The Insurance Associate processes premium payments for FHA, private mortgage insurance, flood insurance, force-place and homeowners insurance.

Duties and Responsibilities:

1. Reviews all new loans to ensure proper set-up for all types of insurance related to that loan.
2. Reviews premiums due and ensures premium payments are made to the private mortgage insurance companies, FHA, and others; ensures payment of all insurance premiums as billed by reviewing insurance billings received and affecting the system so the funds are pulled from the escrow and insurance information is updated properly in the system; ensures that proper coverage is in place at all times and that there is no lapse of insurance coverage.
3. Monitors all loans to ensure proper coding of properties located in flood zones; reviews all new loans placed on the system for proper flood zone coding including proper identification of required flood insurance; monitors throughout life of loan to ensure proper flood insurance coverage; performs periodic [no less than annual] audit with all third-party providers of flood insurance information and compare against bank's portfolio of loans; prepares monthly report documenting compliance with National Flood Insurance Program.
4. Reviews reports of policies set to expire and contacts insurance agency or customer to get information to renew or takes action to force-place policy; orders force place insurance coverage on loans that have had a lapse in insurance; monitors loans with force placed insurance; pays premiums and prepares monthly report.
5. Processes all private mortgage insurance by verifying and updating private mortgage insurance information; cancels private mortgage insurance when requested and required in accordance with the Home Owners Protection Act; monitors new loan and closed loan reports for proper reporting to the private mortgage insurance companies.
6. Ensures insurance claims are processed and funds are released as needed to facilitate repairs.
7. Processes all home owners, automobile, and boat insurance updates and issuing payments by updating the core servicing system with current insurance information; issues payments from the customer's escrow when applicable.
8. Sorts incoming mail and review inbound mail for insurance invoices, declarations, and cancellations; distributes non-insurance related mail to appropriate loan service staff; receives paper and electronic notification of insurance premiums due.
9. Generates checks electronically; generates manual checks if necessary to pay premium in a timely fashion.
10. Responds to customer calls; contacts and follows-up by phone or email to reach insurance agents regarding policies.
11. Other duties as required.

Necessary competencies:

1. Adaptability
2. Cooperation
3. Communication skills
4. Customer service
5. Quality of work
6. Workflow skills
7. Attendance and dependability

Technical Expertise

1. Experience in mortgage lending is required.
2. Experience with lending laws, regulations, and guidelines related is required.
3. Experience in finance services or banking is preferred.
4. Experience in property and casualty insurance is preferred.
5. Proficiency in MS Office [Outlook, Excel, Word] or similar software is required. Encompass, Cleartouch, OnBase, various government and investor software/web portals is preferred. LOS software is preferred.

Education and Experience

1. Education: High School Diploma or equivalent is required; Bachelor's degree is preferred.
2. Certification: None.
3. Years of experience: 0 to 2 years is required.
4. Years of experience supervising: None.

Physical Environment

• While performing the duties of this job, the employee is regularly required to lift, walk, stand, sit, bend, reach with hands and arms, climb, push/pull, use hands, and see, hear and speak.
• The employee must occasionally lift and/or move up to 25 pounds.
• The noise level in the work environment is usually quiet to moderate.
• This position is performed in an office setting, five days a week with typical work hours being 8.30a through 5.15p.

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