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Associate Transaction Processing Consultant
0-3 years
Gurgaon / Gurugram
1 vacancy
Associate Transaction Processing Consultant
Oracle
posted 19hr ago
Job Role Insights
Flexible timing
Key skills for the job
Job Description
Product overview / Project overview (filled by Hiring Manager for FTE openings only) OFSS BPO is seeking candidates with a minimum of 6 months and up to 3 years of work experience to support back-office processes for the Insurance Division of its U.S. banking client. Candidates with experience in forced lender-placed insurance (LPI), loan servicing, insurance processes, loan administration, or related fields are preferred. Candidates with experience in financial services are also encouraged to apply. Pre-Requisites (filled by Hiring manager) Education Proposed Opportunity (Filled by Hiring Manager) Role Associate 1 Responsibilities / Job Tasks
Preferably a Commerce Graduate - B. Com (H) and (P); BBA, BCA, Economics Graduates can also apply.
Engineering Graduates & candidates from IT background not eligible.
Soft / Behavioral Skills - Good Communication skills / Comprehension skills
- Good Listening skills
- Eagerness to Learn and Improve
- Open to work in Night shifts / Indian Holidays
- Team Player
- Proficiency in MS Office, IT support applications and other BPO related applications
- Good Typing skills with high Accuracy levels (30-35 words per minute, Accuracy of 90-95%)
- Good Analytical Skills / Problem Solving skills
- Good Decision-making skills
- Flexible with shift timings
- A minimum of six months to one year of experience in a financial services project, preferably in the loan servicing or insurance domain.
- Experience in forced lender-placed insurance (LPI) or insurance-related processes will be an added advantage.
- Must be willing to work night/rotational shifts.
- No leave required for the next 3 months.
- Not pursuing any course, degree, or diploma that may interfere with work or cause shift issues.
Forced Lender-Placed Insurance (LPI) Reviewer
- Perform data entry across various platforms for accurate tracking and processing.
- Monitor the borrower s hazard insurance status to ensure active coverage meets lender requirements.
- Track insurance expirations, lapses, or changes, and notify borrowers promptly.
- Oversee escrow and non-escrow accounts to ensure insurance premiums are paid on time.
- Assess when Forced Lender Placed Insurance (LPI) is required due to insufficient, canceled, or non-renewed borrower insurance.
- Ensure LPI coverage aligns with mortgage contract requirements, including coverage amounts, flood insurance, and hazard insurance.
- Facilitate premium payments to the insurance company via borrower escrow or lender account as necessary.
- Adjust borrower escrow accounts for LPI costs and address any discrepancies.
- Ensure accurate billing statements are sent to borrowers, detailing coverage and premium information.
- Monitor policy renewals, adjusting coverage and premiums as required, and identify the necessary insurance type.
- Communicate renewal notices to borrowers and inform them of any changes to their insurance coverage.
- Cancel or replace LPI once the borrower provides proof of insurance and process any premium refunds as required.
- Facilitate the insurance claims process in the event of a loss, ensuring efficient processing of claims.
- Maintain thorough documentation of insurance claims, including status updates and outcomes.
- Ensure that insurer payments are applied to the loan balances in a timely manner.
- Maintain and update the Daily Production sheet to track progress and performance.
Career Level - IC1
- Perform data entry across various platforms for accurate tracking and processing.
- Monitor the borrower s hazard insurance status to ensure active coverage meets lender requirements.
- Track insurance expirations, lapses, or changes, and notify borrowers promptly.
- Oversee escrow and non-escrow accounts to ensure insurance premiums are paid on time.
- Assess when Forced Lender Placed Insurance (LPI) is required due to insufficient, canceled, or non-renewed borrower insurance.
- Ensure LPI coverage aligns with mortgage contract requirements, including coverage amounts, flood insurance, and hazard insurance.
- Facilitate premium payments to the insurance company via borrower escrow or lender account as necessary.
- Adjust borrower escrow accounts for LPI costs and address any discrepancies.
- Ensure accurate billing statements are sent to borrowers, detailing coverage and premium information.
- Monitor policy renewals, adjusting coverage and premiums as required, and identify the necessary insurance type.
- Communicate renewal notices to borrowers and inform them of any changes to their insurance coverage.
- Cancel or replace LPI once the borrower provides proof of insurance and process any premium refunds as required.
- Facilitate the insurance claims process in the event of a loss, ensuring efficient processing of claims.
- Maintain thorough documentation of insurance claims, including status updates and outcomes.
- Ensure that insurer payments are applied to the loan balances in a timely manner.
- Maintain and update the Daily Production sheet to track progress and performance
Employment Type: Full Time, Permanent
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Transaction Processing Associate salary at Oracle
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5
employees
with 2-6
years exp.
₹2
L/yr - ₹4.5
L/yr
9%
less
than the average Transaction Processing Associate Salary in India
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Flexible timing
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No travel
Day Shift
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