The Default Specialist identifies, monitors, and recommends action on potential default loans to prevent charge-offs and mitigate loss, in accordance with bank policies and applicable state/provincial and federal law. Default Servicing processes approximately $700MM of charge offs annually and is critical to controlling and minimizing loss through the processing of accounts.
Default is also directly responsible for collecting, processing and disposition of approximately $500MM worth of defaulted and non-performing loans. The timely processing of these accounts is critical to a healthy Bank balance sheet. Areas of Default Servicing include: Bankruptcy, Charge-off, Probate, Foreclosure, Gain/Loss, Insurance, Litigation, and Taxes. The Default Specialist will complete other related duties as assigned.
Analysis and Review (60%):
Analyze potential default loans to determine next step and to minimize charge-offs and mitigate loss
Execute established default procedures in a timely manner, adhering to all applicable investor guidelines, requirements and regulations
Make appropriate referrals of qualifying accounts to critical linkages (internal or external)
Keep upper management apprised of complex or high risk situations or issues
Stay abreast of and incorporate changing regulations and procedures, ensure the bank’s compliance
Actively participate in product knowledge and service meetings
Build and maintain constructive relationships with internal and external business partners, suppliers, vendors and regulatory officials
Represent the bank in community affairs and civic organizations to support Community Reinvestment Act
File required documentation with the Court.
Monitoring and Follow-up (40%):
Maintain timeline and accurate information in bank systems
Provide courteous and timely follow-ups to calls and correspondence
Provide payoff quotes and statements as requested
Monitor proceedings in accordance with bank policies using applicable state and federal laws as guidelines
Knowledge & Skills:
In-depth knowledge of Legal process for Foreclosure, Bankruptcy or Litigation. Must be able to handle complex situations related to these areas such as counter-suits. Must comply with all Regulatory guidelines in these areas.
Ability to analyze appraisal and make judgments relative to the validity of third-party values including analyzing data provided on the form provided for completeness, accuracy and thoroughness.
File claims against probate estates or for claims against hazard insurance.
Analyze and make decisions relative to offers being made to settle a loan against the net present value of the collateral. Make value judgments relative to the decision to foreclose. charge-off loans in a timely basis according to FFIEC guidelines, Accounting rules and Regulator mandates.
Protect collateral throughout the Default process and make expense decisions relative to that protection. Ensure recoverability of any advances made for same.
Ability to read and comprehend pertinent default-related documents (title reports, complex real estate legal descriptions, bankruptcy documents, property appraisals, Broker Price Opinions, litigation documents, etc.)
Working knowledge of procedures, laws and latest regulations in applicable states, related to bankruptcy, litigation, foreclosure, REO and repossession
Excellent oral and written communication skills
Ability and willingness to work in a team environment
Keen analytical skills, attention to detail and ability to work independently
Strong and decisive problem solver
Ability to work effectively in a fast paced and stressful environment
Ability to multi-task, prioritize workload and meet deadlines
Strong PC skills to perform duties
S killed Knowledge and Proficiency Level
High level of proficiency
Receives general instructions on routine work
Moderate complexity; exercises judgment within established policies/procedures
Education & Experience:
Bachelor’s degree preferred, or 1-3 years of Default experience in lieu of degree
Minimum of 2 years of experience in specific area of default
We’re here to help
At BMO Harris Bank we have a shared purpose; we put the customer at the center of everything we do – helping people is in our DNA. For 200 years we have thought about the future—the future of our customers, our communities and our people. We help our customers and our communities by working together, innovating and pushing boundaries to bring them our very best every day. Together we’re changing the way people think about a bank.
As a member of the BMO Harris Bank team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one – for yourself and our customers. We’ll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we’ll help you gain valuable experience, and broaden your skillset.
To find out more visit us at https://bmoharriscareers.com .
BMO Harris Bank is committed to an inclusive, equitable and accessible workplace. By learning from each other’s differences, we gain strength through our people and our perspectives. BMO Harris Bank is an Equal Opportunity Employer for all, inclusive of Minorities, Women, Veterans, and Persons with Disabilities.
United States-Iowa-Cedar Rapids