Collateral Protection Specialist II

Summary

The Collateral Protection Specialist II is responsible for protection of the bank’s collateral and perform monitoring of insurance tracking (hazard, wind, hail, flood, vehicle, etc.), escrow tracking and payments, property tax tracking and payments. Additionally, the Collateral Protection Specialist II will serve as a liaison between the bank, insurance companies, and third-party tracking vendors (i.e., insurance and property taxes).

Specific Job Functions

• 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
• Processing payment of force placed premiums
• Processing refund of force placed premiums
• Communicate with insurance companies for the collection 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
• Provide training and guidance to other Collateral Protection Specialists and banking center staff when needed
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Minimum Job Requirements

• High School diploma or equivalent is required.
• Bachelors Degree in business, finance, or Risk Management & insurance is preferred. 
• 2-5 years of property insurance experience. 
• Demonstrates superior understanding of loan application policies and procedures, as well as documentation required by federal and state regulations
• Superior 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.