Escrow Representative
RIHousing – Escrow Representative
Salary - $48,828.00 - $56,152.00
What it’s all about:Salary - $48,828.00 - $56,152.00
We are seeking a dynamic professional to serve as an Escrow Representative in our Loan Servicing Department. This position is responsible for maintaining accurate and timely files, disbursements, and reconciliations for all escrowed and non-escrowed accounts, including escrow payment changes resulting from escrow analysis, to protect the interests of investors and insurers.
The Escrow Representative also handles all insurance loss matters and manages FHA 203(k) program disbursements for the single-family residential, multi-state servicing portfolios.
What you’ll do on a daily basis:
Establishes escrow lines for taxes, hazard insurance, mortgage insurance, and optional insurance for new loans and prepares initial escrow disclosure statements to ensure full compliance with RESPA requirements and disclosures to avoid civil penalties assessed by Regulation X, keeping current with changes to this regulation.
Schedules and performs an annual escrow analysis on all escrow accounts to recalculate the monthly payment requirements. This includes verifying the analysis data and recalculating and adjusting, if necessary; notifying customers of analysis and payment changes, if any; and verifying and tracking the system changes resulting from the analysis. Performs individual escrow analysis as a result of tax rate or insurance premium changes, as required, and notifies customer(s) in accordance with proper procedures; the incumbent is also responsible for the oversight of insurance loss matters and FHA 203K construction disbursements in accordance with investor and insurer guidelines.
Maintains all optional insurance programs and interacts with borrowers and vendors, including a tax service vendor;
Monitors hazard insurance claims (loan losses), ensuring that the security is not impaired in accordance with corporate guidelines. Verifies and monitors the maintenance of property and flood insurance on all property-securing loans for compliance with investor requirements.
Disburses payment and completes reconciliation of all tax bills, insurance premiums, and mortgage insurance premiums to taxing authorities, insurance companies and/ or agents, and mortgage insurers in a timely and accurate manner;
Ensures that the borrowers furnish proof of all taxes, ground rents, assessments, and other charges at least annually to satisfy the satisfaction that these items have been paid through timely notification.
Conducts research and resolves complex escrow problems promptly and professionally. Is cross-trained on other servicing functions and provides support in performing special projects as assigned. The incumbent must have strong oral communication skills and be able to assist borrowers with questions regarding their escrow accounts and meet time-sensitive deadlines.
Flexibility to adapt to peak periods of heavy volume and the ability to work under pressure and meet deadlines are essential aspects of this position, and the incumbent must be able to prioritize and organize a high volume of tasks at any given time.
What you’ll bring to the team:
- Accurately and timely processes tax and insurance payments to appropriate authorities/companies and ensures that proper insurance coverage is maintained in accordance with investor guidelines.
- Assist customers with questions regarding their escrow accounts,
- Establishes escrow lines and prepares initial escrow disclosure statements accurately and promptly to ensure full compliance with RESPA requirements.
- Schedules and performs escrow analysis annually or as required to ensure proper monthly requirements and accurate information.
- Provides oversight of insurance losses.
- Provides oversight of FHA 203K construction disbursements.
- Associate degree in Business Administration preferred.
- Minimum three years of mortgage servicing experience with a minimum of two years in escrow administration
- Demonstrated knowledge of federal, state, and investor mortgage policies and regulations
- Thorough understanding of mortgage servicing systems and electronic vendor reporting systems
- Strong analytical and problem-solving skills with an aptitude for figures
- Detail-oriented.
- Ability to work in a multi-project environment and to meet deadlines.
- Strong computer skills
- Strong communication and negotiation skills
- Bilingual ability preferred (particularly Spanish or Portuguese)
Why RIHousing:
- Mission-Driven Organization
- Dedicated Workforce
- Parking Stipend
- Medical/Dental/Vision/Life Insurance
- Paid Time Off
- Retirement Options
- Flexible Work Hours
- If Position Eligible, Future Hybrid Work May Be Available
- Education Reimbursement
- Onsite Fitness Classes
- Volunteer Days
- Winner of “Best Places to Work” 2016, 2018, 2019, 2021 – 2025
- Greater Providence Chamber of Commerce Worksite Health Award 2013 – 2025
- PBN's Healthiest Employers of RI 2025
To achieve our mission, we:
- Offer fair, affordable, and innovative lending programs.
- Provide housing-related education to consumers and others.
- Promote and finance sensible development that builds healthy, vibrant communities.
- Provide housing grants and subsidies to Rhode Islanders with the greatest need.
- Team up with partners to improve everything we do.
