Commercial Loan Post Closing Review Insurance Specialist

Busey Bank • Creve Coeur, MO

6d

About The Position

The Commercial Loan Post Closing Review Insurance Specialist is part of the Post Closing Team in the Commercial Service Support Department. The position is primarily responsible for insurance policy tracking and insurance collateral monitoring, and assists with collateral document research for internal and external audits. The role serves as the primary liaison with the third-party insurance vendor and supports the Commercial Lending Division by retrieving, tracking, imaging, and researching insurance documentation. The specialist also communicates with Lenders and Loan Coordinators about inadequate insurance and forced placed insurance, maintains related vendor and daily reports, and updates insurance covenant exception items.

The role requires knowledge of lending regulations, strong organizational and communication skills, and the ability to work independently, multitask, analyze and solve problems without precedents, and make decisions under frequent time pressures. It also requires a high school diploma and knowledge of Microsoft Word, Excel, and Adobe. Other bank proprietary systems are helpful. The specialist must comply with applicable regulatory requirements and company policies and procedures, and may assist with special projects and other duties as assigned.

Requirements

• High school diploma required.
• Knowledge of various lending regulations.
• Strong organizational skills.
• Strong oral and written communication skills.
• Ability to multitask and work independently.
• Ability to analyze and solve problems for which there are no precedents.
• Ability to perform duties and make decisions under frequent time pressures.
• Knowledge of Microsoft Office, including Word and Excel, and Adobe.

Nice To Haves

• Continuing education preferred.
• Minimum 1–2 years of experience in commercial insurance or documentation preferred.
• Knowledge of other bank proprietary systems is helpful.

Responsibilities

• Serve as the primary liaison with the third-party insurance vendor.
• Retrieve requested documentation from the Bank’s imaging system or other third-party insurance vendor.
• Communicate with Lenders and Loan Coordinators regarding inadequate insurance and forced placed insurance.
• Maintain the forced placed insurance report from the vendor, maintain daily reports, and handle additional inquiries.
• Image insurance documents into the Bank’s imaging system for the Commercial Lending Division.
• Create, remove, and update exception items for insurance covenant tracking.
• Collaborate on insurance document research for internal and external audits.
• Comply with federal, state, and local regulatory rules and regulations governing financial institutions, as well as company policies and procedures.
• Assist with special projects and other duties as assigned.

Benefits

• 401(k) match
• Profit sharing
• Employee stock purchase plan
• Paid time off
• Medical, dental, and vision benefits
• Company-paid life insurance and long-term disability
• Supplemental voluntary life insurance
• Short-term and long-term disability
• Wellness incentives
• Employee assistance program
• Pre-tax health savings accounts and flexible spending accounts for eligible associates

What This Job Offers

• Job Type: Full-time
• Education Level: High school or GED