Pay Range: $16.01USD to $18.41USD
SUMMARY
The Loss Mitigation Specialist I is responsible for initiating and directing the remediation of defaulted accounts, monitoring past-due accounts, and providing management with detailed reports.
The ideal candidate for this role is detail-oriented, proactive, and possesses strong analytical and communication skills. Experience or coursework in finance or banking is highly beneficial.
This role supports the company's financial health, helping recover overdue payments and maintain client relationships, contributing to the organization's stability and growth.
All employees are expected to protect the information and assets of the organization through heightened awareness of information security, cybersecurity, and risk management best practices, as well as complying with all applicable laws, regulations, and organizational policies.
ESSENTIAL DUTIES
- Process recovery payments as authorized to include assisting customers and branch staff with telephone payments and payments on certain accounts.
- Perform loan remediation, follow-up, crediting returned checks/ACHs taken in payment, and foreclosure procedures.
- Regularly contact delinquent loan accounts in order to discuss their account status and to work out a payment arrangement suitable to the Bank and the customer. Record all contacts in the Bank’s automated remediation system.
- Ensure that remediation and collection activities comply with regulatory standards.
- Report current and closed loans to inquiring organizations, ensuring that the information is accurate and comply with applicable fair credit reporting regulations.
- Prepare default notices including the preparation and filing of FHA, VA, and PMI claims on defaulted loans.
- Distribute and sort mail, code recovery checks, code legal and recovery invoices, and billing.
- Generate and send various customer facing communications regarding account activity.
- Maintain regular contact with all lending units of the Bank, as well as with credit bureaus and other financial organizations.
- Obtain and exchange information with credit bureaus and various mortgage insurance agencies.
- Assume responsibility for additional projects and tasks as assigned.
EDUCATION & CERTIFICATIONS
- Highschool diploma or equivalent required.
MINIMUM REQUIREMENTS
- Excellent communication skills and the ability to communicate effectively, verbally and in writing, with internal and external customers at all levels.
- Ability to interpret various ratios and relationships inherent in common or specialized financial and data-driven reports.
- Ability to complete standard calculations and apply basic mathematical concepts in practical situations.
- A positive and proactive approach to work, demonstrating enthusiasm, adaptability, and the ability to maintain composure and professionalism in stressful or adverse conditions.
- Proficient computer literacy, including comfort with Microsoft systems and Office Suite.
- Intermediate typing skills to meet the needs of this position.
- Current driver’s license and reliable transportation with appropriate insurance coverage; additionally, the ability to drive occasionally in the course of performing assigned duties and responsibilities.
- The ability to work with minimal or no supervision.
ADDITIONAL QUALIFICATIONS
- Experience and/or coursework in Accounting, Finance, Business, or a related field preferred.
PHYSICAL DEMANDS AND WORK ENVIRONMENT
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this position. Reasonable accommodations may be made to enable individuals with disabilities to perform the functions.
While performing the duties of this position, the employee is regularly required to talk or hear. The employee frequently is required to use hands or fingers; handle or feel objects, tools, or controls. The employee is occasionally required to stand; walk; sit; and reach with hands and arms. The employee must occasionally lift and/or move up to 25 pounds. Specific vision abilities required by this position include close vision, distance vision, and the ability to adjust focus. The noise level in the work environment is usually low to moderate.
NOTE
This job description in no way states or implies that these are the only duties to be performed by the employee(s) incumbent in this position. Employees will be required to follow any other job-related instructions and to perform any other job-related duties requested by any person authorized to give instructions or assignments.
All duties and responsibilities are essential functions and requirements and are subject to possible modification to reasonably accommodate individuals with disabilities. To perform this job successfully, the incumbents will possess the skills, aptitudes, and abilities to perform each duty proficiently.
Some requirements may exclude individuals who pose a direct threat or significant risk to the health or safety of themselves or others.
The requirements listed in this document are the minimum levels of knowledge, skills, or abilities. This document does not create an employment contract, implied or otherwise, other than an “at will” relationship.
The company is an Equal Opportunity Employer, drug-free workplace, and complies with ADA regulations and other laws/regulations as applicable.
Benefits: We are dedicated to creating a workplace where all team members feel valued and empowered. Our employee benefits promote well-being and professional growth, including insurance options, retirement plans, and career development opportunities included approved company paid training. Benefits include paid time off, medical, dental, vision and life insurance, 401(k) plan, tuition assistance, and more.
Preferred
Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities
This employer is required to notify all applicants of their rights pursuant to federal employment laws. For further information, please review the Know Your Rights (https://www.eeoc.gov/poster) notice from the Department of Labor.
