Escrow Specialist (Hybrid, Chicago, IL)

Byline Bank, headquartered in Chicago, is a full-service commercial bank serving small- and medium-sized businesses, financial sponsors, and consumers. With approximately $9.9 billion in assets and over 40 branch locations in the Chicago and Milwaukee metropolitan areas, Byline Bank offers a broad range of commercial and community banking products and services, including small-ticket equipment leasing and U.S. Small Business Administration loans. The bank is recognized as an award-winning workplace, with recent accolades including U.S. News & World Report’s Best Companies to Work for in the Midwest and Finance, Newsweek’s America’s Greatest Midsize Workplaces for Women, and Chicago’s Best Workplaces by the Chicago Sun Times.

About the role

The Escrow Specialist supports loan servicing operations by managing escrow-related activities, including real estate tax payments, insurance premium disbursements, flood monitoring, escrow analysis, and PMI reviews. This role serves as a liaison between Byline, vendors, agencies, borrowers, and internal stakeholders to maintain effective servicing levels and support overall loan operations.

Responsibilities

• Manages escrow servicing functions, including real estate tax payments, insurance premium disbursements, flood monitoring, and force-placed insurance administration.
• Performs escrow annual analysis and Private Mortgage Insurance (PMI) reviews to ensure account accuracy and regulatory compliance.
• Maintains and updates the servicing system to reflect the status of collateral, insurance, and tax information.
• Monitors and processes disbursements for real estate taxes and insurance premiums for escrowed loan accounts.
• Verifies non-escrowed loans have adequate insurance coverage and that real estate taxes are satisfied.
• Reviews residential and commercial property insurance policies, liability insurance policies, and operating statements to ensure compliance with internal policies and procedures.
• Researches delinquent real estate taxes on non-escrowed accounts and takes corrective action.
• Coordinates with tax agencies to obtain real estate property tax information and resolve discrepancies.
• Supervises force-placed insurance coverage, premiums, and payment disbursements required due to borrower non-compliance.
• Administers casualty loss claims incurred for commercial or residential properties.
• Ensures compliance with the Flood Disaster Protection Act (FDPA) for real estate-secured loans located in special flood hazard areas.
• Collaborates with internal or external customers, agents, and vendors to resolve issues or discrepancies related to real estate taxes, escrow, and insurance.
• Assists in the preparation of monthly metrics for the Loan Operations Department.
• Supports bank-wide initiatives.
• Performs all other duties as assigned.

Requirements

• Associate’s degree required; bachelor’s degree in Business Administration, Accounting, Finance, or a related field preferred.
• 3+ years of Escrow Services and/or Loan Servicing experience.
• Experience in the Financial Industry preferred.
• Knowledge of Home Lending Products.
• Knowledge of Regulatory, Investor, and Compliance guidelines.
• Detail-oriented with the ability to maintain a high level of accuracy.
• Strong analytical and problem-solving skills.
• Strategic thinker with the ability to develop, communicate, and implement plans that support the overall goals of the Bank.
• Ability to work collaboratively with a variety of stakeholders at all levels.
• Self-motivated with effective time management and a strong attention to detail.
• Strong change management, organization, and planning skills.
• Proficiency in MS Office Suite.
• Exceptional written and verbal communication skills.

Work Environment

This role operates in a usual office environment with frequent sitting, walking, and standing, and occasional climbing, stooping, kneeling, crouching, crawling, and balancing. It requires frequent use of eye, hand, and finger coordination for office equipment, as well as oral and auditory capacity for interpersonal and automated communication. The position supports a hybrid work environment, combining remote and in-office work with occasional visits to the office based on business needs.

Pay

The hourly rate for this position is $29.32 to $36.53, based on factors including education, work experience, and certifications. Byline Bank offers a comprehensive benefits package, incentive and recognition programs, equity stock purchase, and 401k contribution, all subject to eligibility requirements.