Collateral Management Tax & Insurance Associate

United StatesNormalmid

Finance & AccountingTax

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Quick Summary

Key Responsibilities

1. Responds to internal and external customer inquiries including but not limited to tax, insurance, escrow analysis and collateral matters. 2.

Requirements Summary

1. Responds to internal and external customer inquiries including but not limited to tax, insurance, escrow analysis and collateral matters. 2. Monitors billing reports from third-party v

Technical Tools

Finance & AccountingTax

At OceanFirst Bank, each one of our employees plays an important role in delivering value to our customers and executing daily tasks in accordance with our core values. We recognize that our employees are essential to our success, making OceanFirst a great place to work and do business.

ABOUT YOUR ROLE:

The Collateral Management Tax & Insurance Associate performs duties associated with real estate taxes, property and flood insurance requirements for commercial loans. This position includes but is not limited to the timely payment of taxes and insurance premiums for escrowed accounts, tracking of taxes and insurance for non- escrowed loan accounts, and maintaining the collateral and escrow tracking data on the loan system.

WHAT YOU WILL DO:

1. Responds to internal and external customer inquiries including but not limited to tax, insurance, escrow analysis and collateral matters.

2. Monitors billing reports from third-party vendors ensure that real estate taxes and insurance premiums are paid timely.

3. Processes disbursements for tax payments and insurance premiums from escrow accounts, prepares and reconciles remittances to fund payments in accordance with policies and procedures.

4. Reviews, proves, and submits end of day totals for department settlement.

5. Monitors delinquent tax, water, sewer bills and reacts to possible tax sale liens.

6. Reviews tracking of escrowed and non-escrowed loans to ensure that hazard and flood insurance are being handled in compliance with regulations, policies and procedures.

7. Assists with the annual analysis of all escrow accounts to ensure adequate payments are received from borrowers to satisfy real estate tax and insurance billings.

8. Processes interim escrow analysis as needed.

9. Processes requests to convert accounts from escrow to non-escrow or non-escrow to escrow.

10. Completes maintenance as required for collateral and escrow data in the core banking system and third-party vendor systems used by the Collateral Management team.

11. Processes insurance mail.

12. Scans daily work to archival system.

13. Keeps current knowledge of all related systems including but not limited to the Core Banking System, Loan Originations, Collateral Tracking, Tax Tracking and Insurance Services.

14. Performs duties to become cross trained to assist in other areas of collateral management including collateral releases, payoff quotes, UCC terminations.

15. Participates in conversions, mergers, and other projects as assigned by Collateral Management Manager.

16. Performs reviews of department processes to ensure optimal efficiency.

17. Reviews and performs updates to procedures to ensure they are in compliance with regulations and are reflective of current practices.

18. Assists with gathering of information for audits and loan sales activity as requested.

19. Understands compliance with all regulations governing the banking industry, as well as agency guidelines and organization policies.

20. Understands the compliance requirements for Loan Servicing Operations to ensure files are maintained in accordance with regulations.

WHAT WE EXPECT OF YOU:

* Excellent verbal, written and interpersonal skills.

* Knowledge of loan policies and processes

* Proficient in MS Office Suite.

* Excellent organizational and time management skills with a strong attention to detail, with the ability to multitask.

YOUR QUALIFICATIONS:
* High School diploma required.
* 2-3 years' experience in banking required, preferably in loan servicing.
INTERNAL AND EXTERNAL CONTACTS:
* External contact with customers, vendors, tax municipalities and insurance agents.
* Internal contact with other Bank departments including, but not limited to Branch personnel, Commercial Lending Teams, Senior Management, Audit, Compliance, Legal, IT, and Accounting.
WORKING CONDITIONS/PHYSICAL REQUIREMENTS:
Office environment. Ability to operate a computer. Ability to communicate in order to exchange simple to complex information with individuals and groups. Ability to travel throughout Bank footprint.