Flood Insurance Monitoring Representative
Company Name:
People's United Bank
Flood Insurance Monitoring Representative
Job Description This position is responsible for compliance with Flood Disaster Protection Act (FDPA) through analysis of real estate provided as collateral within flood prone areas ensuring appropriate levels of flood insurance and adherence to regulatory timeframes set forth by the FDPA and Office of the Comptroller of the Currency (OCC).
Order flood determinations, review to determine if collateral is in a special flood hazard area requiring flood insurance.
Using collateral valuation details such as appraisals, hazard insurance policies or municipal assessments complete Flood Calculation Worksheets to establish regulatory minimum level of flood coverage required.
Communicate insurance coverage requirements to customers, Commercial Account Managers and Collections Management to ensure protection of bank collateral and adherence to regulatory requirements.
Responsible for ongoing monitoring of loan collateral insurance coverage including:
On-going monitoring of insurance expiry dates to ensure coverage is maintained by borrower
Review all Insurance Cancellations and renewals for appropriate coverage in a timely manner
Following FDPA proscribed timelines prepare 45 day notice to customer of flood insurance coverage change or cancellation. Responsible for obtaining appropriate levels of force placed insurance when necessary, providing all regulatory notice to customer of the same calculating monthly escrow payment for force placement and working with escrow department to create.
Research and communicate FEMA mapping changes to customers which may cause changes to coverage requirements working closely with the customer to resolve issues and validate appropriate insurance is obtained.
Daily contact with flood determination vendor and force place insurance vendors to ensure information received is accurate and insurance coverage requirements appropriate.
Creation and ongoing maintenance of Flood Insurance file to ensure complete record of all flood related activities used in compliance reviews by Compliance, Audit and OCC.
Review of monitoring reports used to ensure data integrity.
Job Requirements High School diploma or equivalency required.
1 -2 years relevant experience.
Professional organized team player, flexible, works well independently.
Ability to read and interpret basic legal documents, real estate appraisals, evaluations and regulatory requirements.
Understanding of Insurance terminology and requirements.
Strong communication skills
Working understanding of FDPA
Employment Type Full Time
Work Schedule 8:00 am - 5:00 pm
Address 1 422 IBM ROAD
Address 2 BUILDING 863
City WILLISTON
State VT
Zip Code 05495Estimated Salary: $20 to $28 per hour based on qualifications.
People's United Bank
Flood Insurance Monitoring Representative
Job Description This position is responsible for compliance with Flood Disaster Protection Act (FDPA) through analysis of real estate provided as collateral within flood prone areas ensuring appropriate levels of flood insurance and adherence to regulatory timeframes set forth by the FDPA and Office of the Comptroller of the Currency (OCC).
Order flood determinations, review to determine if collateral is in a special flood hazard area requiring flood insurance.
Using collateral valuation details such as appraisals, hazard insurance policies or municipal assessments complete Flood Calculation Worksheets to establish regulatory minimum level of flood coverage required.
Communicate insurance coverage requirements to customers, Commercial Account Managers and Collections Management to ensure protection of bank collateral and adherence to regulatory requirements.
Responsible for ongoing monitoring of loan collateral insurance coverage including:
On-going monitoring of insurance expiry dates to ensure coverage is maintained by borrower
Review all Insurance Cancellations and renewals for appropriate coverage in a timely manner
Following FDPA proscribed timelines prepare 45 day notice to customer of flood insurance coverage change or cancellation. Responsible for obtaining appropriate levels of force placed insurance when necessary, providing all regulatory notice to customer of the same calculating monthly escrow payment for force placement and working with escrow department to create.
Research and communicate FEMA mapping changes to customers which may cause changes to coverage requirements working closely with the customer to resolve issues and validate appropriate insurance is obtained.
Daily contact with flood determination vendor and force place insurance vendors to ensure information received is accurate and insurance coverage requirements appropriate.
Creation and ongoing maintenance of Flood Insurance file to ensure complete record of all flood related activities used in compliance reviews by Compliance, Audit and OCC.
Review of monitoring reports used to ensure data integrity.
Job Requirements High School diploma or equivalency required.
1 -2 years relevant experience.
Professional organized team player, flexible, works well independently.
Ability to read and interpret basic legal documents, real estate appraisals, evaluations and regulatory requirements.
Understanding of Insurance terminology and requirements.
Strong communication skills
Working understanding of FDPA
Employment Type Full Time
Work Schedule 8:00 am - 5:00 pm
Address 1 422 IBM ROAD
Address 2 BUILDING 863
City WILLISTON
State VT
Zip Code 05495Estimated Salary: $20 to $28 per hour based on qualifications.
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