Flood Insurance Specialist

BASIC FUNCTION:

The Flood Insurance Specialist will assess and validate Make, Increase, Renewal, or Extension (MIRE) events within Loan Operations to ensure adequate flood insurance as per the Flood Disaster Protection Act (FDPA). Each event is reviewed for accuracy in a fast-paced, compliance-focused environment.

The Flood Insurance Specialist will coordinate with various parties within the organization to ensure flood insurance determination, notices, minimum insurance requirements, and other monitoring occurs in compliance with established procedures as well as the Flood Disaster Protection Act (FDPA) and implementing regulation.

ESSENTIAL FUNCTIONS:

• Manages flood due diligence, ensuring timely and accurate completion.
• Maintains systems of record to ensure accuracy.
• Gathers and assesses all pertinent information for obtaining Flood Zone Determinations.
• Reviews and analyzes flood compliance documentation to ensure accuracy and adherence to regulatory requirements.
• Calculates and determines adequate flood insurance coverage requirements.
• Ensures that appropriate life of loan monitoring is established for the correct client.
• Serves as the primary contact for flood insurance and coverage needs.
• Research claims based on borrower submissions by following established processes and procedures, including reviewing client histories, imaged documents, and information from bank systems and other sources.
• Acts as a developing expert on flood regulations.
• Partners with front-line employees to consult on flood regulation issues.
• Research laws and regulations that affect the business.
• May work on basic projects under senior staff supervision.
• Acts as developing subject matter expert on flood regulations working with SEB Compliance for any technical assistance or guidance until proficiency is attained.
• Reviews work performed by with front-line lending personnel, loan processors, loan operations staff and others to ensure timely gathering of necessary information and procurement of Special Flood Hazard Determination Forms (SFHDF) for each loan secured by real estate where a MIRE (make, increase, renew, extend) event occurs.
• Reviews work performed by others for any MIRE event involving a Special Flood Hazard Area, ensuring the Notice to Borrower of Special Flood Hazards is provided in a timely manner to [borrower directly or to lender/lending assistance for delivery to borrower].
• For any MIRE event involving a Special Flood Hazard Area in a Participating Community, reviewing flood insurance calculation and ensuring the amount of insurance necessary for the transaction, including consideration of any other liens or contemporaneous loan closings secured by the same property, is adequate for meeting the minimum requirements in the FDPA. Providing confirmation of the required amount of insurance to the lender/loan assistant for delivery to borrower.
• Manages existing flood insurance policies, ensuring notification to the vendors in use for flood insurance monitoring of any changes or cancellations affecting coverage.
• Manages force placement of flood insurance when it is determined required flood coverage is not maintained. Ensuring notifications are sent to affected customers.
• Ensures life-of-loan coverage is maintained.
• Periodically monitor flood vendor reports, inclusive of a matching to flood coding in core system records, to ensure all flood insurance requirements are captured in both vendor and internal systems. Reconcile any missing information and document if the missing information on either system is accurately missing for a reason or if corrections are necessary to vendor or internal systems, order any necessary changes and follow-up to make sure they are completed.
• Periodically monitors the SFHDF in use by the vendors to ensure the most current version is being utilized. Works with SEB Compliance to confirm most current version.
• Periodically monitors the Notice to Borrower of Special Flood Hazards to confirm most current versions are being utilized. Works with SEB Compliance to confirm most current version.
• Ensures any flood policies received indicate SEB is loss payee.
• Manages any questions or concerns regarding claims associated with flood insurance coverage including making sure checks are made payable to both SEB and the covered individual or entity.
• Evaluating the flood insurance determination and monitoring vendors for process, communication, reporting or other improvements and communicating those to the vendor representatives.
• Managing the vendors responsible for flood determination and flood tracking and monitoring for performance or other issues.
• Attending training as required to maintain or increase proficiency in this role including staying up to date with any regulatory changes.
• Cross-training with any staff position designated for business continuity purposes for this function.
• Reviewing any bank-identified exceptions noted through any internal review process to determine the nature of exception origin and then to make corrective actions to the affected written process to address the root cause. Maintain a log of all such notices and actions.
• Creating, maintaining, and enhancing detailed job aids to facilitate job performance, changes to regulation, vendor process, training new employees, internal processes, business continuity, and/or in response to information received from an examiner, auditor, or SEB Compliance.

SKILLS, KNOWLEDGE, AND TRAINING:

• Capable of meeting deadlines and prioritizing tasks.
• Detail oriented.
• Strong analytical and problem-solving abilities.
• Strong organization and communication skills.
• Knowledge of flood compliance guidelines and regulations.
• Knowledge of sales contracts, appraisals, and applications.
• Strong knowledge of the banking industry.

REQUIREMENTS:
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required.

Minimum:

• High School Diploma or GED
• Five (5) years of related loan documentation and processing experience.
• Proficient knowledge of flood insurance requirements

Preferred:

• Bachelors Degree
• Previous experience working with flood insurance in accordance with the Flood Disaster Protection Act (FDPA)