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Escrow Specialist

Dollar Bank
Canton, Ohio, United States
Closing date
Apr 12, 2024

View more

Job Role
Contract Type
Full Time

The Escrow Specialist is responsible for ensuring all real estate taxes and hazard/flood insurance premiums are paid or updated in a timely manner. In addition, the Specialist handles optional insurance balancing for the billing, upgraded customer issues, loss claims processing, and research. The Specialist also monitors loans for flood insurance and lender placed insurance. The Escrow Specialist ensures the operation of the Escrow department stays compliant with regulatory requirements and updates policies and procedures as necessary.


Associate degree in business or computer related field, or commensurate work experience required.

Minimum of 1 year banking or mortgage experience preferred

Working knowledge of loan documents preferred

Knowledge of FNMA, FHLMC, FHA, and VA loan servicing procedures and regulations preferred

Knowledge of RESPA and CFPB regulations preferred

Must have intermediate knowledge of Microsoft Office including Word and Excel.

Must possess excellent mathematical and analytical skills.

Must demonstrate strong written, verbal, and interpersonal communication skills.

Must be able to organize and manage work load efficiently to allow for timely and accurate completion of assigned duties and to assist other staff members.

Must be professional and courteous with internal and external customers.


Build tax engines for script runs in Excel.

Review tax/insurance reports identifying items that need paid/updated and direct the loan administrators in paying real estate taxes/insurance premiums.

Verify appropriate letters for Lender Placed Coverage for hazard and flood insurance are sent to customers.

Place lender placed coverage on vacant properties.

Ensure adequate flood insurance coverage on properties in Special Flood Hazard Area.

Monitor delinquent taxes and hazard cancellations and ensure the required borrower notifications are sent within the required timeframes on flood/hazard insurance.

Process Private Mortgage Insurance (PMI), Electronic Data Interchange (EDI) and Housing and Urban Development billings and flood mapping updates and send appropriate letters where necessary.

Process loss draft claims according to investor and bank guidelines

Handle research on questions/problems as requested from other departments and upgraded customer issues

Remit optional insurance premiums to appropriate companies

Add/Delete optional insurance as needed

Send letters to flood tracking companies to cancel life of loan monitoring on paid-in-full loans

Advance taxes/hazard on hardship modifications

Obtain and update evidence of insurance on condominiums

Establish/maintain tax/insurance payees as needed

Verify tax/hazard check amounts to insurance /tax bills

Proactively review processes to improve quality and/or efficiency

Participate and respond to internal as well as external audits

Sort/review reports and give to appropriate staff

Create monthly tax payee listings to identify the quantity of tax bills in each area

Overtime may be required, as needed


Nothing in this job description restricts management's right to assign or reassign duties and responsibilities to this job at any time.

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