Escrow Specialist Job Description
Escrow specialist
provides tactical and strategic direction for assigned processes to ensure production results meet/exceed expectations related to investor guidelines, regulatory compliance, and state and federal law as applicable.
Escrow Specialist Duties & Responsibilities
To write an effective escrow specialist job description, begin by listing detailed duties, responsibilities and expectations. We have included escrow specialist job description templates that you can modify and use.
Sample responsibilities for this position include:
Deliver agreed sales and revenue targets for the region by acting in close coordination with the regional Escrow team the local Treasury Services, Corporate Bank and Investment Bank businesses
Assist escrow branch operations with disbursement of escrow transactions by printing checks, issuing wires, creating cover letters, and issuing final HUD’s
Review and prepare closing files for disbursement once the file is closed
Confirm balances are accurate and disburse the funds according to directions, most often by issuing checks
Work with lenders, buyers and escrow officers to balance files that have closed and disburse the file
Mortgage liaison
Assist with banking stop payments, voids
May prepare Escrow/Closings documents, including Pre-audit escrow files
May assist Title Company and approve and file Preliminary Title Report
May perform general administrative duties including preparing and following up on correspondence, requests, schedules and reports
Escrow Specialist Qualifications
Qualifications for a job description may include education, certification, and experience.
Education for Escrow Specialist
Typically a job would require a certain level of education.
Employers hiring for the escrow specialist job most commonly would prefer for their future employee to have a relevant degree such as Bachelor's and Associate Degree in Associates, Business, Finance, Education, Accounting, Management, Financial Services, Arts, Real Estate, Oral Communication
Skills for Escrow Specialist
Desired skills for escrow specialist include:
Basic office equipment
Applicable internal programs and applications E3
Aspects of escrow servicing
Daily processing of tax and insurance disbursements
Federal laws and investor guidelines concerning adjustable rate mortgages
Good software skills
Investor guidelines pertaining to loss drafts and processing loss draft accounts
Microsoft Word and Excel
PC
Applicable compliance and regulatory requirements related to property tax and insurance
Desired experience for escrow specialist includes:
May copy, collate and/or file documents
May maintain fax, copier and printer and order respective supplies and maintenance
Research and resolution of property tax issues including
Analyzes escrow sufficiency to make sure escrowed funds are sufficient to make required payments
Update tax and insurance lines on the mortgage servicing system in order to maintain accurate records for delinquent non-escrowed loans obtain delinquent tax amounts in a timely manner so taxes can be paid to prevent a tax sale
Works with Loss Mitigation Specialist to ensure modification plan guidelines for setting up tax lines, paying taxes, and establishing an escrow account are done timely and within Compliance guidelines
Escrow Specialist Examples
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Escrow Specialist Job Description
Job Description Example
Our company is searching for experienced candidates for the position of escrow specialist. If you are looking for an exciting place to work, please take a look at the list of qualifications below.
Responsibilities for escrow specialist
- Execute payments for taxes and insurance both in batch single processing modes accounting to the renewal and installment due dates for the particular payee
- Sets up new tax payees or makes changes upon request
- Update action & follow up in the mortgage servicing system
- Review Correspondent and Retail flood reports when received, , monthly flood reports
- Prioritization of on-going tasks must be consistently considered for possible re-order of completion
- Assists in preparing Escrow/Closings documents, including Pre-audit escrow files
- Prepares due diligence letters in accordance with the state escheatment requirements
- Knowledge of and assist with Tax Payment Specialist functions (includes payment of real estate taxes before delinquent and discount dates)
- Communicate and coordinate with tax service companies and taxing authorities in a timely manner
- Utilize automated tape/EDI processing via servicing system
Qualifications for escrow specialist
- Above average ability in MS Word/Excel preferred
- Understanding of loan products and functionality
- Ability to operate standard computer and office equipment
- Ability to adapt to changing environments as workflow is adjusted for regulatory and workflow changes
- Mortgage and consumer loan experience preferred
- Able to learn quickly and work within deadlines
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Escrow Specialist Job Description
Job Description Example
Our innovative and growing company is searching for experienced candidates for the position of escrow specialist. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for escrow specialist
- Responsible for proper records storage processes/tracking pertaining to disbursement, tax bill, and tax report storage
- Keeps well informed of taxing authority due dates including any changes or late release issues
- Request/monitor approvals to pay taxes on loans with disbursement stops
- Processing of all incoming faxes and mail
- Monitor the collection of tax penalties from applicable various parties such as the client
- Handle customer and client issues related toreal estate taxes via telephone, email, and/or written correspondence document all information on servicing system notation screen at point of each communication and research finding/solution
- Follow-up on delinquent tax notices for non-escrow loans
- Process large volume Tax Amount Reports (TARs)
- Be familiar with the escrow analysis process to better address customer concerns
- Processing of returned tax funds from varies entities
Qualifications for escrow specialist
