SUMMARY
The Escrow Specialist is responsible for managing and maintaining escrow accounts in compliance with regulatory requirements and internal bank policies. This role ensures accurate payment of property taxes, insurance premiums, and other escrow-related obligations, while providing excellent service to customers, internal partners, and external vendors. The Escrow Specialist also monitors escrow balances, performs account analysis, and resolves discrepancies to safeguard the bank’s interests and maintain customer trust.
ESSENTIAL DUTIES
• Ensure timely and accurate payment of insurance bills and property taxes.
• Monitor escrow accounts to maintain sufficient funds for payouts.
• Reconcile discrepancies in payments and ensure accurate escrow payouts.
• Collaborate with tax servicing agencies to verify tax amounts and due dates.
• Communicate with insurance agents to confirm policy details and payment schedules, verify coverage, and resolve discrepancies.
• Force Place insurance on delinquent loans.
• If flood insurance is required, review flood policies for accurate coverage.
• Ensure all insurance policies are up-to-date and compliant with loan requirements.
• Conduct thorough reviews of escrow analysis statements.
• Ensure all calculations and details are correct before distribution to customers.
• Identify and correct any errors in the analysis to prevent customer disputes.
• Calculate and process surplus checks promptly and accurately for customers with excess escrow funds.
• Provide clear and detailed explanations to customers regarding their escrow analysis and address any concerns or questions they may have.
Ensure addendums reflect current loan terms and conditions.
• Ensure all documentation meets required and regulatory standards, and maintain accurate records.
• Provide information on loan terms, payment schedules, and insurance requirements.
• Prepare and review various reports related to loan balances, past due loans, and paid loans.
• Verify the accuracy of newly entered loans, and correct any mistakes.
• Ensure loan entries comply with bank policies and regulatory requirements.
SECONDARY DUTIES
The Escrow Specialist performs duties specific to the position and other functions as assigned.
RESPONSIBILITIES
• Ensure compliance with all bank policies and procedures, as well as all applicable state and federal banking regulations.
• Treat people with respect, keep commitments, inspire the trust of others, work ethically and with integrity, uphold the bank’s values, and accept responsibility for one’s own actions.
• Demonstrate knowledge of and adherence to EEO policy, show respect and sensitivity for cultural differences, educate others on the value of diversity, promote a working environment free of harassment of any type, and value a diverse workforce.
• Follow policies and procedures, complete tasks accurately and on time, support the bank’s goals and values, and benefit the bank through outside activities.
• Perform the position safely, without endangering the health or safety of yourself or others, and report potentially unsafe conditions to management. Comply with occupational safety and health standards and all rules, regulations, and orders issued pursuant to the OSHA Act of 1970 that are applicable to one’s position at the bank.
• Possess and maintain a current driver's license and a vehicle with appropriate insurance coverage. Both are required to drive while performing assigned duties and responsibilities.
• Possess and maintain adequate skills in computer operation, including email, word processing, spreadsheet, and specialty software programs.
• Possess and maintain adequate typing skills to meet the needs of the position.
• Possess and maintain adequate math skills to meet the needs of the position. This may include the ability to count currency and coin, calculate interest, balance accounts, add, subtract, multiply, and locate routine mathematical errors.
• Practice effective and efficient organizational and time management skills.
• Be able to work with general supervision while performing duties.
• Use effective oral, written, and interpersonal communication skills. This includes the ability to apply common sense when carrying out instructions, interpreting documents, understanding procedures, writing reports and correspondence, and speaking clearly to customers and employees.
• Be able to deal with routine problems involving multiple facets and variables in standardized situations.
SUPERVISOR RESPONSIBILITY
The Escrow Specialist is not responsible for the supervision of any employee(s).
ENVIRONMENT, PHYSICAL & MENTAL DEMANDS
The environment for this position is primarily a non-confined office-type setting in which employees are free to move about at will. This environment may include some minor annoyances, such as noise, odors, drafts, temperatures, etc.
Physical demands include writing, typing, speaking, listening, lifting (up to 25 pounds), driving, carrying, seeing (such as close, color and peripheral vision, depth perception, and adjusted focus), sitting, walking, standing, squatting, kneeling, and reaching.
Mental demands include analytical reasoning, reading and understanding documents or instruments, performing detailed work, following directions, problem solving, providing effective customer or employee communication, performing accurate math calculations, understanding language, engaging in effective verbal and written communication, enduring stress, conducting multiple concurrent tasks, and withstanding constant interruptions.
Physical and mental demands also include correct usage of the following equipment: telephones, cellular phones, copy and fax machines, adding machines or calculators, encoders, money counters, credit card terminals, postage machines, cash recyclers, vaults, computers, and related printers.
Work environment characteristics, physical demands, and mental demands are representative of those an employee encounters while performing the essential functions of this job and represent the knowledge, skill, and/or ability required to perform the job in a satisfactory manner. Individual abilities may result in some deviation from these guidelines.
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions of the job.
