Escrow Insurance Specialist

Escrow Insurance Specialist

People drive our success. 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 the general direction of the Loan Servicing Supervisor, the Escrow Insurance Specialist is responsible for the timely review and payment of consumer and commercial hazard payments, confirming sufficient coverage, and arranging for payment of the insurance through the escrow account. The Escrow Insurance Specialist may be responsible for ordering and reviewing flood determinations, analyzing and determining the amount of flood insurance required for new loans and renewal policies in compliance with Bank and Regulatory policies.

Essential Functions

• Monitors insurance expirations to ensure receipt of evidence of renewal or replacement insurance coverage prior to expiration.
• Reviews Insurance Expiration Tracking reports daily.
• Collects evidence of renewals or replacement coverage prior to expiration of the existing coverage.
• Reviews insurance policies for accuracy and adequate coverage.
• Resolves gaps by contacting carriers and agencies to gather policy information and other missing data and update systems as appropriate.
• Works with insurance vendor for ordering and cancelling force place insurance.
• Set up force place fee in our core system for proper billing.
• Perform review of initial loan boarding to ensure escrow line and multi collateral relationship is set up properly.
• For escrowed accounts, ensures disbursement of payments for hazard, and flood are paid timely when due to avoid gaps and cancellation of policy.
• Processes incoming new insurance loss requests by properly obtaining appropriate claim information and provide claim package and follow through to completion of the repairs.
• Properly document all claim activity to support the outcome of the claim and save documents to the imaging center.
• Reviews various system-generated reports to ensure accuracy of loan system, accounting and maintenance as needed to clear errors.
• Ensures all insurance related documents and correspondence are uploaded to the imaging system.

Qualifications

Education:

• High school graduate or equivalent. Education or experience should include courses in accounting and/or bookkeeping.

Experience:

• Minimum 1-2 years in loan servicing with direct experience with escrow and insurance servicing preferably with knowledge of flood determination and flood insurance review for both single family and multiple buildings and properties.

Skills/Ability:

• Self-motivated with ability to work independently, prioritize and meet deadlines, and possess excellent follow-through skills.
• Proven ability to think independently and make recommendations. Possess good judgment, ability to accept responsibility and handle confidential information. Excellent follow-through skills.
• Possess good written and verbal communication skills.
• Knowledge of basic accounting.
• Working knowledge of MS Windows, PC spreadsheets and PC word processing. Familiarity with networked computer systems and mainframe.

Other Details

$23.07 – $28.85 / 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 endeavors to make accessible to any and all users. If you would like to contact us regarding the accessibility of our website or need assistance completing the application process, please contact, Mickey Hsu, FVP, Employee Relations Manager, at View phone number on click.appcast.io or View email address on click.appcast.io . This contact information is for accommodation requests only and cannot be used to inquire about the status of applications.