Escrow Administrator (Mortgage Loan Servicing)

Description

About BFSFCU:

Bank-Fund Staff Federal Credit Union (BFSFCU) is a full-service financial cooperative that was organized and chartered in 1947 as a convenient place for employees of the World Bank Group and International Monetary Fund and their families to save and to obtain credit. Located in Washington, DC, BFSFCU maintains three full-service branches in downtown as well as a full-service Lending Center near Farragut West metro station.

Summary:

Responsible for the administration, monitoring, and servicing of all property tax and insurance programs on real estate loans; with particular emphasis on ensuring appropriate coverage, current payments, and the annual escrow analysis is accurate and completed in a timely manner.

• Establishes, reviews, and disburses funds from member escrow accounts for the payment of real-estate taxes, homeowners, flood, wind and private mortgage insurances.
• Ensures all insurance escrow account information on the DNA system is accurate by verifying documentation including proof of Homeowners and Flood insurance Declaration Pages and invoices to ensure the required BFSFCU Mortgagee Clause, Policy Period, Dwelling Coverage and premiums are provided and take the necessary steps to coordinate corrective actions with Closing Representatives/Insurance Agents/Borrowers as needed to mitigate Credit Unions’ risk.
• Ensures all tax escrow account information on the DNA system is accurate by verifying new mortgage account files, HUD-1 statements and closer’s instructions for accuracy of tax payment information. Maintains taxing authority changes /updates and keep servicing department informed.
• Ensures escrow analysis is in compliance with the new escrow regulations. Processes and reviews the annual escrow analysis. Generates and sends coupons and debit memos, deficit notices, history and next year projections. Processes escrow refund checks. Research and respond to member inquiries regarding their escrow accounts and escrow analysis.
• Ensures the processing and review of all new first mortgage loans initial escrow analysis within the DNA system. Coordinates the mailing of the initial escrow notifications to the members.
• Responds and researches all escrow inquiries or escrow servicing issues received via email, phone, DNA Contact activities, relationship manager and walk-ins.
• Coordinates with the Closing and Post Closing teams to correct issues and sets-up new escrow accounts as needed.
• Acts as liaison with all escrow servicing system vendors, insurance companies and taxing authorities to address any escrow servicing issues and to maintain updated information.
• Processes all aspects of force-placed insurance by obtaining force-placed coverage thereby initiating the remittance of required notices requesting the members to provide/ obtain current property insurance coverage. Upon receipt of adequate policy coverage, process cancellation requests. Update all notices and information in the mortgage record of OnBase.
• Acts as a contact for all member casualty loss inquiries. Obtains necessary claim documents including, repair estimates, Casualty loss agreement forms and ensure proper endorsements of insurance claim checks submitted by members. Sets-up and monitors Casualty loss accounts in the DNA Core System in compliance with guidelines and disburses funds to contractors as requested.
• Reviews and processes property tax delinquency reports to protect the Credit Union’s interest in a property tax sale. Coordinates with the Tax Escrow position for the mailing of property tax delinquency letters to members. Follows up with members to ensure supplemental bills are paid on time.
• Reviews year-end 1098’s and PMI disclosures statements to ensure proper year reporting.
• Ensures year-end corrections are completed in a timely manner.
• Reviews escrow reports and corrects any accounts shown as exceptions. Reviews BFSFCU quarterly savings rates and reviews interest-on-escrow program on a quarterly basis.
• Provides individual assistance and guidance to Mortgage Originations Section representatives to assist with escrow account establishment prior to settlement.
• Adheres to the Service IMPACT philosophy and standards, throughout all interactions when acting as a representative of BFSFCU.
• Summarizes and documents all member interactions in the Customer Relationship Management (CRM) system and handles all documents in accordance with Credit Union procedures by scanning and indexing all incoming Insurance and Tax documentation / correspondence to the OnBase system.
• Creates, maintain and periodically revises daily procedures for the position.
• Undertakes other work-related duties as assigned by the Supervisor, Mortgage Servicing.

For internal purposes, this position is graded as NE-6. 

The anticipated annualized base salary range for this position is $50,000 to $62,000. Final base salary for this role will be based on the individual’s job-related experience, skillset, training, certifications and market demands. The benefits available for this full-time position include but are not limited to: medical, dental, and vision insurance, 401(k) plan, life insurance coverage, disability benefits, tuition assistance program and paid time off, including paid parental leave benefits. In addition to base compensation salary, this role position is eligible for an annual incentive plan.

Requirements

Minimum Qualifications:

Education:

• Associates Degree in related field or equivalent combination of Education and Experience.
• Must be eligible to register with the Nationwide Mortgage Licensing System & Registry (NMLS) and must maintain registration with NMLS as a registered Mortgage Loan Originator (MLO).

Experience:

• Prior Banking Experience preferred
• A strong and proven commitment to the Credit Union’s Service PACT Philosophy
• Well developed communication and member relations skills
• Proven ability to organize and prioritize tasks in a fast paced environment
• Proficient in computer software programs