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Escrow & Insurance Specialist

Escrow & Insurance Specialist

Job Description

Responsible for all disbursements relative to member escrow accounts in compliance with SCCU, RESPA and FNMA guidelines. Responsible for the placement of all collateral protection insurance and maintenance of all add-on insurance products. Ensures adequate insurance coverage for all SCCU collateral.  Acts as a representative of SCCU and provides exceptional quality service for members.  

Duties and Responsibilities

  • Pays all premiums required from escrow accounts (homeowner, flood, windstorm, private mortgage insurance and real estate taxes) in order to comply with SCCU, RESPA and Fannie Mae guidelines.  Disburses insurance premiums timely to ensure no disruption in insurance coverage.  Inputs the appropriate system information accurately.
  • Processes insurance declaration pages and cancellation notices in a timely manner for all 1st and 2nd mortgages.  Identifies and tracks the payment of insurance for non-escrowed 1st mortgages.
  • Monitors increased insurance premiums to ensure monthly payments to the escrow account are sufficient to cover disbursements.   
  • Places Collateral Protection Insurance (CPI) when necessary to ensure protection of SCCU loan collateral.  Monitors CPI program to ensure appropriate monthly system entry for individual loans.  Cancels CPI as necessary. Responds to member inquiries and provides explanation of CPI charges to members as needed.
  • Processes Mortgage Insurance Certifications and Flood Re-certifications to ensure timely insurance coverage.
  • Assists in the annual escrow analysis to ensure accurate and timely reporting.   Ensures that member inquiries are responded to in a timely manner. Performs escrow analysis calculations and provides revised disclosures to members when requested.
  • Processes and tracks the Guaranteed Auto Protection (GAP), Payment Protection and Vehicle Service Agreement (VSA) programs by preparing reports, processing checks and claims and forwarding application to appropriate vendors to ensure program effectiveness.  
  • Data entry, use of Excel, and multi-tasking (answering phones, typing, and reviewing documents simultaneously) are key skills needed to perform this job function successfully.
  • Attendance and punctuality are essential functions of this job.
  • Performs other duties and responsibilities as assigned.


Job Requirements

Education and Training:

High School Diploma or equivalent experience.

Prior Experience:

1 year prior experience in a loan servicing role or insurance related field preferred.

Job Snapshot

Employment Type Full-Time
Job Type Banking
Education High School
Experience 1 years
Manages Others No
Relocation No
Industry Banking - Financial Services
Required Travel None
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Escrow & Insurance Specialist

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