BayCoast Bank

Swansea, Massachusetts

POSITION TITLE: Loan Operations Escrow Analyst

DEPARTMENT:  Loan Operations

LEVEL:   105

FLEXIBLE WORK PROGRAM ELIGIBILITY CODE: Hybrid Work (HW) & Flextime (FLT)

Bilingual: Portuguese/Spanish a plus

Function:

Under the general supervision of the Loan Operations Team Lead and in collaboration with VP Loan Operations, performs a variety of Loan Operations duties. Provides and maintains various functions pertaining to Escrow account management associated with Commercial, Residential, and Manufactured Homes. Oversees or assists in process management of PMI payments and termination requests. Has a detailed and in-depth knowledge of escrow/tax disbursements and escrow analysis ensuring that bank standards and regulations are followed. 

Duties:

1. Prepare, balance, process and pay over 5,000 annual, semi-annual, and quarterly tax payments. Run queries and perform regular tax audits, researching legal descriptions and county records to identify possible security instrument corrections needed. 

2. Verify tax information has been updated into the Cotality (formerly CoreLogic) Tax Service site and conduct escrow maintenance if necessary. Research and resolve Cotality exhibit and parcel exceptions.

3. Process delinquent reports provided by Cotality for escrow and non-escrow loans, adding escrow if needed and reviewing the escrow loans. File and follow up on claims with appropriate parties to ensure penalties are refunded if not borrower responsibility. 

4. Responsible for handling borrowers with PMI, including adhering to regulations regarding customer requests for cancellation of coverage. Process PMI cancellations requests, orders appraisals, documents requests, and provide required notifications in the manner and time frame allowed under regulation. 

5. Responsible for ensuring bank remains compliant with federal regulations when customer requests escrow be collected for taxes and insurance post-closing. This includes obtaining authorization forms from customers, gathering tax and insurance figures, running a new analysis and ensuring the initial deposit is received.

6. Create new Tax Municipalities on Insight when necessary, and reports to Insight for direct disbursement payment. 

7. Performs escrow disbursements on BCM- Available for Sale loans when funding exceptions occur.

8. Prepares and verifies Negative Escrow Report monthly. Performs required follow-up for negative accounts in accordance with Bank standards. 

9. Research annual escrow analysis exceptions and update system, if necessary. 

10. Stays abreast of Real Estate requirements for all states that we lend in including the different requirements for manufactured homes. Responsible for updating policies and procedures regarding escrow and PMI on an annual basis.

11. Review various Insight and Sales Force reports relating to loan accounts. Responsible for managing the process of updating and reviewing the quarterly delinquent taxes report. Distributes reports to various areas of the Bank as necessary.

12. Review and research customer inquiries regarding various taxes and insurance.

13. Works on department cases in Sales Force and assists customers with phone call inquiries. 

14. Complies with all federal regulations relative to the position including but not limited to all lending regulations, GLB, BSA, PATRIOT, RESPA, OFAC & CIP.

15. Works with Collections to set up escrow collections for monthly condo/HOA fees when applicable. 

16. Back up to: Adhering to investor guidelines while administrating insurance loss claims. Responsible for handling borrowers with all insurance claims including adhering to bank and investor regulations regarding endorsement and distribution of funds. Ensure proper insurance claim documentation is received, escrows funds when necessary, and disburses to contractors as work is completed. Follows up with customer until project is complete.

17. Back up to: Works with commercial loan officers and commercial customers to handle Commercial insurance claims. Maintains customer relationships while ensuring work is completed to satisfaction. Disburses funds to contractors as needed. Follows up with the customer until project is complete.

18. Back up to: Provide accurate and timely reports such as PMI accounts listing, or force-placed summaries as requested by management, auditors, and examiners.

19. Back up to: Reviews and processes various daily and monthly vendor reports including exceptions, updating flood amounts required for over 300 loans as flood policy is renewed, reviews construction loans for initial advance to ensure proper builders risks insurance is in place, and reviews special handling loans and waived insurance reports.

20. Back up to: Handles the monthly processing of PMI payments to four plus vendors. Responsible for ensuring that PMI loans are transferred from the mortgage company to the Bank.

21. Back up to: Responsible for ensuring bank remains compliant with federal regulations when customer requests escrow be removed. Follows investor guidelines and ensures LTV is sufficient. Provides customer with three-day rescission letter and ensures account is closed after the rescission period. Mails customer necessary compliance letters. 

22. Back up to: Disburse all forced placed policies on a weekly basis. Balance disbursements to the monthly invoice from our insurance tracking vendor and resolve billing discrepancies when necessary.

23. Back up to: Quarterly reviews flood loans to ensure accurate reconciliation between bank systems and insurance tracking systems. Reviews private flood insurance policies monthly to ensure they meet CFPB regulations.

24. Assumes additional responsibilities as requested. Overtime will be required during high volume periods in order to keep work up to date.

25. Embraces the Bank’s commitment to Solutions by seeking and recognizing opportunities to refer new business to different areas of the Bank, BayCoast Insurance, Plimoth Investment Advisors, BayCoast Mortgage Company, Teamwork Funding, and Priority Funding.
26. Behavior and performance align with the guiding principles and purpose that define the organization’s mission (To provide exceptional service and solutions for our community), and core values (Take pride in what I do; Believe that what I do is important; Care about people; Have a positive attitude).

Knowledge/Skills/Experience Requirements: 

• Strong business communication skills with an ability to work well in a collaborative environment including other internal departments.
• Strong attention to detail with an ability to multi-task and respond well to pressure and competing deadlines.
• Strong skills in Excel (pivot tables, vlookups, and other formulas).
• Fast learner – able to assimilate new ideas and thrive in a fast-paced environment.
• Positive Attitude- Foster a culture of growth and positivity within the team.

Physical/Work Condition Requirements:

• In the performance of respective tasks and duties, the employee is expected to successfully perform the essential functions of the position. Reasonable employee accommodation for physical or mental disabilities will be considered on a case-by-case basis. While performing duties the employee is required to sit, talk, hear, lift to 20 lbs., and may be required to work evenings and/or weekends, attend remote meetings and/or travel.