Loan Servicing Specialist II

Join Our Team At Cathay Bank

Are you enthusiastic, highly motivated, and have a strong work ethic? If yes, come join our team! At Cathay Bank we strive to provide a caring culture that supports your aspirations and success. We believe people are our most valuable asset and we proudly foster growth and development empowering you to achieve your professional goals. We have thrived for 60 years and persevered through many economic cycles due to our team members' drive and optimism. Together we can make a difference in the financial future of our communities. Apply today!

General Summary

Under supervision of the Department Supervisor or Manager, and following established policies and procedures, perform duties related to servicing the Bank's consumer loan portfolio according to separation of duties established by the Department Manager including but not limited to the essential functions described below.

Essential Functions

• Complete necessary functions pertaining to servicing loans sold to Freddie Mac, including but not limited to, daily and monthly remittance of payments, status update in Freddie system, and reconciliation of bank accounts.
• Board new loans to the Core System.
• Review error and system maintenance reports and correct errors.
• Respond to general inquiries from both internal and external clients via mail or through call center.
• Review and clear non-posted Lockbox payments.
• Review and clear system posting rejects and unapplied funds.
• Provide research and correction to accounts.
• Process payoff funds and return items (such as return check, return mail, etc.)
• Post monthly loan payments.
• Clear loan WIP account of loan payments.
• Process requests for auto debit and ACH.
• Update collateral information in the Core System.
• Respond to demand request for payoff quote.
• Respond to verification of loan requests.
• Prepare mortgage release documents on paid-in-full loans.

Qualifications

• Education: High school diploma or equivalent with some college business classes preferred.
• Experience: Minimum 1-2 years in loan servicing and thorough understanding of consumer loan servicing products; knowledge of state and federal banking regulations and procedures with regulatory requirements including but not limited to CFPB, FCRA, HMDA, RESPA, Reg Z, SCRA, TILA, and UDAAP.
• Skills/Ability: PC literate, proficiency with MS Office; use of IBS loan system a plus. Ability to work in a fast-paced environment while maintaining a high level of accuracy. Able to communicate effectively verbally and in writing. Self-motivated. Strong problem-solving and organizational skills; Bilingual (English, Mandarin or Cantonese) is a plus.

Other Details

$24.04 $30.05 / hour Pay determined based on job-related knowledge, skills, experience, and location. This position may be eligible for a discretionary bonus.

Cathay Bank offers its full-time employees a competitive benefits package which is a significant part of their total compensation. It is our goal to provide employees with a comprehensive benefits package to fit their needs which includes, coverage for medical insurance, dental insurance, vision insurance, life insurance, long-term disability insurance, and flexible spending accounts (FSAs), health saving account (HSA) with company contributions, voluntary coverages, and 401(k).

Cathay Bank is an Equal Opportunity and Affirmative Action Employer. We welcome applications for employment from all qualified candidates, regardless of race, color, ethnicity, ancestry, citizenship, gender, national origin, religion, age, sex (including pregnancy and related medical conditions, childbirth and breastfeeding), reproductive health decision-making, sexual orientation, gender identity and expression, genetic information or characteristics, disability or medical condition, military status or status as a protected veteran, or any other status protected by applicable law.