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Escrow Servicing Specialist I

Bangor Savings Bank | Bangor, ME, United States

Posted Date 11/13/2024
Full job description Position Overview:The Escrow Servicing Specialist is responsible for managing escrow accounts within the bank’s loan portfolio. This role includes implementing and executing controls to mitigate operational risk and providing exceptional customer service to both internal and external clients. The Specialist will handle loan file maintenance and system updates using the bank’s core banking system (Jack Henry Silverlake), ensuring accuracy and relevance for specific loan products.Levels of Responsibility:• Level I: Focuses on skill development and knowledge acquisition related to the role. Emphasis is placed on delivering high-quality work to progress to higher levels.• Level II: Builds on Level I expectations with a focus on increased production and work output, while continuing to develop skills and knowledge.• Level III: Maintains Level I and II expectations while taking on additional responsibilities such as training less-experienced associates, managing complex issues/projects, and reviewing processes for improvement.This is a full-time career opportunity based in Bangor, Maine, offering both remote and on-site work options. The hybrid work option is available after the successful completion of initial training (approximately 90 days), with a minimum of three days per week required in the office.

Key Accountabilities:

  • Serve as the primary contact for all customer-service matters related to loan escrow accounts.
  • Manage all processing activities for loan escrow accounts, including the processing and remittance of property tax, insurance, and other escrow payments to third parties.
  • Collaborate with internal and external partners to ensure escrow accounts are managed in compliance with regulations and investor guidelines.
  • Act as a liaison with third-party escrow vendors.
  • Maintain consistent compliance with policies and procedures, ensuring readiness for internal and external audits.
  • Engage in self-study to stay updated on relevant escrow servicing topics.
  • Resolve complex customer issues independently and in a timely manner.
  • Identify and implement process improvements to enhance operational efficiency, mitigate risk, and improve customer experience.
  • Work effectively with others, focusing on teamwork to achieve bank goals and objectives.
  • Adhere to acceptable punctuality and attendance standards as outlined in the Employee Handbook.
  • Perform additional duties as assigned, including training new team members.

Key Functional Areas/Tasks:

  • Setup, tracking, and disbursement of property tax information.
  • Setup, tracking, and disbursement of insurance information.
  • Ongoing monitoring and oversight of escrow-related data.
  • Processing escrow analysis and exception research.
  • Onboarding escrow information related to purchased or acquired loans.

Knowledge/Experience:

  • College degree preferred.
  • High school diploma or equivalent required.
  • Experience in escrow, loan servicing, banking, or lending is helpful.
  • Required to attend ongoing training sessions to enhance professional skills.

Compliance and Control:

  • Assist in ensuring compliance with local, state, and federal regulations.

Physical Demands and Conditions:

  • General office environment.
  • Moderate lifting (up to 35 lbs.) required.

Equipment Used:

  • General office equipment.

External and internal applications and position incumbents who become disabled must be able to perform the essential functions either unaided or with the assistance of a reasonable accommodation to be determined by management on an individual basis.
Job Type
Regular | Regular
Industry
Banking

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