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Collateral Protection Insurance Jobs in Ohio (NOW HIRING)

7 17 Credit Union

Be Seen First

Repossession Specialist

Warren, OH · On-site

$42K - $58K/yr

... and insurance refunds when available. All job positions at 7 17 Credit Union may be assigned ... seizure of collateral to protect Credit Union interests. * Assist with accurate repossession ...

ORIX

Associate, Asset Management - FNMA-3

Columbus, OH · On-site

$16 - $21.25/hr

Monitor physical condition of property collateral by reviewing or conducting property inspections ... insurance, tax and other information from closing. Set up appropriate follow up systems to manage ...

7 17 Credit Union

REPO SPECIALIST

Warren, OH

$14.50 - $19.25/hr

... and insurance refunds when available. All job positions at 7 17 Credit Union may be assigned ... seizure of collateral to protect Credit Union interests. * Assist with accurate repossession ...

7 17 Credit Union

REPO SPECIALIST

Warren, OH · On-site

$14.50 - $19.25/hr

... and insurance refunds when available. All job positions at 7 17 Credit Union may be assigned ... seizure of collateral to protect Credit Union interests. * Assist with accurate repossession ...

HUB

Account Executive, Health Insurance Brokerage

Akron, OH · On-site

$70K - $80K/yr

... and collateral distribution * Maintain accurate and up-to-date records in CRM systems, tracking ... protected by local, state or federal laws, rules or regulations. E-Verify Program We endeavor to ...

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All JobsCollateral Protection Insurance JobsCollateral Protection Insurance Jobs in Ohio

Collateral Protection Insurance information

How does collateral protection insurance work?

Collateral Protection Insurance (CPI) is used by insurance professionals to protect lenders' interests when borrowers default on auto or property loans. It provides coverage for the vehicle or asset in case of damage or theft, ensuring the lender's financial interest is maintained until the loan is paid off. Insurance agents often verify coverage and process claims to mitigate risk for lenders and borrowers alike.

What is the difference between Collateral Protection Insurance vs Insurance Adjuster?

AspectCollateral Protection InsuranceInsurance Adjuster
CredentialsTypically requires licensing or certification in insuranceRequires state licensing and adjuster certification
Work EnvironmentOffice, field inspections, claims processingField inspections, claims assessment, office work
Employer & IndustryInsurance companies, lenders, auto dealershipsInsurance companies, independent agencies
Search & Comparison IntentUnderstanding coverage for financed assetsEvaluating claim adjustments and settlement processes

Collateral Protection Insurance focuses on insuring financed assets like vehicles, often used by lenders. Insurance Adjusters assess claims and determine payouts. While both roles involve insurance, they serve different functions within the industry.

What is Collateral Protection Insurance (CPI)?

Collateral Protection Insurance (CPI) is a type of insurance policy that lenders purchase to protect themselves against loss or damage to property used as collateral for a loan, such as vehicles or real estate, when the borrower fails to maintain adequate insurance. If a borrower’s insurance lapses or is insufficient, the lender may buy CPI and charge the premium to the borrower. This coverage ensures the lender’s financial interest is safeguarded, but it may not provide the same coverage or benefits as standard borrower-acquired insurance.

What are some common challenges faced by professionals working in Collateral Protection Insurance (CPI) and how can they be addressed?

Professionals in Collateral Protection Insurance often encounter challenges such as managing high volumes of policy tracking, dealing with incomplete borrower information, and ensuring regulatory compliance. Overcoming these obstacles requires strong organizational skills, proficiency with specialized CPI software, and effective communication with lenders and borrowers. Staying updated on industry regulations and participating in ongoing training can also help professionals navigate these complexities and deliver excellent service.

What are the key skills and qualifications needed to thrive as a Collateral Protection Insurance Specialist, and why are they important?

To thrive as a Collateral Protection Insurance Specialist, you need a solid understanding of insurance principles, financial regulations, and risk assessment, often supported by a degree in finance, business, or a related field. Familiarity with insurance management software, loan servicing platforms, and relevant certifications such as an insurance license are typically required. Outstanding attention to detail, analytical thinking, and strong communication skills help professionals excel when analyzing policies and interacting with clients or stakeholders. These skills ensure accurate policy administration, regulatory compliance, and effective risk mitigation for lenders and their clients.

What jobs pay 4000 a week without a degree?

Jobs related to collateral protection insurance, such as insurance claims adjusters or specialized underwriters, can sometimes pay around $4,000 weekly, especially with experience or in high-demand markets. These roles often require industry-specific knowledge, strong analytical skills, and sometimes licensing or certifications but do not always require a college degree.

