What are the responsibilities and job description for the Escrow - Homeowners Insurance Specialist position at SERVION, INC.?
SUMMARY:
Extensive administrative work involved in operations of the Insurance operations of the Servicing Department. Coordination of various functions of flood insurance, hazard insurance, wind/earthquake insurance, homeowners associations (HOA) and investor guidelines. Specialists work is involved in servicing the mortgage loans and providing direct member service to the borrowers. Primary contacts include borrowers, agents, investors and vendors.
ESSENTIAL RESPONSIBILITIES & DUTIES:
Entry Level
- Know and understand investor/insurer guidelines specifically FHA, FNMA, GNMA, FHLMC, VA, FHLB, USDA.
- Monitors insurance vendor for compliance with investor guidelines.
- Disburses hazard, flood, wind, earthquake, and HOA premiums in a timely manner.
- Prepares bank account transfers.
- Monitors timely payment of non-escrow items; pay bills, enforce coverage and establish escrow accounts as necessary.
Senior Level II
- Must be able to perform all responsibilities and functions listed for Level I with a high degree of independence
- Responsible for the training of new and current Insurance Specialists
- Serve as a resource for other Insurance Specialists regarding Insurance operations, policies or procedures.
- Execute account resolution according to investor specifications.
- Handle escalated insurance matters, includes researching and providing a resolution to the borrower of investor.
- Primary contact and weekly reporting to insurance vendor.
ESSENTIAL DUTIES, KNOWLEDGE, SKILLS, ABILITIES:
Required:
- Thorough knowledge of first mortgage real estate lending practices, including federal regulatory requirements, state regulations, agency and Credit Union requirements.
- Familiarity with AllRegs.
- Basic MS Office skills.
- Proficient with mortgage loan software.
- Reporting, letter preparation, group presentation and other related communications skills.
- Ability to define problems, collect data, establish facts and draw valid conclusions.
- Attend meetings or perform other assignments at locations outside the office, if necessary.
Preferred:
- Experience with Allied Solutions LLC.
- Experience with lender-placed insurance.
- Experience with insurance carriers (Allstate, American Family, Farmers, State Farm, etc.).
REQUIRED QUALIFICATIONS:
Education: High School Diploma.
Experience: Entry Level 1-3 years in mortgage industry; Senior Level II 3-5 years in the mortgage industry.
Licenses/Certifications: none