Insurance Specialist (Commercial Lending)

The role involves analyzing insurance needs on all new commercial loans, modifications, and renewals to ensure compliance with the Federal Disaster Protection Act and Credit Policy as it pertains to insurance requirements, prior to closing. The position requires collaboration with Lending Specialists, Lenders, Compliance, and Loan Servicing to review insurance requirements and policies, addressing any deficiencies found to protect the Bank’s interest in collateral securing commercial mortgages and loans.

Responsibilities:

• Serve as primary contact for pre-closing insurance review, ensuring adequate insurance is in place prior to loan closing; reviewing insurance requirements and policies, making recommendations and adjustments, and ensuring compliance with federal flood regulations and Credit Policy.
• Perform pre- and post-closing reviews of real estate-secured loans, verifying flood determinations, required forms, and coverage accuracy.
• Perform review of property and liability insurance limits and any other insurance requirements as applicable prior to loan closing to ensure adequate insurance coverage and compliance with Credit Policy and Bank requirements.
• Resolve discrepancies and deficiencies by working with lenders, compliance teams, Loan Servicing, and insurance agencies; escalate regulatory risks as needed.
• Maintain accurate records and tracking systems, including policy details, expiration dates, coverage requirements, and flood zone changes.
• Conduct audits and portfolio reviews as necessary.
• Support regulatory exams, policy updates, and training; assist with OCC reviews, update procedures per federal changes, and prepare lender guidance.
• Comply with all regulations pertaining to BSA, USA PATRIOT ACT, and OFAC.
• Perform other duties as assigned.

Knowledge and Skills:

• Knowledge of insurance requirements including, but not limited to, property, casualty, liability, flood regulations, general loan terminology, and documentation.
• Ability to read and analyze complex insurance, federal flood regulation and determine what, if any, changes need to be made to Bank policy and procedures to ensure compliance.
• Must have excellent communication skills – both written and verbal.
• Proficient in Word and Excel.
• Strong attention to detail.
• Ability to organize and prioritize assignments.
• Ability to meet deadlines defined by Bank, regulators, and Credit Policy.

Education and Experience

• Required: High School diploma and 3-5 years of related experience in a financial services organization specializing in insurance or related insurance fields.
• Preferred: Completion of college-level courses in business administration and/or Associate’s degree, commercial real estate and/or insurance experience, including a high level of flood experience.