Insurance Specialist

Insurance Specialist:

Location: New York, NY or Jericho, NY (Onsite)

Duration: 6 Months  (contract to hire)

 Description: 

The Insurance Specialist will analyze insurance needs on all new loans, modifications, and renewals to ensure the bank is in compliance with the Federal Disaster Protection Act and Credit Policy as it pertains to insurance requirements, prior to closing. Works with Lending Specialists, Lenders, Compliance and Loan Servicing, as needed, to review insurance requirements and policies and address any deficiencies found to protect the Bank’s interest in collateral securing commercial mortgages and commercial loans. 

Primary 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.
Complete annual BSA training. Report suspicions of criminal activity, or any attempt to avoid BSA reporting requirements on the part of customers or employees, to the AML/BSA Compliance Department. For supervisory positions, ensure BSA training requirements are completed by staff. Perform other duties as assigned.