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Insurance Manager

Position:  Insurance Manager

Location:  Crystal City, VA

Nature & Scope:  Ensure borrower’s insurance is in compliance with NCB requirements and loan documents. Reconcile collateral with insurance coverage needed to adequately protect the bank’s interest, and to confirm borrower has basic liability coverage to help protect their assets from 3rd party legal action. The position also manages and leads a team of insurance analysts.

The insurance team is responsible for monitoring and updating insurance coverage requirements in S3 (Covenant Tracking) for all NCB, FSB loans. This includes Coop, other Real Estate, Commercial, SBA, HOA, “Super(intendent unit)”, and alternative energy loans.  As the bank expands its product line, the insurance department will be required to keep abreast of any such development, and adapt to new insurance coverage issues.

In order to perform the insurance reviews required, the manager is responsible for the team being proficient with CLAMP, CREAP, and REAP in order to identify the collateral exposure, to be sure the insurance carried is satisfactory to protect the bank’s interests. In addition, the department will also perform the insurance reviews with special emphasis on loans subject to insurance standards tied to such regulatory authorities as Fannie Mae and SBA.  This position is required to maintain compliance under our servicing agreements and necessary to accommodate the transition of the insurance review for Loan Administration.

There is significant importance in maintaining required insurance compliance.  Failure to do so could jeopardize the bank’s ability to sell loans in the secondary market and/or could expose the bank’s assets to unanticipated loss as a result of uninsured borrower property/casualty losses.

Responsibilities Include: 

  • Manage two insurance analysts and provide weekly reports on expired (“past due”) borrower insurance to the Senior Vice President of Masterservicing.
  • Review and approve insurance for all new and refinanced loan closings. This involves working closely with the New York and Arlington, VA offices to ensure that adequate coverage is in place to meet Fannie Mae requirements for loan sale execution.  Review and approve all coverage for the Commercial loan portfolio.  Review and approve insurance coverage for all other bank products (HOA, “Super” loans, Green Energy, SBA, etc).
  • Update S3/Covenant Tracking system as needed.  Coordinate workflow with the Commercial and Real Estate Business Development Officers, Relationship Managers and Asset Managers so as to ensure a timely and effective insurance approval process for loan closing.
  • Monitor the forced placed coverage reports from our insurance provider and notify Master Servicing and risk management of all billing requests.  Review all insurance claim checks and coordinate sign off with the SVP of Investor Compliance.  Enhance the existing Covenant Tracking system to better serve the team insurance needs. 

Minimum Qualifications:

  • The individual should have a very good understanding of how the property/casualty insurance industry operates, with specific knowledge of how the distribution system works through insurance agents and brokers.
  • The individual should have a good fundamental knowledge of key property/casualty insurance concepts, coverage, & practices, and with specific knowledge of residential housing, real estate and commercial property exposures.
  • The individual should have excellent understanding of mortgage holder and loss payable terms and conditions as they relate to lenders, as well as a thorough familiarity of the ACORD product line for insurance evidence.
  • Supplemental Servicing System (S3, a/k/a Covenant Tracking - NCB proprietary software), Lotus Notes, and Microsoft Office
  • BA/BS degree. Insurance industry professional designations (ie. CPCU, CIC, ARM) extremely desirable.
  • 3 to 5 years in the insurance industry with expertise in insurance coverage for commercial and real estate loans.  Prior management experience is required.

If you would like to apply for this position, please submit your resume to ncbvajobs@ncb.coop.