Collateral/Insurance Lending Specialist
Erie Federal Credit Union
Location
Erie, PA | United States
Job description
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
Job tags
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