Company: ST of CA - LA Division
Job Title: Escrow Processor
Reports to: Senior Vice President
Location: Los Angeles, CA
Since 1893, Stewart has served our customers with integrity and service excellence. We focus on smart growth - allowing us to remain strong regardless of external market conditions. Stewart (NYSE: STC) is a customer-focused, global title insurance and real estate services company offering products and services through our direct operations, network of approved issuing agencies and other companies within the Stewart family.
Under limited supervision, provides advanced support by handling a wide variety of administrative functions requiring expert knowledge and application of various established work methods.
o Confirm Earnest Money Contract is fully executed
o Confirm Earnest Money Contract has all corrections and is initialed by all parties to contract
o Have title work downdated appropriately prior to closing and so noted in the file
o Secure signed title examination
o Have releases/transfers ordered
o Check legal description against title run/tax sheet/legal docs & check seller's name against title run
o Check sales price against HUD on Earnest Money Contract
o Resolve all curative issues
o Order home warranty, if required
o Verify Survey scanned to SureClose
o Make sure legal description match on survey
o Check easements against title run
o Highlight and address easements not shown on title report that are on survey
o Highlight encroachments and fences properly on survey
o Check survey for proper date, signature, seal and certification
o Check for flood determination on survey
o Verify inspections and other documents scanned to SureClose
o Prepare request for payoff
o Enter appointment date for closing in company calendar.
o File walked-in invoices distributed by receptionist in guaranty files.
o Verify premiums and all fees are calculated correctly on HUD
o Verify amounts of invoices scanned in SureClose when preparing HUD
o Verify addresses and references from invoices when preparing HUD
o Verify names and addresses of parties in transaction prior to sending HUD to SureClose and printing HUD
o Send HUD to SureClose
o Upload Payoff to SureClose
o Upload Preliminary HUD to SureClose
o Upload Closing Instructions to SureClose
o Email or send by eFax HUD to Lender for approval
o After approval from Lender, email HUD or send by eFax to Realtors and/or other parties.
o Prior to closing, confirm all legal docs and Stewart docs (dinkies) are checked for signatures, correct acknowledgements and correct legal
o Verify that correct tax amounts/HOA dues and recording fees are collected and reflected properly on HUD
o Prepare 1099-S form, if applicable
o Review lender's package
o Verify all endorsements requested by lender are included in title premium
o Organize and sort closing documents
o Make copies/CD's for applicable parties
o Have Form 8300 ready in file, if applicable
o Make use of Status page in SureClose for notes at all times
o Utilize company calendar to schedule funding for Refi's
o Confirm HUD is signed by Escrow Officer
o Verify all notary seals
o Prepare package for lender for funding approval
o Email for funding approval
o If authorization not obtained at the end of the day, lock all checks in secured file cabinet by Patty's office.
o Notify parties in transaction upon receiving funding authorization
o Confirm that loan check is good funds
o Have Lender complete form T-37 Form, as required by Texas Department of Insurance, if one not in file with accounting department
o Check HUD against disbursement sheet to ensure correct charges are paid to the proper payees
o Verify invoices and T-00 in file before disbursing funds
o Verify all wording/item description in disbursement sheet prior to disbursing funds
o Split proper percentage for title premium to attorney and other title companies, if applicable
o Confirm bank accounts before disbursing, receipting and wiring escrow funds
o Complete Form T-63 to disclose certain charges paid by lender
o Receipt good funds for a transaction in AFW and submit to accounting department for immediate deposit in accordance with Article 9.39A and related Procedural Rule P-27
o Write down date, general file number and bank initials front of cashier's check, checks, official checks, etc., receipted in AFW.
o A signed, pre-numbered receipt must be issued for any escrow funds received in cash.
o Have customer complete Form 8300 for cash handled in the amount of $10,000 or more
o If posting receipts manually, please include IW, TR or 1 followed by - before the transaction number
o Obtain management authorization to transfer funds from one file to another in accordance with Minimum Standards, Specific Instructions and Report Forms for Audit of Trust Funds Required of Texas Title Insurance Agents #5, by using form in AFW when applicable. Keep documentation of transfer in both files.
o Cut Checks
o If posting receipts manually, please include OW or 1 followed by - before the transaction number
o Print disbursement sheet
o Print file ledger and verify file ending balance
o Verify 1099-S information completed (tax identification number, seller's mailing address), and submit form to accounting department
o Have payoff checks/funds mailed, delivered or wired promptly (according to closing instructions)
o Scan/upload Stewart Doc, Note, 1099-S Form and Certification, and any necessary documents to SureClose
o Have releases/transfers send to appropriate parties
o Written request for release of lien should be in general file as required by Texas Department of Insurance Minimum Standards, Specific Instructions and Report Forms for Audit of Trust Funds Required of Texas Title Agents
o Have parties sign Mutual Release of Earnest Money prior to releasing funds (10 working-day period required for releasing funds upon receipt), when applicable
o Notify seller's if earnest money check returned for insufficient funds within seven days after the returned check received by using letter in AFW, as required by Texas Department of Insurance.
o Monitor files with escrow funds
o Obtain management authorization to release funds more than 45 days old
o Submit request for stop payment to accounting department, when applicable
o Submit outgoing wire requests to accounting department, when applicable
o Submit and track file to Patty to disburse funds Home Office Issue (HOI) files, when applicable
o Track files to Lydia upon completing all disbursements and packages for Lydia to complete policy request form and track files to RPC for policy production.
o High School Diploma or equivalent
o general clerical and administrative support experience
o Expert computer skills including working knowledge of MS Office software packages, internet applications and/or company specific databases
o Ability to calculate variables and use formulas
o Ability to interpret variety of instructions furnished in written, oral, or policy/procedure formats
o Exceptional organizational, communication and analytical skills
o Skilled in prioritizing work to meet stringent deadlines and work in team-oriented environment
o Self-motivated Illustrates a commitment to customer service