Collateral Protection Specialist I

Summary

The Collateral Protection Specialist I is responsible for protecting the bank's collateral, monitoring insurance tracking, escrow tracking and payments, and property tax tracking and payments. This role also serves as a liaison between the bank, insurance companies, and third-party tracking vendors.

Specific Job Functions

• 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.
• Process payment of force placed premiums.
• Process refund of force placed premiums.
• Communicate with insurance companies for the collection of 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.

Minimum Job Requirements

• A high school diploma or equivalent is required.
• An associates degree in business, finance, or risk management & insurance is preferred.
• At least 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.