• Loan Servicing Specialist - Taxes and Insurance

    Location US-NY-Long Island City
    Category
    Operations
  • Overview

    Ensures all real estate taxes and insurance payments are paid in a timely manner as required by Loan Servicing procedures. Makes disbursements using Core System (FISERV-DNA). Verifies all loan information transferred is accurate and works with Mortgage Originations and Post Closing to resolve any inaccuracies. Responsible for compliance with applicable Federal, State and NCUA rules, regulations and laws while upholding UNFCU’s commitment to quality member service. Demonstrates a high degree of efficiency and accuracy when disbursing tax and insurance payments. Reviews and escalates to management non-payments of taxes and insurance, and correctly identifies root causes of incidents which may impact members’ escrow accounts.

    Responsibilities

    • Review new loans, verifying escrow balances and escrow payments are correctly on-boarded from MortgageBot, as a backup for New Loan Onboarding.
    • Review escrow account setup, identifying tax and insurance payees.
    • Process escrow collected at closing and reconcile to general ledger.
    • Review weekly T&I expiration report to identify taxes due for next reporting cycle.
    • Review Lereta reports to identify past due taxes.
    • Review T&I expiration reports to identify insurance payments.
    • Reconcile FISERV to verify if taxes and insurance payees identify proper (Y) or (N) escrow fields.
    • Responsible for monthly escrow analysis reviews.
    • Work with Loan Servicing – Member Service Specialists to provide answers to member queries.
    • Discuss escrow analysis with members, as needed.
    • Create/edit payees for taxing authorities when necessary.
    • With insurance tracking vendor, verify flood insurance certification is available and flood zone is accurate in DNA.
    • Ensure applicable loan is identified in a flood zone and sufficient escrow is collected for payment.
    • Verify applicable Hazard Insurance is available and deductibles are within guidelines.
    • Set up private mortgage insurance (PMI) if applicable and next payment due dates.
    • Pay and reconcile monthly PMI remittances to vendors.
    • Process the PMI removal when necessary per MI Guidelines.
    • Meet with Mortgage Originations to discuss open tax and insurance items and system rejects.
    • Reconcile and apply collateral placed insurance (CPI) as provided by insurance tracking vendor.
    • Review and follow up on Insurance Insufficient and Lender Review Report from insurance tracking vendor.
    • Meet established standards and guidelines with regard to compliance, job knowledge, quality, attendance and punctuality, efficiency, initiative, member service and overall performance.
    • Maintain confidentiality of member information.
    • Keep abreast of changes to current policies and procedures.
    • Provide coverage for other Loan Servicing Specialists as needed.

    Qualifications

    TYPE & AMOUNT OF EXPERIENCE:

    • Bachelor’s degree, or equivalent experience, plus 2 years of related work experience in loan servicing or in work related to mortgage loan products 

    TECHNICAL COMPETENCIES:

    • General knowledge of federal, state, county/city, investor, insurer and internal policies and procedures with regard to escrow requirements
    • Good working knowledge of servicing guidelines and regulatory requirements established under RESPA and implemented through CFPB
    • Strong Microsoft Office skills; experience with MortgageBot and Fiserv DNA preferred 

    BEHAVIORAL COMPETENCIES:

    • Ability to pay attention to detail while handling a high volume of work with multiple interruptions
    • Exhibit professionalism, empathy and courtesy in all interactions with UNFCU members and colleagues
    • Ability to work effectively in a team-oriented environment as well as independently
    • Excellent communication skills, both verbal and written
    • Willingness to work flexible work hours 

    WORK ENVIRONMENT/CONDITIONS:

    • Standard office conditions

     

    In addition to any specific job requirements in connection with Bank Secrecy Act and/or OFAC (BSA), employee must (i) be aware of BSA matters commensurate with the position; (ii) report any suspicious activity to the manager or compliance department; and (iii) satisfactorily complete any required BSA training.

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