What are the responsibilities and job description for the Escrow Servicing Specialist position at Kaw Valley Bank?
Primary Accountabilities:
The Escrow Servicing Specialist administers mortgage escrow accounts by processing tax and insurance payments, monitoring account accuracy, resolving discrepancies, and ensuring regulatory compliance. This role supports borrowers and business partners, maintains escrow records and reporting, and contributes to efficient servicing operations.
Major Duties:
· Interpret and apply complex guidelines, regulations, and procedures to ensure compliance with federal regulations (e.g., RESPA, Regulation Z, Regulation H).
· Process disbursements for real estate taxes and insurance premiums, including force-placed insurance when required, in a timely manner.
· Perform escrow analysis to identify shortages, surpluses, or deficiencies and validate projections.
· Prepare and help distribute annual escrow statements for borrowers.
· Routinely monitor escrow accounts for accuracy and timely processing of tax and insurance payments. This includes reviewing system-generated reports on a weekly and monthly basis and communicating with management.
· Act as a liaison with tax agencies, insurance providers, lenders, and borrowers and promptly resolve any issues or discrepancies.
· Track and monitor loan accounts with force placed flood and/or hazard insurance, providing routine reporting to management.
· Assist with specialized insurance functions, including flood coverage validation for compliance with Regulation H, and conduct advanced reviews as proficiency grows.
· Collaborate with internal teams and management through written and verbal channels to streamline workflows and improve operational efficiency, leveraging effective communication and interpersonal skills.
· Develop new procedures and/or maintain current procedures for assigned job duties.
· Perform additional duties as assigned.
Required Qualifications:
· High school diploma or equivalent. Bachelor’s degree in business administration or related degree preferred.
· Minimum of one (1) year of related experience, preferably in an escrow or loan servicing role.
· Strong problem-solving abilities, aptitude for numbers, and orientation towards detail.