Loss Mitigation Specialist

Join Commerce Bank

A career at Commerce Bank is more than just steps on a ladder. It's about helping people find financial safety and success, helping businesses thrive, and making sure people and their money are taken care of. Our culture is about our people, the ones in our communities and the ones that work with us. Here, you'll find opportunities to grow and learn, to connect with others, and build relationships with the people around you. You'll have the space and resources to grow into the best version of yourself. Because our number one investment is you.

Compensation Range Hourly : $23.20 - $30.75 (Amount based on relevant experience, skills, and competencies.)

About This Job

The main purpose of this job is to perform the day-to-day processes related to the collections, loss mitigation, foreclosure / real estate owned (REO), and bankruptcy functions. The primary focus of this position will be to execute the tasks necessary to mitigate the bank's loss exposure on defaulted loans in accordance with investor, state and federal laws, regulatory agencies, and company policies.

Essential Functions

• Contact customers to remedy delinquency or non-payments, employ appropriate collection alternatives to resolve delinquencies, fully document collection efforts and perform timely follow up on customer repayment commitments while meeting productivity and delinquency ratio goals established by management
• Work with customers to negotiate workouts, including restructuring, modifications, short payoffs and deeds in lieu, analyze financial statements and appraisals, actively monitor Loss Mitigation cases and fully document and perform timely follow up on customer repayment commitments
• Work directly with investors, private mortgage insurers, and government agencies to fulfill reporting requirements and obtain approvals
• Review loans for consideration of Foreclosure action, ensure that all efforts to cure have been exhausted and all investor, private mortgage insurer, HUD, and state / federal requirements have been met
• Prepare Foreclosure Recommendation and submit to senior management for approval, review legal documents and progress of each loan in foreclosure and contact legal counsel to resolve issues. Fully document activities in Foreclosure / REO Workstations and promptly and accurately prepare mortgage insurance claims
• Work directly with vendors to procure completion of property preservation items and ensure work is completed in a timely fashion and in full compliance with company and investor requirements
• Procure and review BPOs / Appraisals, listing agreements, contracts, and other pertinent items related to disposing of bank owned real estate. Make recommendations to senior servicing managers and work directly with bank management on disposition of properties
• Set up loans in bankruptcy in Bankruptcy Station, actively review progress of loans in bankruptcy to ensure all investor, state / federal timelines and requirement are being followed and submit files to legal counsel and work directly with attorneys and / or bankruptcy trustees to resolve issues
• Perform other duties as assigned

Knowledge Skills & Abilities Required

Education & Experience

For individuals applying, assigned and / or hired to work in areas with pay transparency requirements, Commerce is required by law to include a reasonable estimate of the compensation range for some roles. This compensation range is for the Loss Mitigation Specialist & Senior Specialist - Mortgage job and contemplates a wide range of factors that are considered in determining most appropriate job level and making compensation decisions, including but not limited to location, skill sets, education, relevant experience and training, licensure and certifications, and other business and organizational needs. The disclosed range estimate has not been adjusted for any applicable differentials (geographic, bilingual, or shift) that could be associated with the position or where it is filled. At Commerce, compensation decisions are dependent on the facts and circumstances of each situation. A reasonable estimate of the current base pay is $23.20 to $30.75 per hour.

The candidate selected for this position may be eligible for the following employment benefits : employer sponsored health, dental, and vision insurance, 401(k), life insurance, paid vacation, and paid personal time. In addition, we offer career development, education assistance, and voluntary supplemental benefits.

Location : 922 Walnut St, Kansas City, Missouri 64106

Time Type : Full time

Commerce Bank has been awarded numerous awards for our company culture. We have been included on distinguished lists such as Forbes' Best Midsized Employers, Forbes' Best Employers for Women, and Korn Ferry's Engaged Performance Award.

Equal Opportunity Employer Commerce Bank is proud to be an Equal Employment Opportunity employer and believes that every individual should have the opportunity to work at a job for which he, she or they qualifies. We celebrate diversity and do not discriminate based on race, color, ancestry, ethnicity, gender identity, gender expression, sex, sexual orientation, disability (including physical or mental handicap), age, veteran status, military status, national origin, religion, pregnancy status, marital status, genetic information, or any other status protected by applicable federal, state or local law.