Consumer Loan Servicing Escrow Officer

GENERAL SUMMARY

Under the general direction of the VP, Loan Servicing Manager, responsible for ensuring that all aspects of Escrow Administration are performed in a timely and accurate manner while remaining compliant with established policies and procedures. The Escrow Officer is responsible for providing a second level of expertise and guidance to Loan Servicing staff and to other departments' staff, i.e. Lenders and Loan Assistants in operations. This would include SME regarding escrow servicing and reporting.

ESSENTIAL FUNCTIONS

• Perform escrow administration duties which include insurance, taxes, escrow analysis, and escrow audits.
• Ensure proper handling of insurance data integrity and disbursements, lender placed insurance, and loss draft claims.
• Establish and maintain best practice operational processes.
• Process and review all open items and ensure they are paid timely and accurately.
• Oversee and monitor vendor performance and parameters, and ensure all operational practices are reviewed and assessed.
• Escalate vendor service level agreements or performance issues to management and provide timely reporting on any issues in remediation.
• Process the department email inbox and review and respond to requests within developed service level agreements.
• Promptly handle/respond to calls from the Client Care Center regarding client inquires.
• Update performance on monthly metrics and contractual service level agreements for reporting to management.
• Create daily general ledger reconciliations.
• Research and resolve more complex internal/external client inquiries or discrepancies in insurance and escrow.
• Facilitate department process improvements/operational enhancements to adapt to changing business needs.
• Ensure compliance with RESPA, Homeowners Protection Act of 1998, Privacy Act and other regulatory acts as they may apply to servicing/escrow.
• Create and update desktop procedures.
• Stay abreast of regulatory changes relating to taxes, insurances and flood.
• Assist clients, both internal and external, with verbal and written questions, concerns and problems related to escrow administration and provide excellent client service for all requests.
• Assist with preparation of annual performance evaluations, rewarding, coaching, developing and holding team members accountable for performance/results.
• Assist in other areas of the Loan Servicing department as needed.

QUALIFICATIONS

Education

• High school diploma or equivalent with some college business classes helpful.

Experience

• Minimum 3 years of loan servicing experience.
• Thorough knowledge of mortgage, HELOC/consumer loans products and servicing.
• Knowledge of state and federal banking regulations and procedures with regulatory requirements including but not limited to: CFPB, FCRA, HMDA, RESPA, Reg Z, SCRA, TILA, UDAAP, HOPA.

Skills/Ability

• Self-motivated with ability to work independently and meet deadlines.
• PC proficient, advanced skill level with all MS Office products.
• Strong written and verbal communication.
• Ability to work in a fast-paced environment while maintaining a high level of accuracy.
• Strong analytical and organizational skills.
• Must be able to manage workflow effectively with frequent interruptions and changing priorities.
• Sound understanding of loan accounting and servicing functions, and general lending policies and procedures.
• Experience with IBS Insight loan system a plus.

OTHER DETAILS

$33.65 - $38.46 / 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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