The Role
The Escrow Specialist I processes insurance and property tax payments, monitors requests, manages vendor relationships, and ensures compliance with relevant laws and bank policies.
Summary Generated by Built In
Job Summary & Responsibilities
SUMMARY: Process a variety of functions related to the monitoring/payment of insurance and property taxes and escrow analysis of Commercial Real Estate/Corporate/ Small Business/ SBA/USDA loans.
ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Other duties and special projects may be assigned.
- Responsible for ensuring that the Bank's internal and external customers receive an adequate level of service and assistance with their questions and or concerns. The nature of their service needs can vary considerably.
- Monitor the CCLRS queue for incoming assigned requests and complete them within the required SLA.
- Monitor the department insurance email box for incoming requests and/or insurance policies and complete them within the required SLA.
- Review various reports and queues (internal and vendor) as assigned and complete the required process of researching and clearing exceptions, requesting updated insurance coverage, analyzing insurance received to ensure completeness, and update tracking item information per department guidelines.
- Review the Escrow Disbursements Due report to identify upcoming insurances that need to be paid. Ensure receipt of the invoice. Disburse premium amount from the escrow account on the loan. Complete the appropriate report and remit funds to the vendor for payment of the premiums or provide guidance to the vendor to update the insurance lines. When applicable, request an official check and send to the insurance agent.
- Complete the required process for the various vendor reports received including but not limited to the Insurance Status report, Wind Analysis report, Batch Import Summary report.
- Ensure lender placed insurance premiums are paid to the vendor and create/update the escrow record on the loan. Analyze the loan or adjust monthly payments to collect lender placed premiums. Send notification to the borrowers and create tracking items as appropriate.
- Ensure lender placement refunds received are accurately credited to the escrow account on the loan and the appropriate maintenance is performed on the escrow vendor records.
- Responsible for vendor management.
- Review tax service provider reports and compare data to ensure accuracy. Make corrections/updates as required to the servicing system or the tax contract.
- Review TAR reports received from the tax service providers. Disburse property tax amount from the escrow account on the loan. Complete the appropriate report and remit funds to the vendor for payment. When applicable, request an official check and send to the appropriate county.
- Review delinquent tax reports received from the tax service providers. Send the appropriate notification to the loan officer and borrower, and set up a tracking item to monitor delinquent status. Follow the department guidelines to complete the process.
- Perform individual escrow analysis as required.
- Analyze the preliminary escrow analysis reports to identify discrepancies and ensure accuracy prior to running a final analysis.
- Review the mass escrow analysis to ensure accuracy and rectify any errors or discrepancies. Send to Arrow Mail for mailing.
- Issue escrow refunds according to the department guidelines.
- Perform daily workstation balancing and process the required offsetting entries via BTE or general ledger tickets.
- Monitor Note Clearing and Wire Clearing general ledger account reconciliation and clear items timely.
- Review insurance claim checks received. Work with borrower/agent/loan officer to ensure proper documentation is received and proper credit officer approval is obtained prior to endorsing the check.
- Works with the QA department to research and rectify any findings.
- Perform maintenance as needed to ensure accurate set up of the escrow vendors and/or collateral records.
- Monitor flood remap reports, update the flood zone on the applicable collateral record, complete the Remap Checklist and ensure regulatory compliance.
- Work closely with loan officers and loan administrators to ensure accurate tracking of insurance and taxes.
- Trains, oversees and assists level I and II Escrow Specialists when needed. Be able to work independently with minimal required assistance from supervisor.
- Adheres to and complies with applicable, federal and state laws, regulations and guidance, including those related to anti-money laundering (i.e. Bank Secrecy Act, US PATRIOT Act, etc.).
- Adheres to Bank policies and procedures and completes required training.
- Identifies and reports suspicious activity.
EDUCATION
Associate's Degree required Or Bachelor's Degree or equivalent related experience strongly preferred
EXPERIENCE
- Prior experience in a loan processing/servicing area or related environment, dealing with a variety of commercial insurance coverage types and products strongly preferred
ADDITIONAL INFORMATION
- Candidates residing in locations within BankUnited's footprint may be given preference.
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Top Skills
General Ledger
Insurance Tracking Systems
Loan Processing Systems
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The Company
What We Do
BankUnited, Inc., with total consolidated assets of $35.2 billion at March 31, 2021, is a bank holding company with one wholly owned subsidiary, BankUnited.
BankUnited, a national banking association headquartered in Miami Lakes, Florida, provides a full range of banking services to individual and corporate customers through banking centers in Florida and New York. The Bank also provides certain commercial lending and deposit products on a national platform.
Here at BankUnited, we endeavor to provide, through experienced lending and relationship banking teams, personalized customer service and offer a full range of traditional banking products and services to both commercial and retail customers.
