Loss Mitigation Specialist

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

Demonstrated ability to interpret complex legal documents and perform a wide variety of tasks to ensure full compliance with company policy, procedures, and all applicable legal requirements

Understanding Fannie Mae, Freddie Mac, Ginnie Mae, FHA, VA, & USDA regulations and requirements

Strong analytical skills, ability to identify and resolve exceptions and interpret data

Motivated and organized self-starter with strong attention to detail and the ability to manage multiple priorities

Inquisitive, agile and strong team player with excellent written, verbal and interpersonal communication skills

Ability to remain adaptable and resilient to all situations with an optimistic outlook and cast a positive shadow that is aligned with our culture and Core Values

Basic level proficiency with Microsoft Word, Excel and Outlook

Education & Experience

High school diploma or equivalent combination of education and experience required

3+ years collections experience required

2+ years experience in real estate loss mitigation preferred

2+ years experience in foreclosures, REO, and bankruptcy preferred

Experience in loss mitigation, workouts, restructuring, modifications, short payoffs, and deeds in lieu, including knowledge of title and legal issues required

• Level of role is determined by knowledge, experience, skills, abilities, and education
• 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. Click to learn more.