Loan Insurance Specialist

GENERAL FUNCTION:

Key duties include verifying flood insurance coverage on loans, processing force-placed insurance, providing customer service, requiring knowledge of the bank's insurance policies and procedures and banking regulations.

MAJOR DUTIES AND RESPONSIBILITIES:

• Collateral Protection:Monitor insurance coverage on loans to ensure compliance with bank policies and regulations, preventing uninsured losses.
• Force-Placed Insurance:Handle the placement and cancellation of lender-placed insurance policies, including premium processing.
• Support:Advise loan officers and support personnel on flood, hazard, builders' risk, and personal property insurance questions. Train new employees on flood procedures.
• Document Processing:Review, verify, and maintain records of insurance certificates, policies, and renewals. Review and approve all flood insurance prior to loan closings.
• Vendor Liaison:Act as a liaison between the bank, borrowers, and third-party insurance tracking vendors. Communicate with the insurance company directly if needed.
• Technical Knowledge:Understanding of hazard insurance, flood insurance, builders risk insurance, personal property insurance, and lender-placed insurance regulations.
• Flood Insurance: Keep up with all flood regulations, review FEMA sites for updates, review LOMA applications, review Compliance Flood Reviews and see that all findings are addressed and corrected.
• Procedures: Maintain all flood procedures and review quarterly verifying they are up to date.

ADDITIONAL RESPONSIBLITIES:

• Balance the flood insurance demand deposit account
• Handle flood and other insurance reports

JOB QUALIFICATIONS:

• High school graduate or equivalent.

• Minimum of one year flood insurance or loan operations experience.
• Proven knowledge of loan policies and procedures.
• Intimate knowledge of Insurance and Flood Insurance.
• Excellent organizational skills and communication skills, both verbal and written.
• Demonstrated ability to interact with customers and employees and listen effectively.
• Demonstrated ability to adapt to and use other PC based software packages.
• Ability to perform repetitive motion tasks and tasks using only fingers.
• Ability to sit for extended periods of time.
• Ability to transmit information in written form.
• Ability to work in small areas.

STANDARDS OF PERFORMANCE:

• Performs all areas of responsibilities so they are completed in a timely, accurate, and thorough manner.
• Acceptable attendance and reporting to work in a timely manner.
• Maintains positive work environment with co-workers, vendors, and customers. Requires ability to work well with others.
• Must be alert in all job functions.
• Conducts customer relations in a manner that will enhance the overall marketing effort of the bank.
• Must be courteous and respectful of all customers and employees. When greeting someone, we will stand, offer our hand, and call them by name. We will treat co-workers, peers, and vendors with the same degree of respect and consideration we give our customers and expect for ourselves.
• All employees are expected to conduct themselves in a professional manner, which is conducive to the effective operation of the Bank.
• Must follow all company policies and procedures.
• Ability to maintain matters of a highly confidential nature.
• Honesty must be an essential ingredient in all matters.
• Attempts to return all phone calls the same day they are received.