Mortgage Escrow Accounting Specialist

Position Title:  Mortgage Escrow Accounting Specialist 

Reports To: VP - Mortgage 

Basic Function: Establishes escrow account by depositing funds with escrow accounting; maintaining records and reporting to customers. Prepares transaction documents by completing forms and statements; collecting and reviewing existing documents. Completes calculations by prorating tax and insurance annually. 

Responsibilities:

· Accurately processes taxes and insurance for members in a timely manner to protect the credit union’s reputation, minimize avoidable expenses, avoid penalties and cancelation of member’s insurance.

· Maintains and pays property taxes, hazard insurance, and flood insurance bills prior to their due date using the automated escrow processing system module.

· Maintains database of tax entities and insurance carriers to make sure addresses, account numbers and payment amounts are accurate. Send letters monthly to tax entities with new escrow additions.

· Conducts the annual escrow analysis and notifies members of their account status and changes that may occur to their monthly escrow amount in the next 12 months.

· Reviews flood determinations monthly to update and code non-escrowed loans for tracking with collateral protection vendor.

· Reviews negative escrow report monthly and notifies member of options to cure shortage.

· Ensures adherence to Real Estate Settlement Procedures Act (RESPA) and all other regulatory guidelines regarding the escrow process.

· Performs manual reviews on escrowed accounts per RESPA guidelines looking for payment changes.

· Researches, identifies, and analyzes escrow discrepancies. Recommends clear solutions by providing superior service to internal and external members requesting assistance.

· Makes recommendations for program and process enhancements

Qualifications:

· Experience in the real estate department of a credit union or equivalent experience with similar financial or real estate institutions is desired.

· High school diploma or the equivalent with some college desirable.

· Competent computer skills and use of standard office equipment.

· Ability to meet, speak, and deal effectively with people, being professional always.

· Must maintain a neat and professional appearance.

· While the following list is not exhaustive and may be supplemented, identified physical requirements include ability to operate normal office equipment and some lifting, not to exceed 25 pounds.

· Ability to follow the core values of Team-Focused, Excellence, Authenticity, and Leading in Innovation.