Insurance & Escrow Specialist

FirstBank • Lexington, TN

1d

About The Position

Individuals in this position have the primary responsibilities of ensuring that insurance coverage is in place and remains in place for personal and real property that secures our loans. This involves dealing with our external insurance tracking vendor as well as insurance companies that we use to underwrite force placed coverages as needed. This group also handles escrow processing and credit life insurance.

Requirements

• High School diploma or GED required
• Demonstrated ability to learn complex information rapidly, i.e., loan compliance regulations and documentation requirements
• Proficient in Microsoft Office Suite, Outlook and other similar applications
• Demonstrated working knowledge of loan documentation and document retention
• Demonstrated commitment to accuracy and attention to detail.
• Good organizational skills.

Nice To Haves

• Documentation Preparation experience is a plus

Responsibilities

• On a daily basis, process and file insurance agreements and/or certificates to ensure appropriate insurance coverage for collateral and that ongoing tracking is begun. If insurance coverage is not to be put in place, the appropriate waivers must be obtained.
• As the situation arises, begin force-placement procedures for hazard and flood insurance. This process involves notification of the loan officers and customers. If adequate insurance is not obtained, our insurance vendor is contacted to force-place the necessary coverage to protect the bank’s collateral interests.
• Process full and/or earned premium refunds resulting from loan payoffs or the receipt of customer provided insurance coverage.
• Work with loan officers and insurance companies in the event that a claim must be filed.
• Perform daily and yearly escrow duties. This could include the production or review of escrow analysis statements, payment of city/county taxes and insurance premiums.
• Handles Credit Life Insurance-balancing and remitting payment.
• Understands and comply with bank policy, laws, regulations as applicable to your job duties. This includes but is not limited to; complete compliance training and adhere to internal procedures and controls; report any known violations of compliance policy, laws, or regulations and report any suspicious customer and/or account activity.

What This Job Offers

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