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Collateral Protection Insurance Jobs in Virginia

Truist

Senior Appraisal Analyst

Richmond, VA · On-site

$87K - $115K/yr

... with real estate are protected with adequate collateral value. ESSENTIAL DUTIES AND ... Truist offers medical, dental, vision, life insurance, disability, accidental death and ...

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Collateral Protection Insurance information

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 are popular job titles related to Collateral Protection Insurance jobs in Virginia? For Collateral Protection Insurance jobs in Virginia, the most frequently searched job titles are:
What job categories do people searching Collateral Protection Insurance jobs in Virginia look for? The top searched job categories for Collateral Protection Insurance jobs in Virginia are:
What cities in Virginia are hiring for Collateral Protection Insurance jobs? Cities in Virginia with the most Collateral Protection Insurance job openings:
Collateral Protection Insurance jobs near you
Collections Coordinator I

Collections Coordinator I

BayPort Credit Union

Newport News, VA • On-site

Full-time

Posted 24 days ago

BayPort Credit Union rating

8.5

Company rating: 8.5 out of 10

Based on 5 frontline employees who took The Breakroom Quiz

Job description

ESSENTIAL FUNCTIONS AND SUPPORTING DUTIES:

  • Reviewing daily delinquency and queue volume.  
  • Identifying issues that would cause accounts to be past due  
  • Communicate clearly with all members associated with the account regarding past due payments.
  • Create resolution for accounts in delinquency 
  • To review, recommend and submit actions for repossession and legals.
  • Identify those in need and recommend, when necessary, skip payments, refinance and re-ages.
  • Identify and report accounts that appear to be suspicious.
  • Communicate resources to members for assistance such as financial education, Consumer credit counseling and military relief as examples.
  • To work with team members internally and externally from collections to ensure members accounts are handled appropriately.
  • Use discretion when following collection procedures and to follow up on those actions appropriately.
  • Verify and update all members information
  • Participate in team events, this includes training, team meetings, huddles, contests.  
  • Commit to development in skills.
  • Promote community participation with in BayPort.
  • Proficient in the tools provided.
  • Timely respond to members request, problems, concerns, direct members to appropriate person(s) for resolution.  This is accomplished by handling all calls that are “difficult “requesting a second voice when necessary.  By responding to members and returning calls, identifying concerns regarding but not limited to delinquency, notices, collateral protection insurance, credit reporting and repossessions.
  • Maintaining a clear and accurate record, by documenting all actions and call results in collection system.
  • Utilizing all systems provided to ensure communication and access to accounts is clear. Example would be Salesforce and Symitar.
  • Meet all established goals set.
  • All other duties as assigned.

QUALIFICATIONS AND REQUIREMENTS::

Required Knowledge:  

  • Working knowledge of Collections Laws, Bankruptcy, Regulatory Compliance and Fair Credit Reporting Act. SCRA, Fair debt collection act.
  • Proficient in the use of basic applications in a Windows-based environment.
  • Staying up to date on all processes and procedures from supported functions, such as, but not limited to bankruptcy, repossessions, collections compliance etc.
  • Strong written and oral communication skills

Required Education:  Education up to the equivalent of a four-year high school education.

Required Experience: Minimum of 6–24 months loan/collections experience or equivalent education/experience is required.   Previous credit union experience preferred.

This job description is not an all-inclusive list of the responsibilities, skills, working conditions or essential functions of this job. Management reserves the right to modify, add or remove essential functions as business needs warrant.

We are proud to be an EEO/AA employer M/F/D/V. We maintain a drug-free workplace and reserve the right to perform pre-employment substance abuse testing.

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