, SWBC, including policy documentation and account maintenance.
• Serve as the primary user for the SWBC Unity portal to monitor daily reports, identifying loans with expired or insufficient hazard, flood, or wind coverage.
• Oversee the automated and manual mailing of the 45-day notice cycle (Initial, Reminder, and Final notices) in strict accordance with CFPB and RESPA regulations.
• Initiate the Lender-Placed Insurance process via SWBC when voluntary coverage cannot be verified, ensuring no gaps in the bank's lien position.
• Process LPI cancellations immediately upon receipt of valid insurance and manage the application of unearned premium refunds to borrower accounts within the 15-day regulatory window.
• Facilitate the timely disbursement of LPI premiums to SWBC and reconcile the bank's
• insurance-related GL accounts to ensure accurate tracking.

EDUCATION, EXPERIENCE, SKILLS:

• Education: High School Diploma or equivalent required; associate or bachelor’s degree preferred. 
• Experience: Minimum 1 year of escrow or mortgage servicing experience required; 2–5 years preferred.
• Technical Skills: In-depth knowledge of escrow administration, property tax payments, insurance processes and loan payoff reconciliation.
• Systems Proficiency: High level of proficiency with banking systems and spreadsheets, including Excel and Google Sheets.

BankFirst is an EO employer- Veteran/Disability