Website Republic Bank

About Republic Bank

Republic Bank’s values are built upon making an IMPACT for our clients, our associates and the communities we serve. (IMPACT stands for Innovate for the Future, Make it Easy, Provide Exceptional Service, Acknowledge & Celebrate Success, Commit to Caring and Thrive Together) The associates of Republic Bank are the key to our success as an organization and we value our associates. It’s one of the reasons we’ve been named as one of the Best Places to Work in Kentucky for the last seven years! For more information about the company, please visit www.republicbank.com.

POSITION PURPOSE AND OBJECTIVES:
The Escrow Specialist position is accountable for providing the highest level of customer service to internal and external customers with operational integrity. Primary responsibilities include procurement and payment of assigned lender-paid escrowed items, including Homeowners Insurance and Property Taxes prior to their due date, avoiding all penalties.

MINIMUM QUALIFICATIONS:
• Minimum 1 year industry experience performing escrow duties preferred.
• Minimum of 1-year previous experience in a Loan Servicing or Financial Operations environment preferred.
• Demonstrated proficiency in Microsoft Office products (Word, Excel, Access, and PowerPoint) PDF and internet applications.

ESSENTIAL JOB FUNCTIONS AND RESPONSIBILITIES:
• Disburse escrowed insurance premiums and taxes from client escrow accounts in a timely manner.
• Contact clients, insurance companies, and insurance agents for hazard insurance premium renewal bills.
• Contact clients and taxing authorities for escrowed tax bills. These could be found on websites, through taxing authority contacts, by calling or mailing letters to clients, by requesting and processing data files from the taxing authority, or by working with a 3rd party vendor.
• Respond in a timely manner to miscellaneous tax and hazard insurance inquiries from clients and bank personnel.
• Monitor and process incoming tax email proxy items.
• Forward correspondence, insurance documents, tax documents, etc. to the Imaging department for proper storage and future retrieval as needed.
• Validate and mail outgoing insurance, tax, and escrow analysis surplus checks. Run and validate corresponding check reports.
• Apply mailed-in escrow analysis shortage checks from clients to their escrow account, updating escrow payment amounts.
• Validate, print, and mail one-off escrow analyses from 3rd party vendor.
• Receive, open, process, and distribute incoming mail.
• Receive, process, and distribute various 3rd party electronic insurance notifications. Maintain corresponding critical logins and passwords.
• Sign off on daily, weekly, monthly, and yearly work to ensure proper team monitoring.
• Pull escrow analysis surplus checks on delinquent accounts to forward to Collections.
• Manage daily reports, disbursements, distribution, and wiring of taxes as reported by 3rd party vendor. This includes daily and weekly reporting, registering and un-registering of parcels through the vendor’s online portal. Ensure all parcels are registered and paid in a timely manner to avoid late penalties.
• Validate new loan data in core system by comparing said data to Closing Disclosures, Initial Escrow Disclosures, Titles, and various other closing documents.
• Monitor and disburse insurance and taxes on Commercial loans with escrow.
• Monitor Aircraft insurance via monthly internal reporting, mailing letters to clients and agents as necessary.
• Validate and set up hazard insurance data on new Commercial loans.
• Monitor non-escrowed insurance on Investor loans, initiating and cancelling force place letter cycles when needed.
• Research surpluses and shortages on monthly analyses, to ensure client’s escrow analysis is correct prior to its run and mailing.
• Complete quarterly bank-wide and Loan Servicing trainings by established deadlines.
• Conduct quality assurance reviews of hazard insurance and real estate tax payments to ensure compliance with investor requirements, city, school, county, state, and federal governments, CFPB and RESPA.
• Adhere to established policies and procedures; collaborate with the Escrow Supervisor to revise assigned procedures immediately upon notification of change, addition, or declination request.
• Obtain and review hazard insurance and real estate tax reporting and conduct maintenance or due diligence as required.
• Contact hazard insurance agencies and providers and real estate tax municipalities.
• Assist with systems testing to validate data, identifying gaps or errors.
• Monitor safeguards to ensure the integrity of clients’ personal and financial data.
• Progress to Escrow Level II role, by successful completion of necessary training and testing.
• Maintain a working knowledge of compliance requirements affecting your position and area of responsibilities and actively learn new regulations and assist in the implementation, if required.
• Model and foster behaviors that support the Bank’s values and corporate culture creating an atmosphere of trust, cooperation, accountability, and dedication to the organization.
• Willingly perform all other duties and projects as assigned.

INTERPERSONAL SKILLS AND COMPETENCIES REQUIRED:
• Effective interpersonal, verbal and written communications skills.
• Demonstrates basic math and/or accounting principles as it relates to Loan Servicing.
• Requires ability to work independently and as a team, under pressure and deadlines.
• Ability to problem solve and evaluates a process for both potential risk and efficiency improvement.

PHYSICAL REQUIREMENTS:
The physical demands described here are representative of those that must be met by an associate to successfully perform the essential functions of this position. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties of this position, the associate is regularly required to sit, use hands to finger, handle, or feel; and talk or hear. The associate frequently is required to stand or walk. The associate is occasionally required to reach with hands and arms. The associate must occasionally lift and/or move 10 pounds. Specific vision abilities required by this position include close vision, and distance vision. The noise level in the work environment is usually moderate.

OTHER REQUIREMENTS:
• Travel between Republic Banking facilities may be required.
• Flexible work schedule that will include some evenings, weekends, and overtime.
• Stay abreast of new developments, best practices, and statutory and regulatory changes.

**The above is intended to describe the general content of and requirements for the performance of this position. It is not construed as an exhaustive statement of duties, responsibilities, or requirements.

 

To apply for this job please visit www.republicbank.com.