Asset Preservation Coordinator II-Onsite

Fifth Third Bank•Cincinnati, OH

5d•Onsite

About The Position

Monitor the performance of property preservation vendors to ensure properties collateralizing delinquent loans are maintained according to investor/insurer guidelines. Ensure the system of record accurately reflects work activities performed during the Default cycle to meet monthly investor reporting requirements. This includes ensuring timely ordering of inspections, timely payment of invoices for claim filing, and accurate reflection of inspection results in the system of record. The mortgage portfolio is approximately 325,000 loans, with 75% sold to investors, translating to roughly 3000 monthly inspection orders and $270,000 in annualized expenses that can be recouped if tracked properly. Inspection results also drive necessary maintenance at vacant properties, ensuring it's completed within investor/insurer monetary and timeline guidelines. Approximately 500 properties per month are reported as vacant in the default process. Any overallowable estimates or extensions of time must be submitted and approved by the appropriate investor/insurers to ensure recovery for advances made. Ensure timely completion of work associated with code violations at vacant properties to minimize penalties to 5/3 that are not claimable advances. This position will also file hazard claims for properties with insurable damages to repair the collateral. Responsible and accountable for risk by openly exchanging ideas and opinions, elevating concerns, and personally following policies and procedures. Accountable for always doing the right thing for customers and colleagues, and ensures that actions and behaviors drive a positive customer experience. While operating within the Bank’s risk appetite, achieves results by consistently identifying, assessing, managing, monitoring, and reporting risks of all types.

Requirements

High school diploma.
3 years of servicing experience (mortgage).
Ability to research and recognize problems.
Good organization skills.
Strong communication skills.
PC experience to include advanced Excel, Word and Access.

Responsibilities

Review Property Preservation Queue daily for new tasks based off of maintenance needed at vacant properties.
Monitor property preservation tasks for first time vacancy letters to the customers, ordering the securing of properties and sending change of risk letters to hazard insurance company.
Work with the escrow department to ensure cancelled policies receive force placed insurance, maintain a report for tracking these accounts.
Review over-allowable estimates from property preservation company and obtain appropriate investor/insurer approval to make repairs to the property.
Review property preservation company invoices to ensure that the charges are correct for the work completed.
Review mail with code violations and work with property preservation company to ensure our collateral is protected.
Develop an extensive knowledge of all investor/insurer guidelines for all aspects of mortgage loan default.
Work with city, county, attorneys and/or other government officials and offices on any issues of code violations at a property.
Refer damaged properties to hazard claim vendor for review for insurable damage.
Follow up with the hazard claim vendor and escrow department for claim information.
Follow up for claim payment and repair of the properties.
Contact with investors/insurers regarding distressed properties and the claim as needed.