Loss Mitigation Manager
As a Loss Mitigation Manager you will be responsible for loss mitigation efforts pertaining to investor owned loans within the Residential Mortgage Servicing portfolio as well as in-house mortgage loans. Ensure timely and accurate administration, monitoring, and reporting of loss mitigation efforts and results to investors, private mortgage insurers, and regulatory agencies. Place collection calls and correspond with delinquent customers. Responsible to fully understand bankruptcy and credit reporting processing as well as correction of credit reporting disputes.
PRIMARY RESPONSIBILITIES AND ACCOUNTABILITIES:
- Provide direct supervision and guidance to individuals and staff reporting directly to you.
- Demonstrate sound judgment in decision making.
- Ensure calls are made to customers regarding past due payments using assigned collection queues. Document attempts to contact and customer conversations.
- Send appropriate correspondence to customers based on delinquency and other loan characteristics. Answer customer inquiries related to past due payments.
- Advise customers on retention or non-retention loss mitigation options available based on loan type, state, and investor parameters. Establish payment plan options to maximize borrower success in retaining their home.
- Report loan status in regards to Delinquency, Bankruptcy, Loss Mitigation, and Foreclosure to Loan Servicing timely to ensure monthly reporting is accurate for investors, agencies, and/or Private Mortgage Insurance (PMI) companies.
- Monitor bankruptcy court status, processes, and accounts for loan payments associated with bankruptcy plan. Prepare and file routine bankruptcy documents with the bankruptcy court.
- Modify or correcting credit reporting and/or late charge assessment as situations require and research supports. Work with credit repositories to ensure accurate reporting in accordance with the FACT Act.
- Calculate income and reviewing customer financial information and make recommendations in accordance with loss mitigation option hierarchy or foreclosure. Negotiate, calculate, draft and monitor repayment, forbearance or loan modifications for receipt of payments in accordance with the agreement.
- Obtain inspections, Automated Valuation Models (AVM), Broker’s Pricing Opinions (BPO), and/or appraisals. Review results for recommendations regarding risk rating, charge-offs, property repairs, and properly safeguarding properties. Prepare necessary paperwork pertaining to charge-offs, non-accruals, and risk ratings.
- Comply with policies, procedures, security requirements, and government regulations.
- Repossess, acquire, maintain, repair, list for sale, or otherwise liquidate real estate collateral acquired by the bank through the foreclosure or deed-in-lieu process.
- Research and respond accurately to credit disputes and correct reporting if needed for loans and credit cards.
- Process problem loan requests and provide proper coding of problem loan expenses.
- Prepare IRS reporting on forms 1099-A, 1099-C and 1099 –Misc. Develop and maintain a system for ensuring the 1099 forms are being filed when required.
- Review problem loans to determine which should be deemed worthless every December with approval from the Chief Credit Officer.
- Perform other duties or tasks as requested or assigned by the Chief Credit Officer or Deputy Chief Credit Officer.
Education & Experience:
A 4- year Accounting, Finance, Economics, or Business Degree with other banking experience is preferred.
A minimum of 3-5 years banking experience. Significant experience in retail or consumer lending, credit underwriting, collections, loss mitigation, and/or resolution of delinquent retail or consumer real estate loans. High level of interpersonal skills with the ability to interact professionally with loan officers, customers, attorneys, bank regulators, and other entities inside and outside the bank. Thorough knowledge of state and federal laws and regulations governing loss mitigation and bankruptcy laws preferred. Must be proficient with Microsoft Word/Excel/Outlook and standard office equipment.
Must be able to meet deadlines, multi-task and adjust priorities as necessary. Must possess strong organizational, analytical, communication, and interpersonal skills, including the ability to work with all levels of management and the Bank’s vendors. Must be a self-starter who challenges existing processes and can identify and implement efficiencies and cost-saving solutions.
The employee will be working in an indoor office setting in a light work situation (exerting up to 20 lbs. of force frequently, and/or a negligible amount of force constantly to move objects). Must be able to remain in a stationary position 50% of the time and be able to occasionally move about inside the office to access file cabinets, office machinery, etc. Constantly operates a computer and other office productivity equipment. Employee frequently communicates with employees, customers and vendors. Must be able to exchange accurate information both orally and written.
Despite ongoing security training, there is always the possibility of a bank robbery.
This description is not designed to cover or contain a comprehensive list of activities, duties or responsibilities that are required of the employee. Other duties may be assigned as necessary.