Insurance & Loss Draft Supervisor (Troy/Detroit, MI)
Description
The Insurance Administration & Loss Draft Supervisor will be responsible for the management of property insurance monitoring and disbursing, lender placed insurance processes, and loss draft administration. The insurance and loss draft administration team (not limited to) manages property insurance disbursements, monitors insurance policies for adequate coverage, oversees the lender placed insurance notification process, and administers hazard claim and loss draft processes. This person will ensure insurance and loss draft duties are completed in accordance with regulatory requirements. This person is an industry expert who must have significant experience, knowledge, and understanding of escrow operations and administration as it relates to mortgage servicing. This individual will manage the training, staffing, and performance of their operational teams. This role involves ensuring compliance with regulatory requirements, optimizing operational processes, leading a team of escrow servicing professionals, and collaborating with other departments to deliver exceptional service.
Highly prefer employee to work on-site at Troy, MI office but may consider remote for the right candidate.
ESSENTIAL DUTIES and RESPONSIBILITIES, includes the following responsibilities, but not limited to:
- Leadership and Management:
- Oversee the hiring of the operational team.
- Leads and manages the insurance and loss draft administration team, providing guidance, support, and professional development opportunities.
- Implements performance goals and objectives for the team, regularly monitors progress and provides feedback.
- Fosters a positive and collaborative work environment, encourages teamwork and open communication.
- Operational Oversight:
- Oversees all aspects of tracking, monitoring, and disbursing insurance related to the servicing mortgage loans.
- Manges the monitoring and disbursing of loss draft funds for mortgage loans.
- Monitors various reports for verification of accurate insurance tracking with insurance vendors and the force placement of insurance, as applicable.
- Serves as a subject matter expert and is tasked with the independent research and resolution of complex business issues related to insurance and loss draft.
- Monitors flood zone changes reported by the vendor and ensures real estate collateral located in special flood hazard areas maintain adequate insurance coverage.
- Processes pay files to disburse insurance premium payments from escrow.
- Audits force place insurance billing for accurate placement on portfolio and processes any necessary refunds.
- Resolves consumer and investor escalations, providing clear and accurate information.
- Prepares and generates reports related to insurance and loss draft as required.
- Manages the day-to-day performance of the insurance and loss draft administration team including ensuring that key performance metrics are met or exceed with budget.
- Collaborates with other departments to resolve cross-functional issues.
- Regulatory Compliance and Oversight:
- Ensures compliance with State, Federal, Regulatory, and Investor Requirements and guidelines, maintains up-to-date knowledge of internal policies and procedures, and understands how requirement changes affect the operations.
- Assists in the management of oversight programs that monitor performance of vendors & third parties utilized in the processes.
- Meets established standards and guidelines with regard to compliance, job knowledge, quality, attendance, efficiency, initiative, and overall performance.
- Other projects and assignments as needed.
QUALIFICATIONS AND EXPERIENCE:
- Proven experience in end-to-end insurance and loss draft operations & managing an operational team.
- Knowledge of insurance and loss draft processes, industry standards, consumer protection laws & regulations impacting escrow operations areas.
- Ability to have a cross-functional impact across the servicing operation.
- Experience in navigating high-risk examinations & issue remediation efforts.
- Highly organized, reliable, and results-driven
- Ability to hustle, willingness to learn, and adapt quickly to working in a fast-paced, fluid environment.
- Proficient in Microsoft Office and call center equipment/software programs
- Excellent communication skills both written and verbal.
- Ability to engage with associates to achieve goals and objectives.
- Ability to work independently and as a member of high performing team.
- Commitment to excellence and extraordinary standards.
SUPERVISORY RESPONSIBILITIES:
Direct Reports: Yes
PHYSICAL and ENVIRONMENTAL CONDITIONS
Standard office environment, equipment and tasks, including work at a computer terminal. This position requires partial sitting and walking throughout the day. Employees must be open to work overtime to complete assigned tasks.
CMG pays a competitive salary which ranges from $90,000 to $95,000. Factors that affect salary may include: Insurance and Loss Draft experience, overall knowledge of mortgage servicing industry, number of years worked in mortgage industry, computer skills, and education.
CMG Financial is an equal opportunity employer and does not unlawfully discriminate in employment decisions. CMG will consider all qualified applicants without regard to race, religion, national origin, sex, age, veteran status, disability, familial status, marital status, actual or perceived sexual orientation, or actual or perceived gender identity. Applicants requiring reasonable accommodation to the application and/or interview process should notify a representative of CMG Financial or reach out to [email protected].
CMG MORTGAGE, INC. NMLS #1820 If you are a recruiter or placement agency, please do not submit resumes to any person or email address at CMG Financial prior to having a signed agreement . CMG Financial is not liable for and will not pay placement fees for candidates submitted by any agency other than its approved recruitment partners. Furthermore, any resumes sent to us without an agreement in place will be considered your company’s gift to CMG Financial and may be forwarded to our recruiters for their attention.