Sr. Escrow Insurance Specialist

About the role

Under the general direction of the Loan Servicing Supervisor, the Loan Servicing Insurance Specialist is responsible for the timely review and payment of consumer and commercial hazard and flood insurance, confirming sufficient coverage, and arranging for payment of the insurance through the escrow account. The Loan Servicing Insurance Specialist will also be responsible for ordering and reviewing flood determinations, analyzing and determining the amount of flood insurance required for new loans and renewal policies in compliance with Bank and Regulatory policies.

Responsibilities

• Monitors insurance expirations to ensure receipt of evidence of renewal or replacement insurance coverage prior to expiration
• Reviews and maintains Insurance Expiration Tracking reports on a daily basis
• Ensure that flood insurance expiration reminder letters are mailed to Borrowers according to established procedures
• Collects evidence of renewals or replacement coverage prior to expiration of the existing coverage
• Reviews insurance policies for accuracy and adequate coverage
• Resolves information gaps by contacting carriers and agencies to gather policy information and other missing data and update systems as appropriate
• Works with insurance vendor for ordering and cancelling force place insurance for escrowed accounts, ensures disbursement of payments for hazard, and flood, are paid when due and IBS system is updated accordingly.
• Prepares calculation worksheets to verify adequate coverage amount for flood