What are the responsibilities and job description for the Insurance Escrow Manager (Full Time) - Plano Ops position at PROSPERITY BANK?
External Applicants: Please apply through Prosperity Bank's Career Center at https://www.prosperitybankusa.com/Careers. Applying through any other source may prevent Prosperity from receiving your application.
Internal Applicants: If you are a current associate of Prosperity Bank, please apply through the internal Talent - Career Center in ADP.
Prosperity Bank is an Equal Opportunity Employer.
POSITION PURPOSE
Responsible for the management of escrowed and non-escrowed taxes and insurance for the Bank and ensuring all policy and procedures are followed which includes any regulatory and internal guidelines.
ESSENTIAL FUNCTIONS AND BASIC DUTIES
- Management of a 3rd party vendor that pertains to the monitoring of insurance.
- Manage a team of and Escrow Admins, Escrow Specialists and Senior Escrow Specialists directly in multiple physical sites.
- Train new escrow team members and be the Subject Matter Expert for all processes and procedures Specifically on flood insurance questions and issue. This includes ensuring that all clauses on the policies meet the banks requirements. (i.e. Mortgagee Clause, Loss payee)
- Must be able to calculate and verify amounts on policies that contain coinsurance clauses to ensure the bank is covered in the event of a loss
- Must be able to review construction budgets and determine proper coverage amounts on Builders Risk per the insurance guidelines
- Must be able to assist the lender and the pre-close teams with determining Flood coverage amounts on various structures. Must be able to ascertain information to finalize flood coverage amounts to align with the flood regulations
- Must assist lenders and admins with overlays of large acreage along with structures to determine what is in our out of a flood zone
- Must be able to assist with elevations certs sent to FEMA for review
- Responsible for owning the flood vendor relationship and being the liaison for bank
- Responsible for updating Flood policies and procedures and obtain approval from compliance.
- Prepare daily, weekly, and monthly reports to monitor insurance to ensure all insurance is paid and tracked timely and accurately.
- Maintain, monitor, and reconcile daily financial transactions.
- Execute all live checks as needed and work with the print vendor on any changes to the check printing.
- Monitor and approve all financial transactions from the escrow team for keyboarding and branch capture.
- Work with Escrow Manager for any core system releases and testing.
- Conduct periodic meetings with all escrow teams together and on a one-on-one basis.
- Write policy and procedures and job aids.
- Follow all compliance and regulatory guidelines and procedures.
- Handle any escalated internal or external customer issues.
- Conduct periodic audits on existing processes.
- All other tasks and duties as assigned.
The above statements describe the general nature and level of work only. They are not an exhaustive list of all required responsibilities, duties, and skills. Other duties may be added, or this job description amended at any time.
SUPERVISORY RESPONSIBILITIES:
- Approve timesheets.
- Manage a team of Escrow Admins, Escrow Specialists and Senior Escrow Specialists directly in multiple sites.
- Prepare and deliver yearly reviews.
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 escrow analysis.
Thorough knowledge of the different types of insurance perils based upon the collateral of the loans.
Basic understanding of RESPA and Regulations as it pertains to escrow.
Thorough knowledge of the flood regulation and the flood insurance requirements based upon the loan type.
REQUIRED EXPERIENCE:
Proficient computer skills.
Minimum of 3 years’ experience working with all types of insurance as it pertains to all consumer and commercial type loans.
Prior experience with managing teams.
Preferred experience with managing a 3rd party vendor for insurance.
SkillS/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 associates and experience liaising with varied bank departments to resolve issues.
Ability to effectively 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 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.
Monday - Friday: 8:00AM - 5:00PM