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Oracle

Associate Transaction Processing Consultant

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

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
Total Experience Min:    Yrs.    0.5                   Max:         Yrs. 3 Yrs
Relevant Experience Min:    Yrs.    0.5                   Max:         Yrs. 3 Yrs
Primary ( Essential ) Technical / Functional / Managerial Skills :
  • 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
Special Requirements
  • 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

 

 

Proposed Opportunity (Filled by Hiring Manager)
Role  Associate 1
Responsibilities / Job Tasks
  • 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


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