Escrow Admin Specialist I

Location: FL Pensacola - GPO Full/Part Time: Full-Time Regular/Temporary: Regular

Job Description

Employee Perks

Why You Will Love Being Part of the Navy Federal Team:

*Competitive compensation with opportunities for annual raises, promotions, and bonus potential
*Best-in-Class Benefits! (7% 401k match / Pension plan / Tuition reimbursement / Great insurance options)
*On-site amenities include fitness center, wellness center, cafeteria, etc. at Pensacola, FL; Vienna, VA and Winchester, VA campuses
*Consistently Awarded Top Workplace
*Nationally recognized training department by TRAINING Magazine
*An employee-focused, diverse, and service-oriented workplace environment

Basic Purpose

To verify, monitor and track insurance coverage of Navy Federal mortgage & equity loans for compliance with Investor and NFCU’s quality standards. Validate all GAP insurance for adequacy of coverage. Verify accurate and timely real estate property tax payments are made by communicating with members and relevant areas of Real Estate Lending (REL) to minimize risk, penalty or damage of the property from non-payment. Ensure Service Level Agreements (SLAs) are met and quality of work is achieved.  Ensure the quality and effectiveness of the outsourced vendors to minimize the insurance risk of Navy Federal mortgage portfolio. Provide members with detailed information about payments, annual escrow analysis, insurance coverage, & related servicing questions pertaining to their mortgage/equity loan. Work under moderate supervision.

Responsibilities:

  • Perform operational, technical and regulatory reviews/audits in accordance with established policies and procedures
  • Research hazard insurance related business functions by gathering information and evaluating vendor output with Navy Federal requirements and formats
  • Ensure vendor is disbursing insurance premiums to cover loans and minimize insurance risk; monitor vendor for appropriateness to Service Level Agreements (SLA)
  • Verify completeness and accuracy of insurance coverage, billing, refunds, disbursements and transactions; reconcile discrepancies
  • Collect, prepare and maintain data for analysis, reports and reference
  • Examine property status reports and property insurance policies for accuracy in documents and proper coverage
  • Verify daily EDI disbursement totals and reconciliations; track error reports to identify and resolve vendor-related issues/errors
  • Research, develop and report on related insurance coverage correspondence
  • Review special regulatory changes from FHA/VA and investors regarding hazard insurance, flood insurance, mortgage insurance and lender placed insurance
  • Verify flood zone mapping changes to determine impact on affected flood areas and related insurance coverage
  • Develop, update, and review business unit reports and statistics for management
  • Develop and recommend enhancements to improve operational processes and procedures
  • Monitor and collect necessary documentation to determine payment of non-escrowed loans – update escrow vs non-escrow status with Corelogic
  • Follow-up on delinquent tax notices for non-escrow loans
  • Coordinate with internal departments to provide accurate supporting information and documentation of real estate taxes to prepare and deliver to appropriate parties
  • Ensure the data contained in the servicing system is updated to reflect the current status regarding tax payment due dates and amounts
  • Monitor the collection of tax penalties from applicable various parties such as vendor and/or third parties and seek reimbursement if applicable
  • Develop, recommend and document adjustments to workflow to streamline processes

Qualifications:

  • Familiarity with financial institution and lending practices, principles and regulations
  • Experience in member/customer service preferably in a call center/retail banking/financial institution
  • Familiarity with mortgage insurance operations and procedures
  • Exposure to mortgage insurance functions
  • Familiarity with property taxes
  • Exposure to quality control & post settlement property tax reviews
  • Familiarity with Investor, Insurer and Navy Federal guidelines as they relate to mortgage loan origination and mortgage servicing
  • Familiarity with Conventional, FHA, VA loans & RESPA guidelines
  • Familiarity with Fannie Mae, Freddie Mac and/or VA mortgage servicing guidelines
  • Effective skill reviewing documents for errors, inconsistencies or missing information
  • Effective research, analytical, and problem solving skills
  • Effective skill following, interpreting and applying guidelines, procedures, practices, regulations
  • Effective skill exercising initiative and using good judgment to make sound decisions
  • Experience in managing multiple priorities independently and/or in a team environment to achieve goals
  • Effective skill interacting with staff, management, vendors, members diplomatically & tactfully
  • Effective verbal and written communication skills
  • Effective skill navigating multiple screens and PC applications and adapting to new technologies
  • Effective word processing and spreadsheet software skills
  • Desired – Familiarity with NFCU mortgage products, services, programs, policies and procedures
  • Desired –  Experience as a licensed Insurance Agent
  • Desired –  Experience as a Property Tax Collector
Bank Secrecy Section
Remains cognizant of and adheres to Navy Federal policies and procedures and regulations pertaining to the Bank Secrecy Act.

Equal Employment Opportunity

We reserve the right to fill this role at a higher/lower grade level based on business need.

Navy Federal values, celebrates, and enacts diversity in the workplace.  Navy Federal takes affirmative action to employ and advance in employment qualified individuals with disabilities, disabled veterans, Armed Forces service medal veterans, recently separated veterans, and other protected veterans.  EOE/AA/M/F/Veteran/Disability