Escrow Insurance Specialist

Cathay General Bancorp•Rosemead, CA

54d•$23 - $26

About The Position

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.

Requirements

High school graduate or equivalent. Education or experience should include courses in accounting and/or bookkeeping.
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.
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.

Responsibilities

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.