Analyst - policy regulatory

2 weeks ago


Lansing MI, United States Flagstar Bank Full time

Flood Review is responsible for ensuring sufficient flood insurance coverage and regulatory timing requirements on all loans closed or purchased where the property is in a flood zone. This is a regulatory requirement. The team handles complex and time sensitive flood issues often at the point of needing to fund a loan. This team must be able to establish the need for flood insurance and interpret regulatory guidance and investor requirements to determine sufficiency of coverage. Additionally, must be able to read, understand and obtain clarity, where needed, on flood insurance policies. This team provides guidance and information directly to sales, third party originators, loan officers and flood insurance providers to resolve complex flood questions and issues. This function is across multiple channels (Distributed and Direct Retail, Correspondent (Delegated and Non-delegated) and Broker), and loan operating systems (Mortrac, Loantrac, Encompass). Understand agency and Underwriting guidelines and requirements for National Flood Insurance Providers (NFIP) and private flood insurance policies. Safeguards the company against origination of loans outside of flood regulations. Exercise judgement on policies based on regulatory and investor guidelines. • Effective communication skills with a high level of customer service • Strong listening and problem solving skills • Must possess demonstrated organizational skills and a strong attention to detail • Sound judgment • Ability to adapt to and accept change • Ability to work independently as well as demonstrate the ability to work as a team • Ability to multi-task and operate effectively in a high-paced environment • Basic Computer Skills-word and excel • Working knowledge of Underwriting Documents and Guidelines • Knowledge on NFIP and private flood insurance requirements • Excellent understanding of federal, state regulations and investor guidelines and implications of risk associated with non-adherence • Able to quickly identify possible compliance issues • Must be able to decipher industry and business trends that pose adverse risk to the Bank • Must possess the ability to perceive issues, solve problems, and understand how this area fits into the overall mission of the Bank
~ Reviewing loans in a special flood hazard area with flood insurance with private or NFIP policies to ensure the policy meets all requirements as determined by investors (Regulatory and Agency), Legal and Compliance. In addition, reviewing the Notice to Borrower disclosure to confirm that the notice contains FEMA model language and is signed within the required time prior to closing and the Flood Determination to confirm the property is eligible for financing. Flood Review has zero tolerance for errors so extreme attention to detail is required.

~ Responding to internal and external customer inquiries across all origination channels. This includes teaching how to read complex policies interpret regulatory guidelines, agency product requirements and determine sufficiency of coverage. Educate flood insurance providers on mortgage lending requirements. Extensive knowledge and understanding to explain and defend the banks policies in cases where the flood insurance policy is rejected.

Job Requirements:
HS Diploma, GED or Foreign Equivalent
Minimum 2-3 years' experience in the Mortgage Industry or Insurance Industry handling high risk regulatory reviews.
Strong written and verbal communication skills
Attention to detail
Proven customer service skills
Sound judgment
Problem solving
Ability to work independently as well as demonstrate the ability to work as a team
Basic Computer Skills proficient with Microsoft Word and Excel



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