Collateral Insurance Specialist

Hills Bank • Hills, IA • 5d ago

131 Main St, Hills, IA 52235, USA | Full Time

SCHEDULE : Full-time ; Monday through Friday, (7:30 am - 5:30 pm) Average of 40 hours per week.

LOCATION: 131 Main St, Hills, IA 52235

BENEFITS: Our employees are our most valuable assets, so we invest in them with a comprehensive and competitive benefits package. Our philosophy of taking care of the customer extends to taking care of our employees so that they, in turn, can take good care of themselves and their families. Join Hills Bank and let us surprise you with even more perks!

SCOPE:

The Collateral Insurance Specialist will report directly to the Loan Servicing Supervisor and work closely with other loan operations personnel as well as lenders, customers, insurance agents, and regulatory agencies. The Collateral Insurance Specialist is responsible for maintaining the bank's hazard insurance tracking as well as the flood insurance program. Responsibilities for this position include processing incoming insurance policies for accuracy and continued coverage, insurance escrow billing and maintenance, as well as lapsed coverage follow up. This position is responsible for the force placed insurance portfolio, including all submittal and reconciliation of forced placed insurance policies, as well as the communication to customers regarding all insurance requirements, adhering to both state and federal regulations. This position will complete ongoing flood compliance reviews, ensuring the appropriate flood insurance requirements are met as well as education and support for lenders, customers, and the community.

ACCOUNTABILITIES:

Insurance Tracking: (20%)

Process incoming hazard and flood insurance policies.

Review each renewing flood insurance policy, cancelation or amendment to ensure proper flood insurance coverage is maintained.

Document and communicate insurance cancellation and renewal issues with customers and lenders to ensure that proper insurance coverage is maintained at all times.

Flood Review: (20%)

Review all loan applications secured by real estate located within a Special Flood Hazard Area to determine the amount of flood insurance required and that the correct policy is obtained to ensure that all bank and federal regulations are met.

Facilitate communication between lenders, customers and insurance personnel to maintain cohesive understanding of specific requirements and proper documentation for each loan closing.

Administer the bank's flood insurance compliance program in accordance with federal regulations and bank policy.

Insurance Escrow Processing: (20%)

Complete payment processing for loans that escrow for hazard and flood insurance.

Work with the insurance agents to ensure proper billing.

Forced Placed Insurance Processing: (20%)

Review each insurance policy as it cancels or expires to ensure proper coverage is maintained.

Communicate insurance issues with customers and lenders, following state and federal regulations.

Force placed insurance when necessary.

Process monthly forced placed insurance reconciliation, refunds, and renewals.

Compliance: (10%)

Stay up to date on federal and state laws regarding hazard and flood insurance requirements for financial institutions.

Assist in the development of manuals and supporting documentation to meet the bank's Business Continuity Plan requirements as well as provide training materials.

Assist with the training of other staff in regards to flood insurance procedures and policies.

Work closely with in-house, third party, state, and federal auditors/examiners in order to maintain or exceed the standard of excellence which has been set in recent years.

General Department Duties: (10%)

Assist with other specialized projects/duties in the Post Closing Department as needed.

Assist in the development of manuals and supporting documentation to accomplish task/duties inherent in this position.

As part of the overall team of bank employees, this position may be requested to assist in the support of other bank activities.

Other duties as assigned.

EDUCATION AND SPECIAL REQUIREMENTS:

Must have Bachelor's degree in business or related field OR

1-2 years' experience in a related position in a community bank - OR - equivalent combination of education and experience.

This job requires skills needed in a typical office environment. This includes computer skills, communications skills, as well as utilization of office equipment.

EQUAL OPPORTUNITY EMPLOYER

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