What are the responsibilities and job description for the Escrow Servicing Specialist position at Municipal Credit Union?
About MCU:
At Municipal Credit Union, we believe that an incredible culture helps create a happy and motivated team that works hard to achieve the best results for themselves and their members. For more than 100 years, MCU has provided affordable financial products and convenient services to a membership base that is now comprised of over 600,000 individuals. With each new generation we have the pleasure of interacting with, we maintain the credit union promise of people helping people.
Our Mission:
To help hard-working New Yorkers build better tomorrows
Our Vision:
Be New York's most loved financial institution by helping our members build their best financial futures
Overview: This position is responsible for performing escrow administration duties related to servicing the member, residential mortgage and home equity loan portfolios and works under limited supervision with significant independent judgement. Duties include ensuring the proper setup and monitoring of properties by the real estate tax vendor, the timely and accurate disbursement of payments to tax collecting agencies and the completion of the annual escrow analysis in accordance with regulations. This position is also responsible for performing hazard, flood and force placed escrow duties. Additionally, the position serves as the subject matter expert and is tasked with the independent research and resolution of complex business issues related to escrow and maintain written procedures to ensure compliance with state and federal regulations and investor guidelines. Independently, effectively and comprehensively research, analyze and ensure escrow is paid on time, resolves any issues and prepares recommendations and solutions to management. This position will monitor and manage third party relationships.
Responsibilities :
Specific duties include, but are not limited to, the following:
Our Core Values are an integral part of who we are and who we hire. By living our Core Values, every day, we continue to attract the best and brightest talent, achieve unsurpassed results and continuously challenge ourselves to be better than yesterday. These values are at the heart of our organization and within every teammate. To be a great fit, you’ll bring the following
Results - We are passionate about winning.
Agility - We proactively anticipate, respond and pivot to ensure MCU wins.
Integrity - We operate with the highest ethical standards and highest degree of honesty.
Belonging - We cultivate a culture of inclusion and teamwork.
Ownership - We take personal responsibility and hold ourselves accountable for the results.
Why You’ll Love Working Here:
The pay range for this position is between $66,300-75,330 annually. Actual base pay offered may vary depending on a number of factors such as job-related knowledge, skills, experience, and location. Employees in this position may also be eligible for a discretionary bonus, 401(k) with an 6% employer match per pay period. Benefits for this position include Medical, vision, dental, life, and disability insurance, flexible paid time off and 11 paid holidays annually.
Municipal Credit Union (MCU) is an Equal Opportunity Employer. Municipal Credit Union provides equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by applicable federal, state or local laws.
We are committed to hiring, training, cultivating, promoting, and celebrating an environment where we have a welcoming and fulfilling place for all people to call home. Diversity of race, thought, sexual orientation, age, veteran status, religion, and disability will empower us to thrive as individuals, as teams, and as an organization.
At Municipal Credit Union, we believe that an incredible culture helps create a happy and motivated team that works hard to achieve the best results for themselves and their members. For more than 100 years, MCU has provided affordable financial products and convenient services to a membership base that is now comprised of over 600,000 individuals. With each new generation we have the pleasure of interacting with, we maintain the credit union promise of people helping people.
Our Mission:
To help hard-working New Yorkers build better tomorrows
Our Vision:
Be New York's most loved financial institution by helping our members build their best financial futures
Overview: This position is responsible for performing escrow administration duties related to servicing the member, residential mortgage and home equity loan portfolios and works under limited supervision with significant independent judgement. Duties include ensuring the proper setup and monitoring of properties by the real estate tax vendor, the timely and accurate disbursement of payments to tax collecting agencies and the completion of the annual escrow analysis in accordance with regulations. This position is also responsible for performing hazard, flood and force placed escrow duties. Additionally, the position serves as the subject matter expert and is tasked with the independent research and resolution of complex business issues related to escrow and maintain written procedures to ensure compliance with state and federal regulations and investor guidelines. Independently, effectively and comprehensively research, analyze and ensure escrow is paid on time, resolves any issues and prepares recommendations and solutions to management. This position will monitor and manage third party relationships.
