Please Enable Cookies to Continue Please enable cookies in your browser to experience all the personalized features of this site, including the ability to apply for a job. Returning Candidate? Asset Monitoring Specialist III Location US-CA-El Monte Job ID 2019-7248 Category Other Position Type Full-Time
For more than 40 years, East West Bank has served as a pathway to success. With over 130 locations across the U.S. and Greater China, we are the premier financial bridge between the East and West. Our teams of experienced, multi - cultural professionals help guide businesses and community members on both sides of the Pacific looking to explore new markets and create new opportunities, and our sustained growth and expertise in industries like real estate, entertainment and media, private equity and venture capital, high-tech and aviation help build sustainable businesses and expand our employees' potential for career advancement.
Headquartered in California, East West Bank (Nasdaq: EWBC) is a top performing commercial bank with an exclusive focus on the U.S. and Greater China markets. With assets of $41 billion, we've ranked among the 30 largest banks in the United States. And since 2010, we have been recognized by Forbes as one of the top 15 best banks in America. With a strong foundation, and enterprising spirit and a commitment to absolute integrity, East West Bank gives people the confidence to reach further.
East West Bank is seeking a Asset Monitoring Specialist III. The Asset Monitoring Specialist III is responsible for day to day monitoring of Hazard insurance and/or Property Tax for the Commercial Loan portfolio including but not limited to; C & I, CRE, MFR, specialty lending. This includes review of reports from Insurance and Tax service providers ensuring there is no gap in insurance coverage and property tax payments and ensuring insurance coverage is in compliance with the bank’s requirements. Outreach to both internal and external business partners to address Hazard Insurance or Property Tax questions and processing requests for lender placed insurance as required. The position is also be responsible for processing escrow transactions for the payment Hazard Insurance policies and Property Taxes as needed and provide training to other associates.
- Review reports from Insurance vendor to identify any insurance with gap coverage
- Review reports from Property Tax vendor to identify delinquent property taxes
- Remediate gap coverage by reaching out to the customer and/or insurance agent to obtain current insurance policy
- Address loans with lapsed/insufficient insurance and/or delinquent property taxes and recommend corporate advances as required working closely with the Relationship Manager
- Establish Escrow account for all corporate advances and determine new payment amount
- Prepare escrow analysis as needed
- Prepare wire and disburse funds to the appropriate authority to bring taxes current and/or provide hazard insurance
- Prepare customer letters for corporate advance
- Process cancellation of escrow upon proof of coverage or payment of property taxes
- Document progress, approval, exceptions, etc. on all loans with delinquent taxes
- Prepare management report and Credit Supervision for all delinquent taxes
- Work collaboratively within a team structure to ensure compliance to industry standards
- Provide training to other associates
- Assist with special projects or other duties as assigned
- Bachelor Degree in Finance or Accounting Degree required, or equivalent work related experience
- Minimum 5 years of experience in the Loan Servicing Industry
- Minimum 3 year of experience in the Insurance and/or Tax Monitoring on Commercial Loans
- Thorough knowledge of Mortgage Compliance regulations relative to lender’s force placement of insurance and taxes and escrow monitoring
- Loan system experience required including document imaging system
- Proficient in Microsoft Office with advanced Excel skills
- Excellent written and verbal communication skills required
- Good organizational, analytical and problem solving skills
- Ability to handle multiple tasks with excellent attention to detail
- Ability to organize and maintain a high volume work environment
- Ability to adapt quickly to changes and perform in a fast paced environment
- Ability to build effective relationships as needed to effectively address issues and obstacles
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