Sr. Escrow Insurance Specialist

Cathay Bank•Rosemead, CA

12d

About The Position

Under the general direction of the Loan Servicing Supervisor, the Loan Servicing 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 Loan Servicing 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.

Requirements

High school graduate or equivalent.
Education or experience should include courses in accounting and/or bookkeeping.
3+ 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, professional image, and the ability to accept responsibility and handle confidential information.
Excellent follow-through skills.
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.

Responsibilities

Monitors insurance expirations to ensure receipt of evidence of renewal or replacement insurance coverage prior to expiration
Reviews and maintains Insurance Expiration Tracking reports on a daily basis
Ensure that flood insurance expiration reminder letters are mailed to Borrowers according to established procedures
Collects evidence of renewals or replacement coverage prior to expiration of the existing coverage
Reviews insurance policies for accuracy and adequate coverage
Resolves information 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 for escrowed accounts, ensures disbursement of payments for hazard, and flood, are paid when due and IBS system is updated accordingly.
Prepares calculation worksheets to verify adequate coverage amount for flood policies
Processes in-coming 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 documents all claim activity to support the outcome of the claim and saved documents to the imaging system
Orders and reviews flood determinations for both single and multiple buildings
Prepares flood calculation worksheet for both single and multiple properties/ buildings prior to funding of new loan and when renewal policies are received
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 upload to the imaging system
Assist with the training of new employees on all insurance functions
Coordinate projects with team when assigned by supervisor
Ensure all job aids and procedures are updated timely
Ensures monthly metrics are updated for management.