Escrow Insurance Specialist

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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.

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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.

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 :

OTHER DETAILS

$23.07 - $26.44 / 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).

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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.

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