Insurance Escrow Specialist

Description

River Run is a shared services organization that supports banking affiliates, Newburyport Bank, Pentucket Bank and Rollstone Bank & Trust.

The Insurance Escrow Specialist  ensures accurate and timely management of insurance escrow accounts by completing annual escrow analyses, processing insurance, and private mortgage insurance (PMI) payments, and monitoring property insurance status in compliance with regulatory requirements. Prepares monthly and quarterly reports on flood tracking and insurance status, ensuring all collateral is properly insured and payments are made in accordance with applicable regulations.

Essential Job Functions

• Completes annual escrow analysis for all loans to ensure compliance with applicable regulatory requirements.
• Manages insurance and PMI payments to ensure all payments are completed in a timely manner and tracks open insurance loss proceeds and approves disbursements in accordance with investor guidelines.
• Review and process PMI cancellation requests and automatic cancellations, ensuring compliance with regulatory requirements and investor guidelines and reviews flood insurance at time of renewal to ensure sufficient coverage, and completes Private Flood Insurance review as needed.
• In coordination with Insurance Tracking Service, monitors status of property insurance and force-placement process to ensure that all collateral is properly insured.
• Supports quarterly flood tracking and reporting to Compliance Committee.
• Actively stays current on all Bank products, services, procedures, policies, and applicable regulatory and compliance requirements by regularly attending team meetings, completing mandatory training on schedule, and applying knowledge to ensure accuracy and compliance in daily operations. 
• Ensures adherence to federal and state laws, regulations, and bank policies by preventing violations, minimizing risks, and safeguarding the Bank’s interests. 
• Verifies transactions and account balances, ensuring compliance with bank policies and state and federal regulations and the Bank Secrecy Act (BSA), as applicable to the role.

Requirements

Qualifications, Experience, and Education

• High school diploma.
• Minimum of 5 years of experience in a professional office environment within a lending-related function, preferably with a focus on escrow.
• Basic knowledge of state and federal regulations governing lending, including the Real Estate Settlement Procedures Act, Homeowners Protection Act, and the Biggert-Waters Flood Insurance Reform Act.
• Basic knowledge of word processing, spreadsheet, and other office applications,  strong customer service skills, and attention to detail.
• Ability to work successfully both independently and as a member of a team.

River Run Services, LLC is an Equal Opportunity Employer and all qualified applicants will receive consideration for employment without regard to race, color, ancestry, national origin, gender, sexual orientation, marital status, religion, age, disability, gender identity, results of genetic testing or service in the military.

If you are an individual with a disability and require a reasonable accommodation to complete the application process, you may contact Human Resources at [email protected] or call 978-462-3136.

The salary range represents an estimate based on market data for this position. Final compensation decisions are made based on experience, skills, and internal equity to ensure fairness and consistency across our organization