Description: This position will support the Servicing and Asset Management department and serves as the primary resource for insurance monitoring and compliance for a book of commercial loans financed through Fannie Mae, Freddie Mae, FHA, Life Insurance Companies and Other lending programs.
Required Skills / Qualifications:
- Extensive knowledge of the various types of commercial property insurance policies
- Commercial insurance agency and/or servicing work experience
- Insurance compliance background including, but not limited to, coverage discrepancies, industry standards and government regulations
- Insurance certifications and/or designations such as CIC, ARM, AU, CLCS, CPCU
- Commercial multifamily insurance compliance background relating to FNMA, FHLMC and FHA/GNMA
- Prior commercial real estate loan servicing experience
Responsibilities
- Review, analyze and interpret all types of property and liability insurance policies for commercial real estate loans to ensure compliance with loan documents, investor requirements, government regulations (Fannie Mae, Freddie Mac and FHA/Ginnie Mae) and internal policies and procedures
- Review replacement cost and loss of income calculations for commercial real estate insurance policies to ensure compliance with loan documents and investor guidelines
- Complete Blanket Analysis as required
- 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
- Correspond, as necessary, with borrowers, insurance agents, and insurance companies to resolve any loan compliance issues or discrepancies related to insurance
- Subject matter expert who can be a resource for other associates relating to insurance and resolve insurance related discrepancies
- Monitor the insurance process and ensure that proper insurance coverage is in place for the commercial real estate properties securing loans serviced by the department as required by the loan documents, investor requirements, government regulations and internal policies and procedures