Loan Escrow/Insurance Specialist

Ozarks Federal Savings and Loan has been serving customers since 1930. Today we remain as a community bank that is dedicated to our customers, employees, and the communities that we serve. If you are looking for a rewarding career with opportunities for growth and advancement, great benefits, and great teammates, then we want to hear from you. Ozarks Federal tellers have the pleasure of working in a professional and positive environment while providing exemplary service to our customers, who are also our owners.

Summary: Ensures appropriate collateral protection on all loans serviced by Ozarks Federal by monitoring and paying real estate taxes and insurance premiums when due.

Physical Requirements

• Spend Time Making Repetitive Motions
• Long Periods of Sitting or Standing Can Occur
• Lifting up to 20 pounds

Work Setting

• Indoors
• Moderate noise level

Job Requirements:

• High school diploma or equivalent.
• Knowledge of and experience working with mortgage loans.
• General knowledge of loan escrow, real estate taxes, and insurance policies.
• Good attention to detail, and ability to meet deadlines and effectively communicate with customers.
• Experienced with word-processing and spreadsheet programs and ability to operate office machinery.
• Excellent analytical thinking and mathematical skills.

Job Duties:

• Monitor that each loan associated with Ozarks Federal is properly insured.
• Monitors and records correspondence from insurance carriers with the appropriate loan file as to properly track any changes to existing policies for all Ozarks Federal loans.
• Maintain the payment of all insurance policy premiums, force-placed policies, and private mortgage insurance policies that are escrowed through our loans.
• Effectively communicates with insurance carriers to determine reasoning and timing of cancellation notices received.
• Corresponds with customers who have recently changed insurance carriers in order to receive the required documentation to keep with the loan file as proof of coverage.
• Responsible for force placing insurance on loans when policies have been cancelled or customers fail to secure proper coverage in order to prevent a lapse in coverage. Ensure that all borrower notification and timing requirements are met.
• Develops an understanding of current banking regulations pertaining to flood, homeowner’s insurance, private mortgage insurance, and real estate taxes.
• Set up and/or re-analyze escrow accounts for taxes and insurance when requested by the borrower.
• Process all PMI and flood certificate cancellations and distribute the information to the customers. This includes loans that are paid off and loans that are eligible to remove the PMI due to LTV guides.
• Customer service point of contact for all escrow related questions and issues. Must understand and explain the escrow analysis to customers and be able to run a new escrow analysis if necessary.
• Prepare and mail the annual insurance letter for loans with no escrow.
• Monitor that the real estate taxes are paid as agreed for all loans. Payment of real estate taxes is necessary for loans that escrow the premium or that are past due on payment. Home office will coordinate and pay taxes for all locations.
• Prepare and request cancellation for PMI. Request approval on fixed rate loans, monitor check refunds, and cancel PMI buckets in Fiserv.
• Monitors the loans with credit life and disability policies associated with them as to accurately track when policies are cancelled.
• Evaluates property insurance coverage levels to ensure adequate amounts of coverage are secured including flood coverage.
• Monitors flood mapping updates to verify whether or any properties in our loan portfolio are affected, then notifying the customer of any changes and requirements to obtain flood coverage.
• Prepare and mail excess escrow checks at loan payoff or annual analysis.
• Daily reports of file maintenance on Fiserv are reviewed for accuracy and dual control.
• Scan all insurance into Director for final storage.