Insurance Analyst

Overview

An Insurance Analyst is responsible for the pre-closing compliance reviews of our loan portfolio. This position requires a detail-oriented, deadline-driven individual who can work individually, with members of other teams and with his/her own team to manage multiple tasks and projects simultaneously. This position will have extensive internal and external customer interaction.

• Work with Merchant Capital’s production team, underwriting team, closing team and Insurance Consultants during the prefunding insurance review process.
• Manage vendor relationships, including but not limited to; engage consultants to begin the insurance review process, participate in weekly progress calls, manage timelines/deadlines of your portfolio.
• Point of contact on insurance questions, coverage requirements and investor guidelines for both internal and external stakeholders.
• Review Loan Documents, Appraisals, Engineering, Seismic, Zoning and Phase I Environmental Reports to determine loan-specific insurance requirements.
• Identify potential risk for the company and the investor and promptly notify the appropriate parties following identification of any coverage issue or deficiencies.
• Assist with processing Insurance waivers/exceptions with supporting documentation for non-compliant insurance issues.
• Prepare closing folder for loan boarding and loan administration.
• Onboard new loans in the servicing system and prepare the documents for hand-off to the insurance renewal team.
• Compile data samples for department and/or lender audits, as requested by manager.

• Bachelor’s degree, preferably in the business or finance areas; or insurance related industry designations or equivalent experience.
• Minimum of 1-2 years of insurance experience.
• Some knowledge of Commercial Insurance Coverage – Property, (including Flood, Wind, Earthquake and Terrorism), General Liability (including Workers Comp and Auto), Professional Liability and Umbrella/Excess Liability Insurance.
• Familiarity with Agency and Lenders (Fannie Mae, and Freddie Mac) programs a plus.
• Requires problem solving skills as well as the initiative to troubleshoot and find resolutions.
• Requires excellent communication skills, written and oral, through all levels of the organization.
• Must demonstrate the ability to identify, interpret and apply applicable guidelines in managing assigned processes.
• Must possess strong organization and communication skills with a focus on accuracy and attention to detail.
• Must demonstrate the ability to successfully schedule own workload to meet multiple deadlines most efficiently. Ability to prioritize workload according to risk and urgency.
• Ability to work well as part of a team while also capable of self-motivation and strong individual performance.
• Provide premier customer service to investors, borrowers, agents and co-workers.
• Ability to maintain a positive attitude in all situations.
• Requires high level of computer proficiency in Microsoft Office, specifically regarding Outlook, Word and Excel.

The total compensation pay range for new hires in Minnesota is $71,000 - $83,000 annually. This range includes a base pay, plus an annual discretionary bonus. The amount of any actual bonus may vary and is subject to individual and company performance. Please note that the pay range provided is a good faith estimate of total compensation for the position at the time of posting.

Actual total compensation will be dependent on factors, including but not limited to, the individual’s qualifications, experience, knowledge, skills, and abilities.

Merchants offers a comprehensive package of benefits for eligible employees, including, but not limited to: 401(k) employer contributions; employee stock ownership plan (ESOP); medical, dental and vision insurance; various types of leaves of absence, including paid time off, paid holidays, paid leave as provided under state and local paid leave laws, and short-term and long-term disability; health savings accounts (HSAs), flexible spending accounts (FSAs), dependent care and commuter reimbursement accounts, employee and dependent life insurance and…