Loss Mitigation Officer- Residential/Mortgage

At First Mid, base salary is one component of our Total Rewards program. Exact compensation is determined by factors such as (but not limited to) education, skills, internal equity, and experience. This position offers additional compensation in the form of discretionary short-term incentives (i.e. bonus, incentives, and/or commission). Benefits for this role include comprehensive healthcare, well-being benefits, paid family leave as well as generous paid time off. Total Rewards also include banking perks, tuition reimbursement, an Employee Stock Purchase Plan, and a 401K plan with company match. Incentives and benefits are subject to eligibility requirements.

This position is responsible for minimizing losses and maximizing recoveries of retail loan portfolios using loss mitigation practices. Loss mitigation practices include assisting the Loss Mitigation Manager as assigned with negotiated modifications, repayment plans, forbearances, and managed litigation of retail loans. The loss mitigation officer applies collection efforts and conducts business in a fair and ethical manner while protecting consumer rights consistent with applicable regulation and law.

Responsibilities include, but are not limited to:

• Responsible for identifying and minimizing potential losses and maximizing recoveries of retail loan portfolios, through execution of workout action plans, including proposing loan restructures, managing negotiations and legal actions including bankruptcy actions, collection activities, evaluating bank collateral and documentation, and recommending alternative solutions of the delinquent and imminent default loans.
• Perform outreach and follow up with past due borrowers.
• Provide workable alternatives to borrowers as appropriate and in accordance with agency guidelines where appropriate.
• Work closely with the existing responsibility officers, sub-servicers, and other credit professionals identifying and mitigating problem loans; reassigning loans into loss mitigation when appropriate.
• Assist with the development and implementation of loss mitigation strategy and programs.
• Maintain client contact records.
• Monitor, review and follow up with delinquent real estate taxes, homeowners’ insurance, and force-placed insurance coverage when appropriate.
• Monitor residential loans impacted by death or bankruptcy.
• Assist review of successors in interest requests.
• Perform risk rating review and adjustments to residential problem loans.
• Recommend referral of loans into Special Assets for foreclosure litigation, or other asset liquidation.
• Attend and participate in committee meetings as assigned.
• Participate and provide audit support.
• Participate in the transition of residential loans from M&A transactions.
• Complete required training associated with job function.
• Perform other related duties as assigned.
  
  

Qualifications

Education/Experience:

• Bachelor’s degree or equivalent of 5 years of experience with additional specialized training in residential lending and/or workout lending.
• Knowledge of regulatory requirements for subject portfolios.
  
  

Skills:

• Thorough knowledge of loan products and services.
• High level of interpersonal skills to interact with customers and potential customers in a professional manner.
• High level of analytical skills to conduct loan analysis and maintain loan’s progress in consideration of market trends, credit/interest rates, economic conditions, and other factors.
• Adequate knowledge of internal policies and procedures and the respective state and federal laws and regulations.
• The individual must illustrate the ability to multitask and to prioritize issues that arise.
  
  

Total Rewards:

• Competitive health, dental & vision coverage with HSA match
• 401(k) with employer match Employee Stock Purchase Plan
• Generous PTO, paid holidays & parental leave
• Tuition reimbursement & performance-based bonuses
• Visit our Total Rewards page to see our full list of benefits
  
  

First Mid Bancshares, Inc., is an Equal Opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability, gender identity, sexual orientation, protected veteran status, or any other applicable federal or state-protected classification.

THIS JOB DESCRIPTION DOES NOT CONSTITUTE A CONTRACT FOR EMPLOYMENT

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