Insurance Specialist, Loan Operations

What is the Opportunity?

Loan Operations manages the servicing of loan portfolios including Retail loans (HELOC and PLOC) and mortgages, insurance monitoring, HELOC post-closing, collections, 1st Line Operational Risk, internal controls, and procedures. Senior managers have supplier management responsibilities and are accountable to drive optimization and efficiencies with their suppliers and in their teams. They also act as subject matter experts to support transformation projects and assist in the resolution of customer complaints to create an optimal client experience.

Within established regulatory and corporate standards, the incumbent monitors the status of Flood and Hazard insurance policies required from the loan clients to provide coverage on the secured collateral for HELOC and Mortgage loans. The primary purpose of this role is to evaluate and maintain sufficient HELOC Flood and Hazard insurance coverage for the bank's HELOC 1st lien portfolio using the vendor Proctor Financial for LPI coverage as well as oversight of our Servicing vendor (DMI) Flood and Hazard Insurance monitoring and forceplacment (LPI) processes for the bank's Mortgage portfolio. Incumbent monitors compliance related requirements for continuous coverage of the collateral the life of each loan. Collecting and tracking evidence (Client insurance policies in force, Vendor reporting of force placed polices) is collected, organized, maintained and made available for review and testing in compliance for internal and external controls, audit and regulatory review. The incumbent documents and escalates any exceptions to be carried forward to the Sr manager for presentation to Bank's risk and audit committees. An extensive knowledge of safety and soundness compliance as it relates to flood and hazard insurance on residential 1-4 unit properties is essential to this Operations Analyst role. The incumbent also manages the loss draft process at the Bank to insure the repair and restoration of bank collateral in the event of a covered loss insurance claim.

What will you do?

Flood Servicing:

• Ensures accurate and timely reconciliation of all GL settlement transactions related to flood/hazard processing. Ensures flood and hazard on paid in full HELOCs is handled timely and accurately

• Works with Control Team on leading Flood calls and ensure all outstanding items are resolved.

• Pulls Flood and Hazard for all internal and external reviews.

• A comprehensive understanding of Flood and Hazard insurance coverage for residential 1-4 unit properties is required in this process.

Client Experience:

• Monitors all fulfillment and insurance email and Right Fax email for incoming requests and follow up documentations received from clients and insurance agents.

• Guides clients through the insurance claim check process to ensure a positive experience and expeditious repair to the damaged property.

• Processes Engage tickets related to insurance claims, refunds, concerns and the termination of HELOC's due to the satisfaction of the loan balance.

• Identifies customer pain points and/or opportunities to improve the client experience through operational efficiency.

• Maintains and extensive knowledge and application of flood regulations to ensure client communications area accurate, and clearly articulated so as not to confuse or create frustration for the client.

Systems Support & SME:

• Acts as the SME for Flood ensuring training, system and maintenance updates are coordinate with business partners to avoid unnecessary interruptions to service and productivity

• Acts as point of contact for Procter and MSP related to Hazard and Flood.

• Supports the loan boarding and loan accounting process as a backup.

Flood & Hazard Insurance Compliance Monitoring

• At boarding or upon renewal determines if properties held as collateral for HELOC and Mortgage loans designated in a flood zone are adequately insured to protect the banks interests and to uphold the regulatory requirements outlined by FEMA. Failure to accurately assess or perform the flood insurance process will result in OCC flood violations which are subject to fines and possible operating restrictions placed upon the bank.

• At boarding or upon renewal determines if properties held as collateral for HELOC loans are adequately insured for hazard to protect the banks interests and to uphold our risk tolerance policy. Gathers evidence to confirm insurance coverage spans the life of the loan without gap for internal and external regulator review.

• Executes the LPI (Lender Placed Insurance) process for properties designated in a flood zone when clients do not obtain sufficient coverage as required by FEMA. This includes timely identification of a gap in coverage, property registration with our third-party vendor to issues all regulatory notices, and to place and charge for LPI coverage to ensure no lapse in coverage occurs for the life of the loan.

• Ensure accurate and timely payment is made to our LPI provider for Flood and Hazard insurance by conducting a reconciliation of all charges to client accounts. Also collects and provides proof of insurance to support refund requests to avoid duplicate coverage issues/complaints. All G/L accounts and billing must balance monthly with finance.

• Performs the monthly outreach to clients with expiring insurance policies using all available contact methods. A weekly account review using established reporting will be performed to validate proper coverage for our HELOC/Mortgage portfolio. New and renewing policies are imaged daily in accordance with all internal requirements. Participation in Flood Control meetings and Compliance based training is key to understanding our changing regulatory environments to successfully execute in this position

What do you need to succeed?

Must-have:

• At least 6 years loan servicing experience

• Customer focused, problem solving, analytical mindset and passion for understanding the end-to-end process and impact on the client.

• High school diploma, Community College, bachelor's degree or Higher, or equivalent combination of education and experience.

• Expertise in Residential mortgage and Real estate secured consumer loans and regulatory requirements related to consumer loans. Good presentation and interpersonal skills

• Excellent communication and collaboration skills, ability to achieve results through vendors, team members, and business partners, proficient organizational skills, and a demonstrated passion for execution excellence.

What's in it for you?

We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual.

• A comprehensive Total Rewards Program including bonuses and flexible benefits, competitive compensation, commissions, and stock where applicable

• Leaders who support your development through coaching and managing opportunities

• Ability to make a difference and lasting impact

• Work in a dynamic, collaborative, progressive, and high-performing team

• Opportunities to do challenging work

• Opportunities to build close relationships with clients

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Additional Job Details

Note: Applications will be accepted until 11:59 PM on the day prior to the application deadline date above

Inclusion and Equal Opportunity Employment

At RBC, we believe an inclusive workplace that has diverse perspectives is core to our continued growth as one of the largest and most successful banks in the world. Maintaining a workplace where our employees feel supported to perform at their best, effectively collaborate, drive innovation, and grow professionally helps to bring our Purpose to life and create value for our clients and communities. RBC strives to deliver this through policies and programs intended to foster a workplace based on respect, belonging and opportunity for all.