Description

Are you seeking to work for a company that gives back? A company that rewards your hard work with great benefits and compensation? We are seeking a Loan Escrow and Insurance Services Specialist, a newly created position in our Operations Dept.

Here are some great reasons to work for Sterling Federal Bank:

Community. We support our community through volunteerism. Sterling Federal Bank is a locally owned community bank. Our communities are very important to us. Our employees volunteer over 600 hours per year to the communities we serve.

Opportunity We develop employees from within the bank. The majority of our managers started out at entry level positions and have grown their career.

Benefits. We offer an excellent benefit package including paid health and dental coverage for the employee, profit sharing, 401K match and paid time off.

Fun. We have fun each quarter celebrating our employees' accomplishments.

Come see why we are ranked as one of the best places to work in Illinois.

Don't just work anywhere, work where you are appreciated and celebrated 

Purpose --The Loan Escrow and Insurance Services Specialist, coordinates a variety of loan servicing functions including confirmation of loan collateral, required insurance covering collateral and other perils, creation of insurance and tax records, transmittal of required insurance for tracking by outsource service provider, processing payment of taxes and insurance, maintenance of escrow records, analysis of client escrow accounts, confirmation of annual statement generation and mailing to clients, resolution of loan issues. Provides client service, research and timely resolution of client inquiries/complaints. Cross-trains other employees in these functions. Ensures compliance with all policies and procedures as well as regulatory requirements surrounding escrow and insurance (included but not limited to Flood, Hazard, Windstorm).

Precise Roles, Tasks & Responsibilities

• Performs QC for all "triggering events" (New, Renewals, Modifications, Extensions, Increases) covering all aspects of the Flood regulation. Ensuring all collateral, escrow and insurance records are being properly tracked in all applicable systems.
• Confirms and performs required maintenance on insurance, tax and other collateral records created on Loan System at loan booking.
• Reviews and verifies adequacy of insurance coverage (included but not limited to Flood, Hazard, Windstorm) and compliance with established policy and regulatory requirements at loan origination/renewal/modification/increase/extension and during life of loan .
• Processes, forwards and monitors insurance outsourced Servicer for tracking and lender placement; reviews service provider's reports, performs inquiry/research on servicer's Tickler System and issues request for updated insurance to Insurance Agents, et al.
• Maintains ongoing insurance and tax records on all collateral.
• Reviews and disseminates Insurance Exception Reports generated by outsource Service Provider.
• Monitors force placement of insurance, reviews weekly policy register, confirms billing and payment of force placed premiums; issues instructions for posting lender placed premiums on loan accounts and verifies proper posting. Ensures compliance with policy and regulatory requirements.
• Originates escrow disbursement for payment of insurance premiums and taxes. Ensures all applicable escrow disbursements are processed timely and accurately.
• Reviews daily Loan System reports on forthcoming disbursements, escrow matters and exceptions; takes appropriate action required; and disseminates information to Management.
• Monitors and generates escrow analysis and annual statements. Validate/reconciles that all applicable escrow analysis/statements were generated. Validates accuracy of escrow analysis statement on a scope basis. Ensures compliance with policy, procedures and regulatory requirements surrounding escrow.
• Performs research and resolves loan issues.
• Monitors Insurance and taxes for loans that are being Serviced by Others 
• Provides client service; performs research for timely resolve of client inquiries/ complaints.
• Functions efficiently and effectively under deadlines and stress while maintaining a professional and mature demeanor.
• Performs other duties as assigned
• No Supervisory duties

Compensation details: 22.61-26.6 Hourly Wage

PI231b107192d0-35350-38624988

Requirements

Are you seeking to work for a company that gives back? A company that rewards your hard work with great benefits and compensation? We are seeking a Loan Escrow and Insurance Services Specialist, a newly created position in our Operations Dept.

Here are some great reasons to work for Sterling Federal Bank:

Community. We support our community through volunteerism. Sterling Federal Bank is a locally owned community bank. Our communities are very important to us. Our employees volunteer over 600 hours per year to the communities we serve.

Opportunity We develop employees from within the bank. The majority of our managers started out at entry level positions and have grown their career.

Benefits. We offer an excellent benefit package including paid health and dental coverage for the employee, profit sharing, 401K match and paid time off.

