Loan Administrator 2

Job Description:

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day.

Being a Great Place to Work and providing a culture of caring is core to how we drive Responsible Growth. We are intentional about fostering an inclusive workplace where every teammate has the opportunity to succeed, build a career and contribute to our shared success. This includes attracting and developing exceptional talent, recognizing and rewarding performance, and supporting our teammates’ physical, emotional, and financial wellness through affordable, competitive and flexible benefits.

We value the unique perspectives individuals bring from all backgrounds and career paths - whether shaped by military service, community college education, or a wide range of work and life experiences. These journeys foster resilience, leadership and innovation, strengthening our workforce and positively impact the communities we serve.

Bank of America is committed to an in-office culture that supports collaboration, engagement, and career development. Our approach includes clear in-office expectations, while providing an appropriate level of flexibility based on role-specific responsibilities and business needs.

At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!

Job Description:
This job is responsible for managing collateralized debt obligations and issue tracker reports to perfect, monitor and release the bank's collateral. Key responsibilities include maintaining control of the bank's collateral through accurate booking on the system of record (SOR). Job expectations include setting up and standardizing collateral files, preparing and reviewing tickler and exception tracking data, reviewing insurance adequacy, monitoring evidence of insurance and maintaining and/or releasing lien position for collateral.

Responsibilities:

• Maintains data accuracy and completes all collateral processes timely

• Receives incoming loan files and reviews for compliance with bank and federal guidelines

• Maintains relationships with Relationship Administrators to ensure efficient and high-quality loan processing

• Gives technical advice and guidance to business units and interdisciplinary teams on projects

• Maintains systems of record for continued monitoring of collateral and insurance

• Works in a paperless environment and adheres to compliance guidelines

• Promotes collaboration and communicates with impact; learns and adapts quickly; holds self and others accountable for high performance standards

Line of Business Job Description

Highly motivated and detail-oriented Collateral Insurance Administrator II will support the ongoing management of insurance requirements for commercial and GWIM loan portfolios. This role is responsible for reviewing collateral, determining insurance requirements, monitoring insurance compliance, processing renewals, and coordinating lender-placed insurance (LPI) activities when coverage deficiencies exist.

The ideal candidate will work closely with internal business partners, borrowers, insurance agents, brokers, and vendors to ensure collateral securing Bank loans remains adequately protected and compliant with Bank and regulatory requirements. This position requires strong analytical skills, sound decision-making, and the ability to manage multiple priorities in a fast-paced environment.

Key Responsibilities

• Review collateral records and loan documentation to determine appropriate insurance requirements based on collateral type and Bank standards.

• Monitor insurance coverage for commercial and consumer loan portfolios to ensure continuous compliance with Bank and regulatory requirements.

• Review insurance policies, renewals, certificates, and related documentation for accuracy and adequacy of coverage.

• Identify insurance deficiencies and communicate required corrective actions to borrowers, insurance agents, brokers, and internal business partners.

• Generate and issue insurance requirement notifications, renewal requests, and deficiency letters.

• Manage insurance renewal tracking and follow-up activities to ensure timely receipt of acceptable coverage.

• Evaluate coverage gaps and determine when lender-placed insurance (LPI) initiation is required.

• Coordinate and monitor LPI placement, maintenance, and cancellation activities in accordance with Bank procedures.

• Research and resolve insurance-related exceptions, discrepancies, and client inquiries.

• Update and maintain insurance information within systems of record to ensure data accuracy and portfolio integrity.

• Perform quality reviews and ensure compliance with Bank policies, regulatory guidelines, and operational procedures.

• Partner with business units, vendors, and line of business stakeholders to support efficient resolution of insurance-related matters.

• Participate in process improvement initiatives designed to enhance operational efficiency, customer experience, and risk management.

Required Qualifications:

• Two years in Real Estate Lending Operations or Property and Casualty Insurance industries

• Strong attention to detail with the ability to analyze and interpret insurance and loan legal documents.

• Excellent organizational and time management skills, with the ability to prioritize a high volume of work.

• Strong written and verbal communication skills.

• Ability to research issues, identify solutions, and make sound business decisions.

• Experience managing multiple tasks while maintaining a high degree of accuracy.

• Ability to collaborate effectively with internal and external partners.

• Proficiency in Microsoft Office applications, including Excel, Outlook, and Teams.

• Ability to learn and adapt quickly in a changing environment.

Desired Qualifications:

• Knowledge of property and casualty insurance requirements.

• Understanding of commercial and consumer lending collateral.

• Experience reviewing insurance policies, renewals, declarations pages, and certificates of insurance.

• Knowledge of Bank systems and platforms such as CreditCenter, LoanIQ, EDR, or similar servicing systems.

• Experience working in a paperless or electronic workflow environment

Additional Qualifications

• Demonstrates ownership and accountability for results.

• Builds strong partnerships and promotes collaboration across teams.

• Continuously seeks opportunities to improve processes and customer experience.

• Exercises sound judgment and escalates issues appropriately.

• Embraces change and supports innovation in tools, technology, and ways of working.

Skills:

• Attention to Detail

• Customer and Client Focus

• Legal Structures and Legal Forms

• Prioritization

• Business Acumen

• Critical Thinking

• Data Collection and Entry

• Oral Communications

• Written Communications

• Quality Assurance

• Recording/Organizing Information

• Risk Management

Minimum Education Requirement: High School Diploma / GED / Secondary School or equivalent

Shift:

1st shift (United States of America)

Hours Per Week: 

40