Loss Mitigation Specialist

Full-time position currently available in Quakertown, PA.

Function

The Loss Mitigation Specialist is responsible for efficiently managing the collection of Retail and Mortgage loans to minimize loss to the Bank. This position will also assist in the appraisal ordering process and monitoring/tracking the receipt of appraisals and reviews.

General Duties and Responsibilities

• Responsible for the effective collection of past due loans within the Bank's various Consumer/ Retail and Mortgage Loan Portfolios.
• Communicate and meet with consumer borrowers, as necessary, to determine the best option for resolution of the delinquency status.
• Support in negotiations with Retail and Mortgage loan borrowers, legal counsel, and others, as appropriate, in order to assess and formulate options available to the Bank for resolving outstanding debt in a manner which minimizes the probability of further credit deterioration and/or the loss of principal, interest and expense to the Bank.
• Understand and recommend credit counseling and debt management services when appropriate.
• Document collection efforts in the Bank's customer relationship management or core processing system, as appropriate.
• Coordinate and participate in Delinquency Meetings. Update the committee on the status of collections efforts and recommend strategies to minimize loss to the Bank. Prepare minutes for the Delinquency Meeting and distribute to the appropriate individuals.
• Assist in the management of Bank-owned property (i.e. obtain insurance coverage, show property to prospective buyers, list property with realtor, follow up on maintenance concerns, attend closings, etc.)
• Monitor and track expenses that the Bank has incurred for Government Sponsored Enterprises. Submit requests for reimbursement through the respective programs.
• Request and track appraisal bids and order reports from selected appraisers in support of the Commercial and Retail Lending functions.
• Manage receipt and electronic distribution of appraisals, and appraisal invoices to appropriate parties.
• Monitor and track appraisal delivery, results, and pertinent data from appraisals and appraisal revisions received.
• File appropriate legal documentation, correspondence, invoices, appraisals, appraisal reviews etc. in the appropriate digital files.
• Work with borrowers and respective internal employees (lenders or branch staff) to resolve residential/consumer Insurance Claims.
• Track and provide the information necessary to the appropriate departments for preparation of IRS forms 1099-C (Cancellation of Debt) and 1099-A (Abandonment of Collateral) in order to mail to the respective customers.
• Serve as back-up to the Special Asset Manager and Appraisal Department Manager in their absence.
• Attend on-going training on collections, loss mitigation as well as options available under the programs for Government Sponsored Enterprises.
• Review, understand and follow the Bank's applicable policies and procedures.
• Perform special projects in a timely manner, as required, as well as other duties assigned by the Special Assets Manager or Appraisal Department Manager.
• Complete assigned compliance training in a timely manner and demonstrate ability to apply training to their duties and responsibilities.
  
  

Required Training, Experience, And Education

• Understanding of loan and legal documents and related terminology.
• Knowledge of laws and regulations related to consumer collections.
• Familiarity with third party reports including appraisals, property condition reports, etc.
• Strong risk assessment and negotiations skills.
• Ability to understand financial statements.
• Solid written and verbal communication skills.
• PC proficient, particularly MS Word and Excel.
  
  

Preferred Training, Experience, And Education

• Minimum of 3-5 years of experience in retail/residential loan collections.