Senior Escrow Insurance Specialist

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.

• 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.

• Education:
  
  High school graduate or equivalent. Education or experience should include courses in accounting and/or bookkeeping.
• Experience:
  
  3+ years in loan servicing with direct experience with escrow and insurance servicing, preferably with knowledge of flood and hazard insurance for both residential and commercial 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, professional image, and the ability to accept responsibility and handle confidential information.
  • Possess good written and verbal communication skills, with ability to express self clearly and effectively in writing as well as on the telephone.
  • Knowledge of basic accounting.
  • Working knowledge of MS Windows, PC spreadsheets and PC word processing. Familiarity with networked computer systems and mainframe.

$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…