What are the responsibilities and job description for the Loss Mitigation Coordinator position at Dime Bank?
Position Summary: Responsible for the handling and resolution of delinquent loans for borrowers who have experienced a hardship, or a life changing occurrence which has affected their ability to continue their financial obligation to Dime Bank. Resolution for borrowers which would require loss mitigation efforts would be modifications on portfolio loans and investor loans, extensions, forbearance plans, sale of property including short sales and Deed in Lieu of foreclosure.
Responsibilities:
- Contact delinquent customers by telephone and/or mail.
- Responsible for the preparation of all quarterly reports for the Loan Review Committee for presentation to the Board.
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Interview borrowers to identify current financial situation and obtain updated financial data;
- Obtain financial records from borrower such as tax returns, pay stubs, statement copies, etc.
- Accurately completes all necessary financial forms
- Obtain additional information on the borrower; such as a credit report and future potential earning ability
- Obtain current information on the borrower’s property; such as value, condition and encumbrances.
- Analyze financial information of the borrower in pursuit of loan workout negotiations. Identifies and counsels borrowers on the best option for them to succeed in fulfilling their obligations with Dime Bank
- Serves a liaison, and with proper permission by the borrower, may communicate with third parties representing the borrowers; such as realtors, debt counselors or attorneys.
- Prepare analysis proposal for submission to the Special Assets Committee for review and approval, or counter proposal.
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For investor loans, such as FNMA, determine eligibility for workout options utilizing workout hierarchy guidelines;
- Maintain investor workout documentation and customer correspondence regarding the program along with all reporting requirements as directed by the US Treasury and FNMA, Asset Management Network sites (HSSN).
- Coordinates completion of approved loss mitigation options with borrowers, (closing) such as modification and counseling borrowers if needed to assist them in succeeding in their relief option.
- Maintain files and records for each borrower workout to ensure compliance with Federal and State regulations and Bank policy. Track each option or workout for future performance and report monthly on borrower’s account status.
- Participate in management/ committee meetings as needed to report to borrower status.
- Keep abreast of changes in the industry and maintains knowledge of regulatory compliance issues within scope of responsibilities.
Knowledge/Skills Requirements:
- Bachelor’s degree in related field of study, or parallel experience in banking
- Strong knowledge of financial services and banking regulations.
- Strong knowledge of residential loans
- Adhere to compliance of all applicable Federal and State bank regulations, as well as Dime Bank policies and procedures, and training requirements
- Proficiency in Windows based computer systems
- Exceptional customer service
- Ability to work closely and harmoniously with others in a busy environment
- Ability to prioritize, handle multiple tasks, and work independently.
- Strong attention to detail, and analytical, and decision-making skills
Physical Demands and Condition Requirements:
- General office environment.
Equipment Used:
- General office equipment, i.e., calculator, photocopier, etc.
- Computer
ADA: The employer will make reasonable accommodations in compliance with the Americans with Disabilities Act of 1990.