First Commonwealth Bank · 3 months ago
Transaction Specialist - LIFT
Indiana, PA
Full-time
Onsite
Entry Level
1+ years expFirst Commonwealth Bank is seeking a Transaction Specialist for their LIFT division. The role involves managing escrow for hazard and flood insurance, processing service events, and ensuring compliance with insurance policies and regulations.
Banking
Responsibilities
Manages and pays escrow for Hazard and Flood Insurance. Researches as necessary for new policies, change in premium amount(s), cancellations of policies, and any other changes/discrepancies
Answers questions from Financial Solutions Centers, Engagement Center, clients, and third parties regarding hazard and flood insurance escrows
Processes service events from Special Assets, the Engagement Center, clients, and Financial Solutions Centers requesting the printing of paper titles for repossession and other reasons, as applicable
Verifies the accuracy of initial hazard insurance coverage for SBA, Fannie Mae, Freddie Mac and any loan with a commitment of $1 million or more
Ensures that hazard insurance renewal policies are in effect for SBA, Fannie Mae, Freddie Mac, and any loan with a commitment of $1 million or more
Works separate reports weekly to track hazard, contents and flood insurance (SBA), Fannie Mae, Freddie Mac, and any loan with a commitment of $1 million or more
Ensures the accuracy of initial flood insurance and that it is renewed annually as applicable
Sends applicable document to respective state’s DMV to add our lien onto new vehicle titles
Appropriately records and stores securities in negotiable collateral vault, including stocks, bonds, etc. Assists with audits, additions and removal of securities from the negotiable collateral vault
Audits negotiable collateral vault annually
Prepares loan parameter maintenance forms to add or edit escrow payee codes
Scans, documents, and prepares filing envelope for new credit agreements
Verifies the accuracy of loan-specific Title policies, Recorded Mortgages, UCC filings, Life Insurance & all securities
Verifies the accuracy of vehicle titles as compared to the loan documents for differences in names or Vehicle Identification Numbers (VIN)
Sorts incoming insurance mail before sending for scanning. Identifies cancellations and ensure applicable updates to loans and escrow accounts
Works Insurance Cancellation Report daily; force place insurance if necessary. Applies Insurance refunds from force placed policies to loan accounts
Force places insurance, as required when coverage amount is inefficient on any loan
Scans and verifies wet signed documents and imports them into Synergy
Clears exceptions added by the Upload Team when documents are received and scan the documents to Synergy. Receives, documents, and scans all loan recorded documents
Renews vehicle liens monthly, as applicable
Communicates with clients, Financial Solutions Centers, Engagement Center, and third parties to ensure the risk management of each client relationship is in compliance with policy and procedure, as well as commercial and regulatory guidelines
Prepares & pays invoices and refunds for Southeastern Underwriters (force placed insurance), CSC Diligentz (UCCs), and Esquire Assist (UCCs)
Assesses fees to affected loans
Works Matched Error Report on VINtek
Works Unrecognized Report on VINtek to research and identify why titles are not matched to a loan
Works reports that show missing documents that LIFT is responsible to obtain, including Property Reports, Recorded Mortgages, Assignment of Rents, UCCs, Vehicle Titles, etc
Qualification
Required
High School Diploma or equivalent is required
A minimum of one (1) year experience related to the above duties preferred
Moderate reading, writing, grammar, and mathematics skills; these skills normally associate with a high school diploma or equivalent
Proficient analytical skills; proficient communicative and interpersonal relations skills
Company
First Commonwealth Bank
We know why we’re here: to put you first. We do it by building long-term relationships with our customers and our employees.
1001-5000 employees
Funding
Current Stage
Public CompanyTotal Funding
unknown1992-06-10IPO
Leadership Team
Brook McGinnis
SVP / Senior Product Group Manager - Digital Banking and Payments
Linda Metzmaier
SVP, Chief Compliance Officer
Recent News
First Commonwealth Financial Corporation
2025-12-02
First Commonwealth Financial Corporation
2025-11-03
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