Loss Mitigation Officer

Hills Bank•Iowa City, CA

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, this role proactively communicates with borrowers, evaluates individual circumstances, identifies appropriate loss-mitigation solutions, and coordinates collection and foreclosure activities when necessary. The officer works closely with Legal and other internal partners to ensure collection activities are properly 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 to balance maximum recovery with timely liquidation. The role requires skills used in a typical office environment, including computer skills and use of office equipment.

Requirements

A two-year degree or bachelor's degree in a related field.
At least 2 years of related experience.
Computer skills and ability to use office equipment typical of an 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 clearly and accurately.
Contact customers to determine causes of delinquency and identify repayment, workout, or loss-mitigation alternatives for bringing accounts current.
Gather and review borrower financial information to evaluate available loss-mitigation options for modifications and make recommendations to customers.
Exercise independent judgment within established authority and recommend resolution strategies.
Produce delinquent customer notices and complete documentation for special payment arrangements.
Monitor and follow up on payment arrangements for assigned accounts.
Receive, investigate, and respond to customer inquiries.
Maintain accurate records of collection efforts in collection systems according to established procedures.
Assist with review of loan risk ratings, charge-offs, and non-accrual status.
Assist with development and periodic updates to 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 owned by the Bank.
Assist the First Vice President, Loss Mitigation, in disposing of foreclosed assets to balance maximum recovery with timely liquidation.