Escrow & Insurance Team Lead

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Description

WHO WE ARE

City First Bank N.A. is a mission-driven Community Development Financial Institution (CDFI) principally focused on a transformative impact in underserved, urban markets with the highest needs to drive equitable economic development. Our lending activities are purely commercial and focused on the following segments: Multifamily Affordable Housing, Not-for-Profit Finance, and Small Business Finance. As a depository and commercial lending provider with over $1.4 billion in bank assets as of December 31, 2023, our unified organization has over 100 employees in Washington DC and Los Angeles/Inglewood, CA.

ROLE SUMMARY

The Escrow & Insurance Team Lead will be responsible for managing escrow accounts, processing insurance-related documents, providing customer service to internal and external clients, and ensuring compliance with loan servicing regulations and requirements. This role will involve working closely with borrowers, insurance providers, third-party service vendors and internal stakeholders to facilitate the timely and accurate processing of escrow and insurance-related transactions. Customer service responsibilities include responding to calls, emails, correspondence, etc., for full resolution of the request in a timely manner.

ESSENTIAL FUNCTIONS AND RESPONSIBILITIES

• Manage escrow accounts for mortgage loans, including calculating and collecting escrow payments for property taxes, insurance, and other related expenses.

• Review insurance documents, such as insurance policies and flood insurance certificates, to ensure compliance with loan requirements and coverage adequacy.

• Process insurance-related transactions, including tracking insurance coverage, updating insurance information in loan servicing systems, and resolving discrepancies or issues.

• Work closely with borrowers to address questions or concerns related to escrow accounts, insurance requirements, and billing statements.

• Collaborate with insurance providers, agents, and underwriters to obtain and verify insurance documentation and endorsements as needed.

• Monitor escrow account balances and reconcile discrepancies, ensuring accurate and timely disbursement of funds for insurance premiums and property tax payments.

• Prepare and submit regulatory reports and disclosures related to escrow account management, insurance tracking, and loan servicing activities.

• Stay informed about changes in regulatory requirements, industry best practices, and emerging trends related to loan servicing, escrow administration, and insurance compliance.

• Provide support and assistance to internal teams, including loan officers, underwriters, and loan processors, regarding escrow and insurance-related matters.

• Assist with special projects and initiatives as assigned by management to improve processes, enhance customer service, and mitigate risk.

• Oversee the opening, maintenance, and closing of escrow accounts accurately and efficiently.

• Ensure compliance with all applicable laws, regulations, and bank policies governing escrow transactions.

• Resolve escalated issues and disputes related to escrow accounts promptly and professionally.

• Review insurance policies to verify coverage and compliance with loan requirements.

• Address inquiries and concerns from customers regarding their insurance coverage and claims.

• Implement controls and procedures to mitigate risks associated with escrow and insurance operations.

• Monitor industry developments and regulatory changes to adapt policies and procedures accordingly.

• Conduct periodic audits and reviews to ensure compliance and identify areas for improvement.

• Performs other duties as assigned.

Requirements

EDUCATION & EXPERIENCE

Required Education/Experience:

• High school or general education degree.

• Minimum of 3 years of leadership overseeing loan servicing, escrow administration, insurance processing, or related banking operations roles.

Preferred Education/Experience:

• Bachelor's degree in finance, accounting, business administration, or a related field is preferred

CERTIFICATIONS

• Not applicable

KNOWLEDGE, SKILLS, AND ABILITIES

Required Knowledge & Skills:

• Strong understanding of loan servicing regulations, escrow account management practices, and insurance requirements for commercial and real estate loans including commercial real estate loans, construction loans, 1-4 SFR and Multi-Fam 5+ loans.

• Proficiency in loan servicing systems and software, as well as Microsoft Office applications (Word, Excel, Outlook).

• Excellent organizational skills and attention to detail, with the ability to prioritize tasks and manage multiple responsibilities effectively.

• Strong communication and interpersonal skills, with the ability to interact professionally with internal and external stakeholders and meet customer service needs.

• Ability to work independently with minimal supervision and collaborate effectively within a team environment.

• Knowledge of community and commercial banking principles and practices preferred.

• Effective oral, written, and interpersonal communication skills.

Salary Description

$75,000 - $90,000.00