Mortgage MP Escrow Analyst II at Fifth Third Bank

Cincinnati, Ohio, United States

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Not SpecifiedCompensation

Mid-level (3 to 4 years)Experience Level

Full TimeJob Type

UnknownVisa

Banking, Mortgage, Financial ServicesIndustries

Requirements

Associate's Degree or equivalent combination of training and experience in related field
Minimum 2-3 years related experience required
Knowledge of the fundamental concepts related to mortgage, consumer, auto and lease and the ability to apply that knowledge in a quality control function
Basic knowledge of the Bank's, Investor's, Government and Underwriting Program requirements
Basic knowledge of all documents used by the Bank in the origination of FHA, VA and conventional loans
Knowledge in Microsoft Outlook, Word, Excel and Access (or equivalent database reporting programs)
Strong Customer Service Skills
Strong verbal and written communication skills
Strong analytical skills
Ability to work efficiently with a low margin of error

Responsibilities

Handle complex calls with customers related to escrow analysis, tax, insurance, PMI and FHA
Act as key contact for Office of the President and other 3rd party agency complaints
Assume a high level of responsibility in resolving escalated research issues related to customer accounts
Train new employees and employees from other areas on various insurance, tax and analysis functions
Assist with quality audits and vendor management
Respond to assessments from QC & compliance departments
Work the monthly trial balance analysis report, payment change & surplus reports (monitored by FDICIA and Sarbanes Oxley) to ensure customers mortgage payments are adjusted in accordance with RESPA guidelines
Review & document any accounts with payment increases or decreases that fall outside of the established escrow parameters
Complete the daily shortage payment reports to ensure that customer's payments are adjusted correctly
Complete monthly exception report to clear any error that would prevent the annual analysis
Work exception reports from escrow vendors to ensure the timely completion of payment processing for monthly transactions, monitored by FDICIA & Sarbanes Oxley
Prepare wires to outsourced providers of tax and insurance
Complete weekly audits of outsource providers to ensure proper compliance with Federal, investor and Bancorp requirements
Review, approve or deny & pay claims for tax provider that result in 5/3 charge offs
Work closely with vendors, customers, tax agencies, insurance companies & affiliates on customer services issues relating to escrow processing; make appropriate account adjustments to correct improper escrow line set-up issues
Work w/ Title Agencies to file claims on incorrect legal descriptions they provided and to also get corrected legal descriptions & title commitments to secure the bank's asset
Track & recover corporate advance utilized to clear incorrect escrow payments
Process daily correspondence & send to vendors in overnight transactions
Complete customer requests to add, delete & reanalyze escrow accounts
Clearly explain customers escrow analysis statements, involves detailed mathematical understanding and calculations
Research insurance & tax issues that create overages & shortages on customer accounts
Ensure monthly analysis checks & statements are mailed to customers in accordance with RESPA guidelines
Work w/ default to ensure accounts coming out of bankruptcy & loan modifications are analyzed w/in 30 days according to RESPA requirements

Skills

Key technologies and capabilities for this role

Escrow AnalysisMortgage ServicingTax ServicingInsurance ServicingRESPA ComplianceFDICIASarbanes-OxleyVendor ManagementQuality AuditsTrial Balance AnalysisException ReportingCustomer Escalations

Questions & Answers

Common questions about this position

What is the salary or compensation for the Mortgage MP Escrow Analyst II role?

This information is not specified in the job description.

Is this a remote position or does it require office work?

This information is not specified in the job description.

What skills are required for the Mortgage MP Escrow Analyst II position?

The role requires skills in handling complex escrow analysis, tax and insurance research for various accounts, resolving escalated customer issues, detailed mathematical understanding for explaining statements, and working with vendors, tax agencies, and insurance companies.

What does the team structure or work environment look like at Fifth Third Bank for this role?

The role involves working under minimal supervision, training new employees and others on insurance, tax, and analysis functions, assisting with quality audits and vendor management, and collaborating closely with vendors, customers, tax agencies, insurance companies, and affiliates.

What makes a strong candidate for the Mortgage MP Escrow Analyst II role?

Strong candidates can handle complex customer research and escalated issues independently, train others, ensure compliance with regulations like RESPA, FDICIA, and Sarbanes Oxley, and have experience with escrow analysis, tax/insurance vendors, and detailed mathematical calculations.

Fifth Third Bank

Provides banking, loans, and wealth management services

About Fifth Third Bank

Fifth Third Bank offers a variety of financial services, including personal and business banking, loans, mortgages, credit lines, and insurance products. Their services cater to individual consumers, small businesses, and commercial clients, providing comprehensive solutions for managing finances. The bank generates revenue through interest on loans, service fees, and commissions from insurance and investment products. Unlike many competitors, Fifth Third Bank emphasizes community engagement and financial education, providing resources to help clients improve their financial literacy. The goal of Fifth Third Bank is to support clients in achieving their financial objectives while fostering a strong connection with the communities they serve.

Cincinnati, OhioHeadquarters

1858Year Founded

IPOCompany Stage

Social Impact, Financial ServicesIndustries

10,001+Employees

Benefits

Health Insurance

Paid Sick Leave

Paid Holidays

Performance Bonus

Flexible Work Hours

Risks

Rising interest rates may decrease demand for loans and mortgages.

Competition from fintechs like Robinhood threatens Fifth Third's wealth management sector.

Sophisticated cybersecurity threats pose risks to customer data and trust.

Differentiation

Fifth Third Bank offers comprehensive financial solutions for individuals and businesses.

The bank emphasizes community engagement and financial education for client empowerment.

It provides a wide range of insurance products, including life, health, and disability.

Upsides

Increased demand for digital banking boosts Fifth Third Bank's online service offerings.

Partnerships with fintech enhance technological capabilities and customer experience.

Growing interest in sustainable finance attracts environmentally conscious customers.

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