Loss Mitigation Officer

Hills Bank•Iowa City, IA

About The Position

The Loss Mitigation Officer manages delinquent residential mortgage loans and works with borrowers to resolve past-due obligations in a timely, professional, and customer-focused manner. Reporting to the First Vice President, Loss Mitigation, the position proactively communicates with borrowers, evaluates their circumstances, identifies loss-mitigation solutions, and coordinates collection and foreclosure activities when necessary. The role works closely with Legal and other internal partners to ensure collection activities are documented and conducted in accordance with Bank policies and applicable laws and regulations. The position also assists with transitioning foreclosed property to bank ownership, maintaining bank-owned properties, and disposing of foreclosed assets in a way that balances maximum recovery with timely liquidation. Work takes place in a typical office environment and involves computer skills and use of office equipment.

Requirements

A two-year degree or bachelor's degree in a related field.
Two or more years of related experience.
Computer skills and ability to use office equipment in a typical office environment.

Nice To Haves

Experience in lending.

Responsibilities

Manage a portfolio of delinquent residential mortgage loans and monitor them throughout the collection process.
Explain account status, payment requirements, collection processes, and available options to customers clearly and accurately.
Contact customers to understand circumstances contributing to delinquency and identify repayment, workout, or loss-mitigation alternatives.
Gather and review borrower financial information to evaluate loan-modification options and make recommendations to customers.
Exercise independent judgment within established authority and recommend resolution strategies.
Prepare delinquent-customer notices and documentation for special payment arrangements.
Monitor and follow up on payment arrangements for assigned accounts.
Receive, investigate, and respond to customer inquiries.
Document collection actions accurately in collection systems in accordance with established procedures.
Assist with reviewing loan risk ratings, charge-offs, and non-accrual status.
Assist with developing and periodically updating policies and procedures.
Provide management with regular progress updates on outstanding loss-mitigation plans, renewals, and significantly past-due loans.
Identify emerging risks and recommend collection strategies to minimize potential losses to the Bank.
Work with internal counsel to provide documentation and information supporting foreclosure proceedings.
Serve as a knowledgeable resource to employees on mortgage collection and default-management matters.
Assist the First Vice President, Loss Mitigation, with transitioning property to bank ownership and maintaining properties while bank-owned.
Assist the First Vice President, Loss Mitigation, with disposing of foreclosed assets to balance maximum recovery with timely liquidation.