What are the responsibilities and job description for the Escrow Team Lead (Full Time) - Plano position at PROSPERITY BANK?
POSITION PURPOSE
Responsible for oversight of 3rd party insurance, tax vendor and all tasks surrounding escrow to ensure all are within regulatory and internal guidelines.
ESSENTIAL FUNCTIONS AND BASIC DUTIES
- Provides oversight of 3rd party insurance and tax vendors
- Sets up and updates ticklers for both taxes and insurance as per guidelines
- Pays escrowed tax and insurance bills/premiums
- Runs and works internal reports and external report from the vendor
- Performs yearly escrow analysis and ensures all analysis are completed within RESPA guidelines
- Reviews and validates escrow overages and shortages on escrow analysis
- Ensures all escrow overages are mailed within RESPA guidelines
- Researches and responds to incoming emails via multiple email boxes within the department
- Researches and responds to incoming written correspondence which includes letters, bills, and insurance policies
- Monitors all loans with PMI to ensure bills are paid timely as well as regulatory guidelines are met
- Monitor all insurance Loss Drafts to ensure policy and procedures are handled appropriately
- Contacts insurance agents and/or carriers to obtain the most recent insurance policy for expired ticklers.
- Works with Loan Officers and Lending Assistants for any insurance policies not able to be obtained via the insurance carriers.
- Monitors/works and updates expired insurance ticklers
- Trains any new associate and acts as the Subject Matter Expert for all processes
- Writes policy and procedures and job aides
- Handles any escalated internal or external customer issues
- Conducts periodic audits on existing processes
- All other tasks and duties as assigned.
SUPERVISORY RESPONSIBILITIES:
This role has no supervisory responsibilities.
QUALIFICATIONS
Education/Certification:
- High School Diploma, GED or equivalent
Required Knowledge:
- Thorough knowledge of Microsoft Excel and Microsoft Word. The ability to maintain and create spreadsheets and customer correspondence.
- Thorough knowledge of how escrow accounts work and how to calculate an escrow analysis
- Thorough knowledge of property taxes and insurance and basic flood insurance requirements.
- Thorough understanding of RESPA and Regulations as it pertains to escrow
Experience Required:
- Proficient computer skills
Skilla/Abilities:
- Must be able to handle and resolve high volumes of work and meet strict deadlines.
- Ability to read and comprehend simple instructions, short correspondence, and memos.
- Ability to write detailed correspondence.
- Ability to speak effectively and clearly in response to internal and external customer requests and inquires.
- Must be a critical thinker and able to analyze situations and escalate to management as needed and the ability to make decisions based upon policy and procedure
- Highly organized and self-motivated
- Excellent verbal and written skills
- Have a strong knowledge of spreadsheet software and word processing software
- Needs to have a strong attention to detail and be able to perform multiple tasks under pressure
- Tact in dealing with customers and employees, and experience liaising with varied bank departments to resolve issues.
- Ability to write policy and procedures
- Ability to effectively train new and existing associates on any new processes or changes to processes.
PHYSICAL ACTIVITIES AND REQUIREMENTS OF THIS POSITION
Talking: Must be able to communicate effectively with all levels of management, outside vendors, and insurance agents and direct reports.
Average Hearing: Able to hear average or normal conversations and receive ordinary information.
Repetitive Motion: Movements frequently and regularly required using the wrists, hands, and/or fingers.
Average Visual Abilities: Average, ordinary, visual acuity necessary to prepare or inspect documents
Physical Strength: Sedentary work; sitting most of the time. Exerts up to 25 lbs. of force occasionally.
(Almost all office jobs.)
Ability to withstand moderate physical activity throughout the workday.
WORKING CONDITIONS
None: Must be in the office and cannot work remotely
Ability to handle low to moderate noise levels
MENTAL ACTIVITIES AND REQUIREMENTS OF THIS POSITION
Reasoning AbiliTY Ability to apply common sense understanding to carry out detailed written or oral instructions.
Ability to deal with problems involving a few concrete Variables in standardized situations
Ability to maintain attention and concentration for extended periods of time
Ability to work in a very fast paced environment with multiple priorities and deadlines
Mathematics Ability: Must possess the ability to apply concepts such as fractions, percentages, ratios, and proportions to practical situations
Language Ability: Ability to read and understand procedures and department guidelines
Ability to prepare memos, reports, using proper punctuation, spelling, and grammar.
Compose emails which clearly outline situations that could be complex in nature in a professional manner
Hours: Monday - Friday 8:00AM - 5:00PM.
40 hours per week.