Loan Insurance Specialist

CB&S Bank

9d•Onsite

About The Position

The Loan Insurance Specialist is responsible for verifying flood insurance coverage on loans, processing force-placed insurance, and providing customer service. This role requires knowledge of the bank's insurance policies and procedures, as well as banking regulations. Key duties include monitoring insurance coverage to ensure compliance and prevent uninsured losses, handling the placement and cancellation of lender-placed insurance policies, and advising loan officers and support personnel on various insurance types such as flood, hazard, builders' risk, and personal property insurance. The specialist will also train new employees on flood procedures, review and maintain records of insurance certificates, policies, and renewals, and approve flood insurance prior to loan closings. Additionally, the role involves acting as a liaison between the bank, borrowers, and third-party insurance tracking vendors, communicating directly with insurance companies when necessary, and staying updated on all flood regulations by reviewing FEMA sites and LOMA applications. The specialist will also review Compliance Flood Reviews, address findings, and maintain and quarterly review all flood procedures. Additional responsibilities include balancing the flood insurance demand deposit account and handling flood and other insurance reports.

Requirements

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.
Excellent 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.
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.
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.

Responsibilities

Monitor insurance coverage on loans to ensure compliance with bank policies and regulations, preventing uninsured losses.
Handle the placement and cancellation of lender-placed insurance policies, including premium processing.
Advise loan officers and support personnel on flood, hazard, builders' risk, and personal property insurance questions.
Train new employees on flood procedures.
Review, verify, and maintain records of insurance certificates, policies, and renewals.
Review and approve all flood insurance prior to loan closings.
Act as a liaison between the bank, borrowers, and third-party insurance tracking vendors.
Communicate with the insurance company directly if needed.
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.
Maintain all flood procedures and review quarterly verifying they are up to date.
Balance the flood insurance demand deposit account.
Handle flood and other insurance reports.