Consumer Loan Servicing Specialist II

Cathay Bank; Rosemead (CA); On-site; USD 40,000 - 44,000; Full time

Benefits offered by this job

Medical insurance

Dental insurance

Vision insurance

Life insurance

Long-term disability insurance

FSAs

HSA with company contributions

401(k)

Job summary

Cathay Bank is seeking a detail-oriented loan servicing associate in California to manage the consumer loan portfolio under supervision. You will handle daily remittance, system entries, and reconciliation tasks, supporting accuracy and compliance with regulations.

The role requires 1-2 years of experience and familiarity with major banking regulations. Strong communication skills and bilingual ability are a plus. This is a full-time on-site position offering a comprehensive benefits package.

Qualifications

• 1-2 years in loan servicing with knowledge of consumer loan products.
• Familiarity with CFPB, FCRA, HMDA, RESPA, Reg Z, SCRA, TILA, and UDAAP is preferred.
• Proficient communication, both written and verbal; ability to work accurately in a fast-paced environment.

Responsibilities

• Service Freddie Mac consumer loans: remittance, status updates, and reconciliations.
• Board new loans to Core System.
• Review and correct error and system reports.
• Respond to internal and external inquiries via mail or call center.
• Process payoff funds and return items.

Skills

PC literacy

MS Office

IBS loan system

Bilingual (English, Mandarin or Canton

Education

High school diploma or equivalent

Job description

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.

What Our Team Members Are Saying

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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.

It is the individual responsibility of every team member to maintain a current awareness and understanding of appropriate banking laws, regulations, internal policies and procedures, and to comply fully with those laws, regulations, policies and procedures.

Other Details

Pay Range: $28.85 to $32.21/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).

• coverage for medical insurance
• dental insurance
• vision insurance
• life insurance
• long-term disability insurance
• flexible spending accounts (FSAs)
• health saving account (HSA) with company contributions
• voluntary coverages
• 401(k)

Cathay Bank may collect personal information from potential job candidates and applicants. For more information on how we handle personal information and your applicable rights, please review our California Job Applicant Privacy Policy.

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.

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 [phone] or [e-mail].

This contact information is for accommodation requests only and cannot be used to inquire about the status of applications.