Fun. We have fun each quarter celebrating our employees' accomplishments.

Come see why we are ranked as one of the best places to work in Illinois.

Don't just work anywhere, work where you are appreciated and celebrated 

Purpose --The Loan Escrow and Insurance Services Specialist, coordinates a variety of loan servicing functions including confirmation of loan collateral, required insurance covering collateral and other perils, creation of insurance and tax records, transmittal of required insurance for tracking by outsource service provider, processing payment of taxes and insurance, maintenance of escrow records, analysis of client escrow accounts, confirmation of annual statement generation and mailing to clients, resolution of loan issues. Provides client service, research and timely resolution of client inquiries/complaints. Cross-trains other employees in these functions. Ensures compliance with all policies and procedures as well as regulatory requirements surrounding escrow and insurance (included but not limited to Flood, Hazard, Windstorm).

Precise Roles, Tasks & Responsibilities

• Performs QC for all "triggering events" (New, Renewals, Modifications, Extensions, Increases) covering all aspects of the Flood regulation. Ensuring all collateral, escrow and insurance records are being properly tracked in all applicable systems.
• Confirms and performs required maintenance on insurance, tax and other collateral records created on Loan System at loan booking.
• Reviews and verifies adequacy of insurance coverage (included but not limited to Flood, Hazard, Windstorm) and compliance with established policy and regulatory requirements at loan origination/renewal/modification/increase/extension and during life of loan .
• Processes, forwards and monitors insurance outsourced Servicer for tracking and lender placement; reviews service provider's reports, performs inquiry/research on servicer's Tickler System and issues request for updated insurance to Insurance Agents, et al.
• Maintains ongoing insurance and tax records on all collateral.
• Reviews and disseminates Insurance Exception Reports generated by outsource Service Provider.
• Monitors force placement of insurance, reviews weekly policy register, confirms billing and payment of force placed premiums; issues instructions for posting lender placed premiums on loan accounts and verifies proper posting. Ensures compliance with policy and regulatory requirements.
• Originates escrow disbursement for payment of insurance premiums and taxes. Ensures all applicable escrow disbursements are processed timely and accurately.
• Reviews daily Loan System reports on forthcoming disbursements, escrow matters and exceptions; takes appropriate action required; and disseminates information to Management.
• Monitors and generates escrow analysis and annual statements. Validate/reconciles that all applicable escrow analysis/statements were generated. Validates accuracy of escrow analysis statement on a scope basis. Ensures compliance with policy, procedures and regulatory requirements surrounding escrow.
• Performs research and resolves loan issues.
• Monitors Insurance and taxes for loans that are being Serviced by Others 
• Provides client service; performs research for timely resolve of client inquiries/ complaints.
• Functions efficiently and effectively under deadlines and stress while maintaining a professional and mature demeanor.
• Performs other duties as assigned
• No Supervisory duties

Requirements

• Preferred experience--2-4 years of experience in Loan Escrow and Insurance Servicing (Administration, Operations, Accounting, Escrows [insurance and taxes].  
• 2-4 years of experience in in Escrow and Flood insurance regulatory requirements.
• Extensive knowledge of loan documentation, mortgage loans, escrows, insurance requirements and terminology.
• Must have experience in processing insurance (including but not limited to hazard, windstorm/hail, flood, private mortgage insurance, equipment, autos, boats, etc.)
• Strong knowledge in Escrow regulatory requirements.
• Strong knowledge in Flood Insurance regulatory requirements.
• Proficiency in relevant software applications.
• Proficient in Microsoft Office (Word, Excel, Access, Outlook, Internet) and use of office machines (calculator, facsimile).
• Dynamic, self-motivated, with excellent verbal and written communications skills, ability to interact with all levels of the organization, and lead.
• Strong client service, organizational and time-management skills.
• Detailed oriented, with ability to balance multiple time-sensitive tasks at various levels of completion.
• Accuracy and great follow-up skills mandatory. 
• Able to work in a team environment

Hours

• 8:00 a.m. to 4:15 p.m. Monday, Tuesday, Wednesday, Thursday
• 8:00 a.m. to 5:00 p.m. Friday

Compensation: The pay range for this position is $22.61 to $26.60 per hour

Sterling Federal Bank is an Equal Opportunity/Affirmative Action Employer

PI231b107192d0-35350-38624988