Collateral/Insurance Lending Specialist

 

GENERAL SUMMARY

Responsible for overseeing collateral and insurance matters as related to EFCU's lending functions. 

ESSENTIAL FUNCTIONS

• Monitors credit union's collateral protection program to ensure adequate collateral insurance is in place for all secured loans.
• Oversees credit union's electronic and paper title program to ensure accurate and continual perfection of credit union's collateral.
• Prepares Guaranteed Assist Protection (GAP) and Mechanical Repair Coverage (MRC) reports monthly. Submits claims, cancellations, monitors payment and posting to ensure accurate processing.
• Files Loan Payment Protection claims in accordance with established procedures and applies payments to accounts accordingly. Also prepares and submits monthly reports to CUNA Mutual for Protection Premium and Reimbursement.  
• Serves as a liaison to CUNA Mutual on matters involving Loan Payment Protection, and life savings and loan protection insurance.
• Serves as a liaison to State National on matters involving collateral protection for miscellaneous secured loans and flood insurance tracking.
• Administers and monitors Erie FCU's Mortgage Property ax program ensuring property taxes are paid on properties that all being utilized for collateral on mortgage loans.
• Monitors, researches, and works with various outside entities to ensure proper security and receipt of all collateral for in house, First Heritage, Pennvest, and FFD programs
• Files, monitors and satisfies mortgage pieces.
• Monitors closed in-house, business and First Heritage files to release collateral and ensure retention schedules.
• Maintain current knowledge of all Credit Union policies and procedures, including compliance with federal laws and regulations as set forth by the NCUA and other regulatory agencies.

NOTE: The list of essential functions is not exhaustive.  It may be supplemented as necessary. 

JOB SPECIFICATIONS

• Requires professional, well-developed interpersonal skills for communicating with members, vendors and coworkers.
• Requires a high level of organizational and multi-tasking skills.
• Knowledge of loan processing/closing procedures and collateral/insurance requirements preferred but not required.
• Requires completion of high school education.
• Intermediate mathematical skills required.
• Experience in a financial institution in a lending or related clerical position preferred but not required.
• Requires PC proficiency and knowledge of Microsoft Office.

PHYSICAL REQUIREMENTS

Sitting = Continuous                                  Crawling = Occasional
Standing = Frequent                                  Climbing = Occasional
Walking = Frequent                                    Balancing = Occasional
Driving an automobile = Occasional          Reaching Overhead = Occasional
Lifting/Carrying = Occasional                     Reaching Forward = Occasional
           Amount of Weight = 15-25 lbs.        Kneeling = Occasional
Squatting = Occasional                              Push/Pull = Occasional
Bending = Occasional                                Twisting = Occasional

DISCLAIMER
The above information on this description has been designed to indicate the general nature and level of work performed by employees in this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities and qualifications required of employees assigned to this job.