Mortgage Servicing Escrow Clerk

Company: Valley Bank
Location: Wayne
Posted on: May 28, 2023

Job Description:

The Escrow Clerk - MSI will disburse payments for real estate taxes, homeowners, flood, PMI, optional insurance premiums and MIP insurance premiums timely for escrowed accounts; maintain direct contact with taxing authorities, insurance companies/agencies, borrowers and our tax and insurance vendors to ensure quality customer service; verify all non-escrowed accounts have the appropriate insurance coverage and updated tax information. Responsibilities include but are not limited to:

• Reconcile data and disburse checks for all regular real estate, abatement and added assessment taxes to either our tax payment service or direct to municipalities prior to due dates. Reconcile all data and disburse checks to the appropriate insurance payee prior to renewal.
• Communicate daily with our third party insurance tracking company to ensure proper coverages are in place at all times and in accordance with Bank, government and investor guidelines.
• Review weekly open item tax and insurance reports. Communicate directly with our tax and insurance vendors to obtain the amount due on accounts where disbursement listings have not been received. All open items are paid manually to ensure prompt payment and avoid any penalty for late payments.
• Research past due and/or delinquent status reports from our tax and insurance vendors for escrowed and non-escrowed accounts for any delinquent real estate, added assessment and utility charges or homeowners or flood insurance premiums.
• Monitor and process loss draft checks in accordance with investor and bank guidelines. Issue periodic reports to department management team.
• Communicate with borrowers and taxing authorities or insurance companies/agents to resolve any and all tax or insurance issues.
• Review escrow analysis statements with borrowers.
• Assist Customer Service representatives as needed in times of heavy telephone volume.
• Communicate with our tax service to ensure all 1st mortgage loans have a valid tax contract in place.

Keywords: Valley Bank, Wayne , Mortgage Servicing Escrow Clerk, Other , Wayne, New Jersey