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Regular or Temporary:Regular
Language Fluency: English (Required)
Work Shift:1st shift (United States of America)
Please review the following job description:This position will support the Servicing and Asset Management department and serves as the primary resource for insurance monitoring and compliance for an assigned portfolio of commercial loans financed through Fannie Mae, Freddie Mae, FHA, Life Insurance Companies and/or other lending programs.
Essential Duties and ResponsibilitiesSpecific responsibilities include, but are not limited to:
- Insurance Renewals - Monitor insurance processes for an assigned portfolio to ensure timely receipt of evidence of coverage, premium invoices, and any other documentation required to facilitate compliance
- Insurance Compliance - Review, analyze and interpret all types of property and liability insurance policies for commercial real estate loans to ensure compliance with loan documents, Lender requirements/guidelines, government regulations (Fannie Mae, Freddie Mac and FHA/Ginnie Mae) and internal policies and procedures. Review and compile loan and collateral data required for compliance review, such as replacement cost, loss of income calculations, third-party reports, and local ordinances. Complete Blanket and Flood Analysis as required for complex policies. Correspond, as necessary, with lenders, borrowers, insurance agents, and insurance companies to resolve any non-compliance issues or discrepancies related to insurance
- Insurance Waivers - Gather documentation and holistically review waiver feasibility and risk for Lender waiver requests, as required. This may include an analysis of property performance, loan performance, insurance market data, loss history and current insurance coverage.
- Force Placed Insurance - Timely monitoring of non-compliance escalation for potential force placement and work with Insurance Management to facilitate force placed insurance.
- Review casualty losses incurred on commercial properties and advise internal and/or external clients regarding insurance coverage and loss proceed requirements relating to those casualties.
- Assist with Insurance related activities for new loan set up, significant events, loan transfers, flood zone monitoring, audit data gathering, system enhancement testing, and special projects.
- Subject matter expert resource for internal teammates relating to insurance and resolve insurance related discrepancies.
- Monitor and ensure the data contained in the loan servicing system, shared drives, Lender applications, are updated thoroughly and timely.
- Ensure compliance with Insurance Team policies and procedures at all times and recommend any enhancements to increase efficiency in processes.
- Serve as the primary point of contact for Insurance related matters for an assigned portfolio.
- Other duties as assigned
Required Qualifications:The requirements listed below are representative of the knowledge, skill and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
- Minimum 5 years of experience in Commercial Property insurance
- Knowledge of the various types of commercial property insurance policies and ability to read/interpret them
- Commercial insurance agency and/or servicing work experience
- Insurance compliance background including, but not limited to, coverage discrepancies, industry standards and government regulations
- Understand complex loan documents and third-party reports such as appraisals, surveys and title
- Demonstrated ability to work with teammates and customers at all levels within an organization
- Strong PC skills, including demonstrated proficiency with Microsoft Office applications such as Excel, Outlook and Word
- Excellent time management skills with a demonstrated ability to multi-task, follow through on commitments, meet deadlines and drive results
- Ability to work well under pressure and within tight time constraints, process high volumes, including working overtime if required
- Strong customer service skills
- Professional and polished demeanor
- Detail oriented with strong analytical ability
- Ability to assess stakeholders involved and appropriate actions for resolving escalated issues
- Ability to determine feasibility of insurance waivers and evaluate the risk, substantiate with solid justification, and make recommendations
- Must be accountable and reliable
- Strong written and verbal communication skills
- Must be able to work independently and self-manage workflow
- Work well within a team, collaborating with teammates
- Ability to travel when required
Preferred Qualifications:- Insurance certifications and/or designations such as CIC, ARM, AU, CLCS, CPCU, CISR
- Commercial multifamily insurance compliance background relating to FNMA, FHLMC and FHA/GNMA
- Prior commercial real estate loan servicing experience
- 4-year degree
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