Senior 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.

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GENERAL SUMMARY

Under the general direction of the Loan Servicing Supervisor, the Sr. Escrow Insurance Specialist is responsible for the timely review and payment of consumer and commercial hazard and flood insurance, confirming sufficient coverage, and arranging for payment of the insurance through the escrow account. The Sr. Escrow Insurance Specialist will also 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

• Monitor insurance expirations to ensure receipt of evidence of renewal or replacement insurance coverage prior to expiration.
• Review and maintains Insurance Expiration Tracking reports daily.
• Ensure that flood insurance expiration reminder letters are mailed to Borrowers according to established procedures.
• Manage shared inbox for incoming requests and inquiries
• Collect evidence of renewals or replacement coverage prior to expiration of the existing coverage
• Review flood insurance policies for accuracy and adequate coverage.
• Research and respond to complex customer insurance inquiries or complaints
• Resolve information gaps by contacting carriers and agencies to gather policy information and other missing data and update systems as appropriate.
• Work with insurance vendor for ordering and cancelling force place insurance.
• For escrowed accounts, ensure disbursement of payments for hazard, and flood, are
• Process incoming new insurance loss requests by properly obtaining appropriate claim information and providing initial service to customers by explaining the claim process and following through to completion of the repairs.
• Properly document all claim activity to support the outcome of the claim and save documents to the imaging system.
• Order and review flood determinations for both single and multiple buildings.
• Prepare flood calculation worksheet for both single and multiple properties / buildings prior to funding of new loan and when renewal policies are received.
• Review and compare both system-generated and vendor reports to ensure accuracy of loan system, accounting and maintenance
• Ensure all related flood insurance and correspondence are uploaded to the imaging system.
• Assist with the training of new team members on all insurance functions.
• Coordinate projects with team when assigned by supervisor.
• Ensure all job aids and procedures are updated in a timely manner.
• Ensure monthly metrics are updated for management.

QUALIFICATIONS

Skills / Ability :

OTHER DETAILS

$25.96 - $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).

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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.