- Knowledge of general office equipment (copier, fax, phone systems)
- High School diploma or GED plus college coursework preferred
- Preferred 1 to 2 years of experience in mortgage loan servicing (taxing authority, mortgage loan processing/closing, accounts payable, accounting clerk, or banking clerk experience or similar roles may be acceptable) or an equivalent combination of education and experience
- Knowledge of taxing authority due dates which include delinquent and loss/reduction of discount dates
- Ability to work independently, successfully prioritize multi-functions and meet deadlines
- Determination to resolve items correctly/timely, inquisitive, problem-solver, have analytical mind-set, and organizational skills
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Escrow Specialist Job Description
Job Description Example
Our innovative and growing company is looking to fill the role of escrow specialist. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for escrow specialist
- Handle any customer complaints related to PMI via email and /or written correspondence
- Ensure that all outgoing and incoming loan transfers have met all requirements for payment of Taxes, Insurance, and MI/PMI through processing work/reports as assigned
- Prepare reports of findings on loan transfers, and provide to the loan transfer Coordinator
- Compile reports and process results to provide areas within the Escrow department of key metrics as required
- Review and respond to audit requests from both internal and external clients
- Collaborate with other departments to review, test, document, and assist in updating procedures as assigned
- Review corporate advances for tax penalties or loss of discount
- Prepare, format and distribute additional reports as required to support the Escrow department
- Manage time and work load efficiently to accomplish tasks assigned timely and accurately
- Conduct internal audits as assigned
Qualifications for escrow specialist
- Data entry and 10 key calculator skills are preferred
- Practical use with personal computer including Excel, Microsoft Office, Outlook, and internet research
- Be responsive and open to change in processes and ability to take direction
- Possess 2 to 3 years of experience in mortgage loan servicing (taxing authority, mortgage loan processing/closing, accounts payable, accounting clerk, or banking clerk experience or similar roles may be acceptable) or an equivalent combination of education and experience
- Be responsive and open to change in processes and have the ability to take direction
- Compile data and reports to support the Monthly Business Report for management
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Escrow Specialist Job Description
Job Description Example
Our company is looking to fill the role of escrow specialist. To join our growing team, please review the list of responsibilities and qualifications.
Responsibilities for escrow specialist
- Communicates with call center and other departments to resolve questions or issues
- Work closely with tax vendor and insurance vendor to research and communicate issues or changes to avoid negative customer impact
- Reviews title commitments to obtain tax parcel ID and other tax information available
- Calculates or reviews the calculation of initial deposits to the tax escrow accounts at initial closing
- Monitors the reporting of tax bills prior to the due date of payment, escalates requests for missing tax reporting, provides explanation for unpaid items and ensures no tax penalties are assessed
- Monitors all functions of the tax service to ensure initial set up of loan is complete and future payments are made timely
- Prepares escrow analysis on an annual basis or off-cycle when necessary
- Requests disbursement of surplus funds following the generation of analysis when appropriate
- Addresses non-compliance issues with borrowers and notifies management when appropriate
- Provides general external customer support related to the payment of taxes and the annual analysis that includes taxes, insurance and/or mortgage insurance premium
Qualifications for escrow specialist
- Must be multi-faceted and have the ability to successfully prioritize work assignments to ensure all deadlines are met
- Display/instill strong work ethic, and implement best practices
- Responsive and open to change in processes and have the ability to take and provide clear direction
- Basic Knowledge of all Escrow functions, including Insurance, Flood, Taxes, MIP/FHA, and PMI
- Proficient with Daisy reporting system
- Proficient with Black Knight System
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Escrow Specialist Job Description
Job Description Example
Our innovative and growing company is searching for experienced candidates for the position of escrow specialist. Please review the list of responsibilities and qualifications. While this is our ideal list, we will consider candidates that do not necessarily have all of the qualifications, but have sufficient experience and talent.
Responsibilities for escrow specialist
- Accurately completes system updates for tax, MIP and escrow analysis and documents all exception items
- Part of pool that provides occasional back-up support in the absence of receptionist
- Support escrow account opening processes
- Review and understand legal requirements for disbursing funds
- Execute disbursements accurately and timely
- Track and monitor claims submitted by parties, escalating to RMs/attorneys as needed
- Interact on a daily basis with RMs and attorneys to resolve discrepancies
- Monitor and respond to inquiries accurately and timely
- Process interest disbursements as designated by legal agreements
- Support continuous improvement for an efficient and customer-centric process
Qualifications for escrow specialist
- Proficient skills with MS Office, Excel and Mortgage Industry Loan Servicing Software (D+H Servicing Director experience preferred)
- Education – High School Diploma or equivalent required, Two or four year degree preferred
- Minimum two years tax escrow experience required
- Ensure process documentation is complete and accurate
- 2+ years customer service experience and strong customer service skills
- Ability to effectively communicate with customers, attorneys and RMs