Consumer Loan Servicing Escrow Officer

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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 VP, Loan Servicing Manager, responsible for ensuring that all aspects of Escrow Administration are performed in a timely and accurate manner while remaining compliant with established policies and procedures. The Escrow Officer is responsible for providing a second level of expertise and guidance to Loan Servicing staff and to other departments' staff, i.e. Lenders and Loan Assistants in operations. This would include SME regarding escrow servicing and reporting.

ESSENTIAL FUNCTIONS

• Perform escrow administration duties which include insurance, taxes, escrow analysis, and escrow audits.
• Ensure proper handling of insurance data integrity and disbursements, lender placed insurance, and loss draft claims.
• Establish and maintain best practice operational processes.
• Process and review all open items and ensure they are paid timely and accurately.
• Oversee and monitor vendor performance and parameters, and ensure all operational practices are reviewed and assessed.
• Escalate vendor service level agreements or performance issues to management and provide timely reporting on any issues in remediation.
• Process the department email inbox and review and respond to requests within developed service level agreements.
• Promptly handle / respond to calls from the Client Care Center regarding client inquires.
• Update performance on monthly metrics and contractual service level agreements for reporting to management.
• Create daily general ledger reconciliations.
• Research and resolve more complex internal / external client inquiries or discrepancies in insurance and escrow.
• Facilitate department process improvements / operational enhancements to adapt to changing business needs.
• Ensure compliance with RESPA, Homeowners Protection Act of 1998, Privacy Act and other regulatory acts as they may apply to servicing / escrow.
• Create and update desktop procedures.
• Stay abreast of regulatory changes relating to taxes, insurances and flood.
• Assist clients, both internal and external, with verbal and written questions, concerns and problems related to escrow administration and provide excellent client service for all requests.
• Assist with preparation of annual performance evaluations, rewarding, coaching, developing and holding team members accountable for performance / results.
• Assist in other areas of the Loan Servicing department as needed.

QUALIFICATIONS

Education

Experience

Skills / Ability

OTHER DETAILS

$33.65 - $38.46 / 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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Cathay Bank endeavors to make www.CathayBank.com 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 (626) 582-7370 or mickey.hsu@cathaybank.com . This contact information is for accommodation requests only and cannot be used to inquire about the status of applications.