Escrow Assistant Jobs in Worcester, MA (NOW HIRING)

Tax and Insurance Specialist This is a Hybrid position. Pay Range: $48,000 - $67,000 The Tax and Insurance Specialist is responsible for the administration, monitoring, and protection of the financial institution's collateral portfolio through the oversight of real estate taxes, flood insurance, hazard insurance, private mortgage insurance (PMI), and force-placed insurance programs. This position ensures compliance with federal and state regulations, investor guidelines, and internal policies while minimizing risk to the Bank's real estate-secured loan portfolios.

The specialist serves as a primary resource for borrowers, insurance carriers, tax authorities, escrow vendors, investors, and lending personnel to ensure taxes and insurance obligations are maintained and paid timely to protect the Bank's collateral interests. Essential Duties and Responsibilities Real Estate Tax Administration Monitor and maintain real estate tax records for residential and commercial mortgage portfolios. Review and tax bills and verify parcel information, tax amounts, and payment due dates.

Process tax bills to ensure timely payment and prevent tax liens. Process and authorize payment of real estate taxes from escrow accounts. Research tax delinquencies, tax discrepancies, and tax liens, and coordinate with the Collections Officer to ensure timely follow-up and execute appropriate next steps.

Respond to borrower inquiries regarding tax payments and escrow analyses. Coordinate with municipalities, tax collectors, and third-party vendors to obtain missing or corrected tax information. Reconcile tax disbursements and ensure accurate system records.

Hazard Insurance Administration Monitor hazard insurance coverage for mortgaged properties to ensure adequate protection of collateral. Review policies, declaration pages, endorsements, and renewals for adequacy of coverage and compliance with lending requirements. Verify mortgagee clauses, insured property information, and policy effective dates.

Process insurance premium disbursements from escrow accounts. Track policy renewals, cancellations, and lapses. Communicate with borrowers and insurance agents to resolve coverage deficiencies.

Provide oversight of insurance tracking vendor. Flood Insurance Administration Ensure compliance with Flood Disaster Protection Act requirements and related regulations. Review flood zone determinations and verify flood insurance coverage meets regulatory and loan requirements.

Monitor policy expirations, renewals, and coverage adequacy. Provide oversight of insurance tracking vendor. Coordinate flood insurance placement and updates resulting from flood map revisions.

Assist with regulatory examinations and audits related to flood compliance. Private Mortgage Insurance (PMI) Administration Monitor loans requiring PMI coverage and ensure premiums are paid timely. Maintain PMI records and update servicing systems as coverage changes occur.

Review borrower requests for PMI cancellation in accordance with investor and regulatory requirements. Process PMI terminations based on loan-to-value thresholds, borrower requests, or automatic termination criteria. Coordinate with mortgage insurance providers to resolve coverage or billing discrepancies.

Ensure compliance with the Homeowners Protection Act (HPA) and applicable investor guidelines. Research and respond to borrower inquiries regarding PMI requirements, and cancellation eligibility. Force-Placed Insurance Administration Monitor insurance exception reports to identify properties with expired, canceled, or insufficient coverage.

Administer force-placed insurance procedures in accordance with regulatory requirements and institutional policy. Generate and track required borrower notifications and regulatory notices. Coordinate placement, maintenance, and cancellation of force-placed insurance coverage.

Process refunds and premium adjustments when acceptable borrower coverage is obtained. Maintain complete documentation supporting all force-placement activities. Escrow Administration Perform escrow analysis and account maintenance.

Process tax, insurance, PMI, and related escrow disbursements accurately and timely. Lead Fannie Mae system updates related to escrow activity reporting. Review escrow shortages, surpluses, and deficiencies.

Research and resolve escrow discrepancies. Compliance and Risk Management Ensure compliance with federal and state regulations governing mortgage servicing, flood insurance, escrow administration, PMI, and force-placed insurance. Adhere to investor, insurer, and servicing guidelines.

Support internal and external audits and examinations. Maintain accurate documentation and records for all tax and insurance activities. Identify, investigate, and escalate risk concerns, payment discrepancies, and compliance concerns.

Customer Service Respond to borrower inquiries regarding taxes, insurance, escrow accounts, PMI, and force-placed insurance. Provide professional support to internal and external customers. Work collaboratively with lending, servicing, collections, and compliance departments.

Assist in the resolution of complex servicing, tax, and insurance issues.Education Associate degree in Business, Finance, Accounting, Banking, or related field preferred. Equivalent combination of education and experience may be considered. Experience Minimum of 2-5 years of experience in mortgage servicing, loan operations, escrow administration, tax servicing, insurance administration, PMI, or collateral management

Experience with flood insurance compliance, PMI administration, and force-placed insurance preferred. Prior experience within a bank, credit union, mortgage company, or financial institution preferred. Knowledge, Skills, and Abilities Knowledge of mortgage servicing, escrow administration, and collateral protection practices.

Understanding of real estate taxes, hazard insurance, flood insurance, PMI, and force-placed insurance requirements. Familiarity with the Homeowners Protection Act (HPA), flood insurance regulations, and investor servicing guidelines. Strong analytical and problem-solving skills.

Exceptional organizational skills and attention to detail. Ability to manage multiple priorities and deadlines. Strong written, verbal, and interpersonal skills.

Proficient in Microsoft Office applications and loan servicing systems. Experience with loan servicing and collateral tracking systems preferred. Clinton Savings Bank is an EOE Vet/Disability Member FDIC Member DIFEducation Associate degree in Business, Finance, Accounting, Banking, or related field preferred.

Equivalent combination of education and experience may be considered. Experience Minimum of 2-5 years of experience in mortgage servicing, loan operations, escrow administration, tax servicing, insurance administration, PMI, or collateral management. Experience with flood insurance compliance, PMI administration, and force-placed insurance preferred.

Prior experience within a bank, credit union, mortgage company, or financial institution preferred. Knowledge, Skills, and Abilities Knowledge of mortgage servicing, escrow administration, and collateral protection practices. Understanding of real estate taxes, hazard insurance, flood insurance, PMI, and force-placed insurance requirements.

Familiarity with the Homeowners Protection Act (HPA), flood insurance regulations, and investor servicing guidelines. Strong analytical and problem-solving skills. Exceptional organizational skills and attention to detail.

Ability to manage multiple priorities and deadlines. Strong written, verbal, and interpersonal skills. Proficient in Microsoft Office applications and loan servicing systems.

Experience with loan servicing and collateral tracking systems preferred. Clinton Savings Bank is an EOE Vet/Disability Member FDIC Member DIF