Escrow Specialist Sr. (Property Insurance)

Cenlar is the nation’s leading mortgage loan subservicer. Our unique culture is defined by our core values of respect, trust, integrity and care. A promote-from-within philosophy, and opportunities for continuous professional growth make Cenlar a great place to launch or boost your career.

The Escrow Specialists monitor all work performed through tasks, comment codes, or status reports and ensure tasks are completed within expected time frames.  This role maintains department assigned productivity and accuracy percentages and identifies trending issues and providing suggested process improvements and changes.  The Specialists determine root-cause of, and escalate, reoccurring data quality issues with clients and/or internal departments and take initiative to outline/present recommendations.  This role is responsible for responding to incoming email inquiries from internal and external sources in a high volume environment.

Responsibilities:

All Disciplines

• Monitors all work performed through tasks, comment codes, or status reports; ensures tasks are completed within expected time frames
• Maintains department assigned productivity and accuracy percentages
• Identifies trending issues and providing suggested process improvements and changes
• Determines root-cause of, and escalate, reoccurring data quality issues with clients and/or internal departments; takes initiative to outline/present recommendations; implements changes and processes improvements
• Responds to incoming email inquiries from internal and external sources in a high volume environment
• May assist department supervisor in day-to-day direction of staff and workflow process
• May provide coaching, training, and timely feedback on performance to Escrow Specialists I, II
• May ensure employees receive appropriate training, equipment, and supplies to perform effectively
• Keeps Supervisor/Manager advised of all issues, status of work, unresolved escalated items, and/or potential risk/exposure issues
• Other duties as assigned
• Appropriately assess risk when business decisions are made, include but not limited to compliance and operational risk. Demonstrate consideration for Cenlar’s reputation as well as our clients, by driving compliance with applicable laws, rules and regulations, adhering to Policy, applying sound ethical judgment regarding personal behavior, conduct and business practices, and escalating, managing and reporting control issues, as well as effectively supervise the activity of others and create accountability with those who fail to maintain these standards.

The following duties and responsibilities vary by discipline (Escrow, Insurance, Tax):

Escrow

• Participation in Compliance Committee
• Ensures establishment and maintenance of delinquent loan escrow analysis procedures
• Responsible for implementation of any new policy or procedural changes for delinquent loan analysis
• Performs business line testing on delinquent loan analyses performed
• Performs individual or mass analysis as needed on delinquent loans
• Determines MSP task creation needs and establish tasks as needed
• Creates and maintains interdepartmental escrow analysis working group with Default areas
• Acts as liaison and main communication hub for all Default areas; hold regular meetings with Default areas to ensure analysis performance is within department, investor and client guidelines
• Acts as primary respondent for Default Escrow Analysis e-mailbox
• Trains and assists in coaching Escrow Analyst II staff
• Performs standard trial analysis as needed in high volume months
• Ensures all delinquent analysis are performed within annual RESPA guidelines
• Assists as needed with any Escrow Analysis statement or Escrow Analysis insert changes

Insurance

• Promptly and effectively resolves escalated, Presidential and other critical issues
• Performs vendor oversight through regular testing of operational functions performed by and/or supported by the vendors
• Reports any operational findings to management, outlining areas of fail, risk and recommendations for potential process improvements
• Supports and leads the property insurance team in researching and remediating client and borrower inquiries, if applicable
• Performs root cause analysis/trending on department email boxes and escalated loan level issues
• Acts as point of contact, within the team, providing direction and recommendations on how to best achieve department goals, while adhering to federal (FDPA and RESPA), state, investor (GSE) and department procedures
• Reviews department functions from standpoint of workflow improvements for control, quality and/or enhanced utilization of vendor
• Communicates emerging issues with the department supervisor, as well as status of work volume(s), unresolved escalated items and/or company exposure
• Participates in on-site client visits and serve as backup to the insurance department supervisor, representing the department on escalated client calls
• Meets regularly with other servicing areas to ensure all red flag root causes items are being addressed and departmental processes are being adjusted, if applicable
• Create sand updates department procedures, where necessary
• Assists in new hire training program, during observation and classroom/controlled environment period, as well as working with new hires to review department procedures
• Acts as back-up in reviewing quality performance metrics; provide input to coaching and performance/action plans
• Provides side-by-side coaching for new hires and areas of improvement for existing staff

Tax

• Identifies, analyzes, and resolves customer and client issues and/or exceptions related to processing errors by validating tax data and reviewing Quality Assurance (QA) Reports
• Researches, identifies and analyzes complex issues/trends for root cause; take initiative to outline/present recommendations
• Remains a Subject Matter Expert (SME) in examining the deconversions process on each Sold ID as it relates to tax contracting data and open item reports for clients moving to another servicer
• Manages and documents tax related defects including various data elements pertinent to remediation and control
• Provides technical expertise and workflow guidance to Escrow Specialist I, II

Qualifications:

• High School Diploma or GED required
• 3+ year of mortgage servicing or mortgage lending or other relevant experience
• Proficiency with mortgage servicing system (MSP/Black Knight) and Cenbase/Passport applications
• Strong communication, writing and analytical skills
• Strong ability to adapt to a rapidly changing work environment
• Proficient with Microsoft Word, Excel and PowerPoint
• Excellent problem resolution skills with ability to identify root-cause issues
• Strong attention to detail
• Ability to work independently

Escrow - Hazard Insurance

• It is critical that you have an understanding of the following:
  • Requirements under the Real Estate Settlement Procedures Act (RESPA) specifically:
    • timely escrow disbursements required,
    • basis for charging a borrower for force-placed insurance,
    • requirements before charging a borrower for force-placed insurance,
    • requirements for the reminder notice,
    • contents of letter notice,
    • cancellation of force-placed insurance, and
    • timely payments of hazard insurance

Escrow - Tax

• It is critical that you have an understanding of the following:
  • Requirements under the Real Estate Settlement Procedures Act (RESPA) specifically:
    • timely payments,
    • escrow analysis at creation of an escrow account,
    • disclosure requirements for escrow items,
    • initial escrow account statement submission at settlement or within 45 calendar days of settlement,
    • escrow account analysis and shortages, surpluses, and deficiencies requirements, and
    • refunding an escrow balance

Escrow Analysis

• It is critical that you have an understanding of the following:
  • Requirements under the Real Estate Settlement Procedures Act (RESPA) specifically:
    • subsequent escrow account analyses,
    • annual escrow account statements,
    • escrow account analysis and shortages, surpluses, and deficiencies requirements, and
    • initial escrow account statements
  • Requirements under the Federal Rules of Bankruptcy Procedures specifically, proof of claims and escrow analyses

Escrow - Tax

• It is critical that you have an understanding of the following:
  • Requirements under the Real Estate Settlement Procedures Act (RESPA) specifically:
    • timely payments,
    • escrow analysis at creation of an escrow account,
    • disclosure requirements for escrow items,
    • initial escrow account statement submission at settlement or within 45 calendar days of settlement,
    • escrow account analysis and shortages, surpluses, and deficiencies requirements, and refunding an escrow balance

Total Rewards:

At Cenlar, you’ll receive an outstanding benefits package that includes paid medical, dental, and life insurance, 401(k), and tuition assistance as well as opportunities for training and professional advancement.

Cenlar is a drug-free workplace and an equal employment opportunity/affirmative action employer M/F/D/V/SO.