Collateral Protection Specialist I

b1BANK•Lake Charles, LA

About The Position

The Collateral Protection Specialist I is responsible for protection of the bank’s collateral and perform monitoring of insurance tracking (hazard, wind, hail, flood, vehicle, etc.), escrow tracking and payments, property tax tracking and payments. Additionally, the Collateral Protection Specialist I will serve as a liaison between the bank, insurance companies, and third-party tracking vendors (i.e., insurance and property taxes).

Requirements

High School diploma or equivalent is required.
0-2 years of property insurance experience is required.
Must demonstrate good understanding of loan application policies and procedures, as well as documentation required by federal and state regulations.
Must demonstrate good understanding of insurance documents (i.e., policies, applications, etc.).
Must demonstrate strong oral and written communication skills to effectively communicate with co-workers and clients.
Must be organized, attentive to detail, and self-disciplined to work independently.
Proficient in computer skills and Microsoft Suite.
Maintain a professional demeanor and dependable work ethic.

Nice To Haves

Associates Degree in business, finance, or risk management & insurance is preferred.

Responsibilities

Review loan documents for new, increased, renewed, and extended loan requests for compliance with flood insurance regulation and procedural requirements.
Review and analyze real estate appraisals to perform flood insurance requirements in accordance with flood insurance regulations and procedural requirements.
Monitor and process incoming insurance documents received by the bank.
Transmit insurance documents via secure file transfer to the bank’s insurance tracking vendor.
Communicate with insurance companies to verify continuation of insurance coverage.
Work with banking center staff to resolve insurance tracking issues.
Work with banking center staff to resolve non-coverage or deficient coverage issues.
Review insurance tracking reports provided by the bank’s insurance tracking vendor.
Produce payment change notification letters when forced placed insurance policies are issued.
Processing payment of force placed premiums.
Processing refund of force placed premiums.
Communicate with insurance companies for the collection premium notices for loans in which insurance is paid via escrow.
Process insurance & property tax payments on loans with escrow.
Communicate with tax assessors for the collection of property tax notices for loans in which property taxes are paid via escrow.
Communicate with tax assessors for research and payment verification information.
Monitor unpaid property tax report provided by the bank’s property tax tracking vendor.