VP, Insurance Compliance

2 months ago

Tonawanda, United States Arbor Realty Trust Full time

The VP, Insurance Compliance is responsible for leading assigned teams within the Insurance Compliance area of Servicing & Agency Asset Management. This includes managing over 20 full-time employees, overseeing staffing, training process, and daily oversight of the team.


Primary Management Responsibilities


Directly oversee assigned Insurance Compliance staff to ensure adherence to organizational and departmental policies, procedures, external regulations, and investor requirements, minimizing risk to the company from non-compliance.


Oversee the Insurance Processing Staff responsible for:

  • Managing the receipt of evidence of insurance at renewal in the form of an ACORD
  • Ensure that there is no lapse in insurance coverage by closely monitoring renewal dates
  • Request and process insurance invoices promptly, to avoid any coverage gaps.
  • Review escrow accounts to ensure that there are sufficient funds available for timely payment of insurance premiums.
  • Follow up diligently to obtain paid-in-full receipts for non-escrowed portfolios, ensuring all insurance records are up to date.
  • Provide leadership, guidance, feedback, and training to team members.
  • Compile monthly data on unit activities for management distribution and decision-making.
  • Regularly interact with Division/Department management to discuss business objectives relevant to managed units.
  • Routinely evaluate unit processes, procedures, and policies, approving changes to enhance operational efficiency.
  • Maintain established service levels within designated units and manage escalations to meet business expectations.
  • Exercise usual managerial authority in areas such as staffing, performance appraisals, promotions, salary recommendations, performance management, and terminations.
  • Understand and comply with the company’s risk and regulatory standards, policies, and controls in line with the company’s guidelines.
  • Design, implement, maintain, and improve internal controls to mitigate ongoing risk, escalating risk-related issues to management when necessary.
  • Foster an environment that supports employee engagement and aligns with the Arbor brand.
  • Uphold Arbor's internal control standards, including timely implementation of audit requirements and addressing any issues raised by external regulators as applicable.
  • Complete other related project duties as assigned.


In addition to the management responsibilities, The VP, Insurance Compliance will:

Effectively and efficiently coordinate the securitization process and quarterly insurance certifications

Maintain the balance of adhering to requisite insurance guidelines and preserving the Borrower relationship

  • Oversee the Lender Placed process including monthly reporting, quote request submissions, correspondence with vendor and noting of the Protective Advance report
  • Maintain > 80% of insurance policy retrieval
  • Monitor insurance renewal certificate reviews – within 30 days of renewal
  • Monitor insurance policy renewal reviews - within 120 days of renewal
  • Manage and oversee various department projects to ensure they are completed on time
  • On-going Oversight of Servicing Solution Software Usage and Productivity: Monitor the use and efficacy of servicing solution software, ensuring it meets productivity standards and operational needs.
  • Troubleshooting Vendor Issues: Address and resolve any issues with vendors, ensuring smooth and uninterrupted service delivery.
  • Maintain insurance data in Arbor servicing systems as applicable
  • Maintain integrity of system data as it pertains to insurance updates
  • Identify and communicate insurance related issues and trends
  • Support team responsibilities as necessary per loan volume and resources
  • Team training and development
  • Conduct on-going 1-1 meetings with Team Leads and provide performance feedback


Qualifications


Education: Bachelor’s degree in Business, Finance, Real-Estate or a related discipline or equivalent work experience preferred.

Experience: Minimum of five years of experience in Commercial Lines Insurance, including Claims and Mortgage Servicing

Knowledge/Skills/Abilities:

  • Advanced Microsoft Office skills
  • Familiarity with commercial loan terminology and general real estate principles
  • Ability to lead, motivate, and work as a part of a team, while providing a strong individual contribution
  • Excellent attention to detail, judgment, problem solving skills, flexibility, accountability and dependability
  • Requires excellent communication skills, written and oral, through all levels of the organization
  • Strong time management and organizational skills
  • Clear knowledge of Commercial Insurance Coverage –Property, (including Flood, Wind, Earthquake and Terrorism), General Liability (including Workers Comp), Professional Liability and Umbrella/Excess Liability Insurance


Travel: None


Arbor Realty Trust, Inc. offers a competitive base salary and discretionary bonus. The starting base salary range for this position is $100,000 to $140,000. The specific compensation that will be offered is based on an understanding of the hired candidates' qualifications at the time of hire. Employees are eligible for a discretionary bonus based on employee work performance reviewed during the course of the year. The total compensation package for this position will also include other elements, a full range of medical, and/or other benefits including 401(k) eligibility and paid time off benefits.


We are proud to be an equal opportunity employer and are committed to maintaining a diverse workforce and an inclusive work environment for our associates, customers and business partners. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, disability, ethnicity, pregnancy or any other legally protected status. We are committed to working with and providing reasonable accommodations to individuals with disabilities.

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