Escrow Insurance Specialist

Cathay Bank; Rosemead (CA); On-site; USD 31,781 - 39,743; Full time

Benefits offered by this job

Medical insurance

Dental insurance

Vision insurance

401(k) with company contributions

Job summary

Cathay Bank in Rosemead, California is seeking a motivated Escrow Insurance Specialist to manage consumer and commercial hazard payments. This role requires monitoring insurance expirations and ensuring timely payment to prevent policy cancellations.

The ideal candidate will have at least 1-2 years of loan servicing experience, especially with escrow and insurance. Competitive pay of $23.07 to $28.85 per hour and comprehensive benefits are offered as well.

Qualifications

• Minimum 1-2 years in loan servicing with experience in escrow and insurance.
• Knowledge of flood determination and flood insurance review.
• Education or experience should include coursework in accounting.

Responsibilities

• Monitor insurance expirations to ensure receipt of renewals.
• Review insurance policies for accuracy and adequate coverage.
• Process incoming new insurance loss requests.

Skills

Self-motivated

Excellent follow-through skills

Good written and verbal communication

Knowledge of basic accounting

Working knowledge of MS Windows

Education

High school graduate or equivalent

Courses in accounting and/or bookkeeping

Tools

PC spreadsheets

PC word processing

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.

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

• 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 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 Affiliation 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.