What is the highest paying insurance agent job?

The highest paying insurance agent roles are typically in specialized areas such as high-net-worth individual insurance, commercial insurance, or executive-level positions, often earning six-figure incomes. Top agents with extensive experience, strong client networks, and advanced certifications can also earn significant commissions and bonuses, increasing their overall compensation.

What is the best paying job in insurance?

In insurance, executive roles such as Chief Underwriting Officer or Chief Risk Officer tend to be the highest paying positions, often earning six-figure salaries plus bonuses. Senior underwriters and actuarial directors also earn high salaries, especially with advanced certifications and extensive experience.
What are popular job titles related to Collateral Protection Insurance jobs in Ohio? For Collateral Protection Insurance jobs in Ohio, the most frequently searched job titles are:
What job categories do people searching Collateral Protection Insurance jobs in Ohio look for? The top searched job categories for Collateral Protection Insurance jobs in Ohio are:
What cities in Ohio are hiring for Collateral Protection Insurance jobs? Cities in Ohio with the most Collateral Protection Insurance job openings:
Collateral Protection Insurance jobs near you
Repossession Administrator

Repossession Administrator

Wright-Patt Credit Union

Beavercreek, OH

Full-time

Posted 13 days ago

Wright-Patt Credit Union rating

5.8

Company rating: 5.8 out of 10

Based on 8 frontline employees who took The Breakroom Quiz

Job description

If you have at least one year of collections experience and a passion for helping others navigate challenging situations, this could be the perfect opportunity for you! Join a team where your expertise and compassion can make a meaningful difference in people's lives while building a rewarding career.

 The Repossession Administrator is responsible for overseeing the entire collateral repossession process for the Credit Union, from assigning and canceling vehicle repossessions to managing the disposition and sale of the collateral. This role also includes handling, recovering impounded collateral, initiating skip claims and insurance claims for units with Collateral Protection Insurance and pursuing legal action against borrowers when collateral is not recovered. 

1)      Approves and assigns vehicles for repossession. Ensures proper policies, procedures, risk mitigation activities, and operating controls are followed. Reports gaps in policies, procedures, and operating controls to leadership to ensure member impact and risk is mitigated. (10%)

2)      Negotiates repayment plans for severely delinquent member accounts where the vehicle is assigned for repossession. This role also negotiates the redemption of repossessed vehicles. Timely and accurately cancels repossession assignments with recovery agents once a satisfactory payment or payment arrangement is made, allowing for the cancellation of the assignment or the redemption of the vehicle. (10%)

3)      Manages the borrower and total loss claim process to maximize recovery and minimize losses, while prioritizing the member's needs. Works closely with vendors to ensure a smooth, efficient claims process with prompt responses to avoid delays. Keeps the member informed throughout the process as needed and addresses any concerns as they arise. (10%)

4)      Timely reassigns repossession orders to alternative agents once initial attempts to secure collateral have been unsuccessful. In addition, requests legal action including demand letters and breach of contract when collateral has not been recovered. (10%)

5)      Responsible for evaluating condition reports from the repossession agencies and auction houses to determine the general condition of the collateral, determine what repairs are reasonable and establish a fair market value for the sales price of the collateral seeking to maximize the recovery for the Credit Union.  (10%)

6)      Ensures impound notices are reviewed and responded to within department timeframes, taking swift action to minimize potential losses. (10%)

7)      Handles ACD line inquiries to address member and partner questions regarding repossessed units, including providing quotes for cancellation and redemption amounts, as well as answering general repossession-related questions. (10%)

8)      Proficient with the Collateral Protection Insurance (CPI) skip, damage and total loss claim processes and when to submit a claim to reduce potential losses on vehicles not located by a repossession agency. (5%)

9)      Ensures the credit union's lien is properly perfected and obtains repossession titles through local BMV offices or auction houses before the collateral is sold. (5%)

10)   Monitors the timely transportation of units stored at local agent offices to the appropriate auction houses to minimize storage fees for the credit union. (5%)

11)   Reviews fee requests from repossession agents for units in the repossession process to ensure fees are minimized and the credit union is not overcharged. (5%)

12)   Liaison between the credit union and vendors including recovery agencies, insurance center, indirect dealerships, auction houses, and attorneys.  (5%)

13)   Responsible for preparing and managing repossession reports including but not limited to the repossession sale report, repossession on-hand report, vendor performance reports, including vendor tracking updates for Collateral Protection Insurance.  (5%)

What Wright-Patt Credit Union employees say

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