Responsibilities :
Specific duties include, but are not limited to, the following:
- Assist in the accurate and timely payment of all real estate tax escrowed items.
- Setup contracts with CoreLogic to ensure accurate tax bill reporting.
- Monitor outsourced vendor to track and disburse timely payments of all insurance escrowed items.
- Ensure all credit union records are properly maintained and updated including upcoming bills and quarterly tax amounts.
- Assist in the accurate and timely completion of scheduled escrow account analysis in accordance with bank, state and federal regulation and investor requirements.
- Ensure the accuracy and timeliness of real estate tax information with our third-party servicer in accordance with bank procedures and state and federal regulations.
- Ensure the accuracy and timeliness of insurance information with our third-party servicer in accordance with bank procedures and state and federal regulations.
- Assist in ensuring the proper monitoring and handling of delinquent real estate taxes.
- Ensure the accurate and timely payment of escrowed items, including homeowners’/flood insurance, private mortgage insurance and condo fees.
- Review flood positive determinations for newly originated residential mortgage and home equity loans
- Review and maintain accounts for monthly flood map changes.
- Monitor member service requests and system exception reports, research and resolve issues.
- Respond to inquiries from internal and external members related to escrow items.
- Assist with maintaining all related written procedures in accordance with established bank standards and regulations.
- Keep well informed of revisions and additions to state and federal regulations, investor servicing requirements and Bank policy.
- Assist management on special projects and perform other servicing related duties as assigned.
- Assist with training new employees.
- Create procedures and review and update as needed
- This position will be cross trained in additional functions within the escrow and investor reporting team to allow for appropriate levels of team back-up as well as potentially residential mortgage servicing items.
- Adhere to all regulatory compliance training inclusive of BSA/AML/OFAC and overall BSA/AML/OFAC compliance
- Perform other duties as required
- Associates preferred, high school required.
- Knowledge of the Harland Loan servicing system or similar servicing application a plus.
- Comprehensive reading skills to review complex documents, procedures, and regulations.
- Ability to work independently in a multi-tasking environment while meeting critical deadlines.
- Computer literacy with proficiency in MS Office applications
- Strong interpersonal communication with a focus on providing excellent member service.
- Must have excellent organizational skills; be detail-oriented, accurate and self-motivated.
Our Core Values are an integral part of who we are and who we hire. By living our Core Values, every day, we continue to attract the best and brightest talent, achieve unsurpassed results and continuously challenge ourselves to be better than yesterday. These values are at the heart of our organization and within every teammate. To be a great fit, you’ll bring the following
Results - We are passionate about winning.
Agility - We proactively anticipate, respond and pivot to ensure MCU wins.
Integrity - We operate with the highest ethical standards and highest degree of honesty.
Belonging - We cultivate a culture of inclusion and teamwork.
Ownership - We take personal responsibility and hold ourselves accountable for the results.
Why You’ll Love Working Here:
The pay range for this position is between $66,300-75,330 annually. Actual base pay offered may vary depending on a number of factors such as job-related knowledge, skills, experience, and location. Employees in this position may also be eligible for a discretionary bonus, 401(k) with an 6% employer match per pay period. Benefits for this position include Medical, vision, dental, life, and disability insurance, flexible paid time off and 11 paid holidays annually.
Municipal Credit Union (MCU) is an Equal Opportunity Employer. Municipal Credit Union provides equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by applicable federal, state or local laws.
We are committed to hiring, training, cultivating, promoting, and celebrating an environment where we have a welcoming and fulfilling place for all people to call home. Diversity of race, thought, sexual orientation, age, veteran status, religion, and disability will empower us to thrive as individuals, as teams, and as an organization.
Salary : $66,300 - $75,330