Loss Mitigation Relationship Manager

BMO • Cedar Rapids, IA

5d • $42,000 - $80,000

About The Position

The Loss Mitigation Relationship Manager reviews and evaluates delinquent, high-risk, or written-off accounts to identify collection opportunities and execute loss mitigation solutions. The role advises customers on payment strategies and products, manages customer communications and transactions, and works with operations partners and internal business groups to address customer needs. Solutions may include loan modifications and liquidation, with the goal of resolving non-performing and high-risk accounts, offering default or foreclosure alternatives, maximizing recovery, and minimizing losses.

The position also serves as a support resource, coach, and source of expertise for Consumer Collections personnel. It contributes to strategic initiatives, process design and improvement, reporting, training, and business or group programs. The role requires sound judgment, negotiation and interpersonal skills, and adherence to collection procedures, risk frameworks, applicable laws, regulations, and confidentiality requirements. It works mostly independently, with broader duties assigned as needed.

Requirements

• Typically 3–5 years of relevant experience.
• Post-secondary degree in a related field of study, or an equivalent combination of education and experience.
• Knowledge of credit qualifications and associated credit knowledge and skills according to established qualification standards.
• Good knowledge of federal, state/provincial, and local laws pertaining to Consumer Collections and the functional area.
• Good knowledge of BMO products and services.
• Knowledge of the competitive marketplace and trends in product offerings.
• Specialized knowledge gained through education and/or business experience.
• In-depth verbal and written communication skills.
• In-depth collaboration and teamwork skills.
• In-depth analytical and problem-solving skills.
• In-depth influence skills.
• Strong negotiation and interpersonal skills.

Responsibilities

• Review and evaluate delinquent, high-risk, or written-off accounts and assess collection opportunities and probability of collection.
• Advise customers on payment strategies, products, and collections approaches that suit their needs and interests.
• Execute established loss mitigation processes and solutions, including loan modification options and liquidation, to resolve non-performing and high-risk accounts and minimize losses.
• Build customer trust and long-term, profitable relationships through responsive service, expertise, and effective communication.
• Contact customers to gather information needed to manage applications and keep them informed about status and payment outcomes.
• Handle incoming calls, customer transactions, complex escalations, and requests; refer matters to appropriate internal groups or managers when needed.
• Negotiate with customers while following applicable policies, guidelines, requirements, and regulations.
• Develop action plans and short-term tactics to maximize recovery, safeguard the Bank’s interests, and drive desired activities and results.
• Provide guidance and advice to assigned business or group on implementing solutions and support strategic initiatives with internal and external stakeholders.
• Serve as a support contact, resource, and coach for Consumer Collections personnel.
• Review accounts, analyze data, and provide insights and recommendations; prepare regular and ad hoc reports and dashboards.
• Integrate information from multiple sources to improve processes, analysis, and reporting.
• Lead or participate in designing, implementing, and managing core business or group processes and programs.
• Identify business needs and develop tools and training programs; deliver training where appropriate.
• Maintain knowledge of collections strategies, practices, industry trends, best practices, and the regulatory environment, and apply it in customer interactions.
• Follow documented policies and procedures, maintain customer and Bank confidentiality, and support continuous improvement initiatives.
• Identify customer or department needs and make referrals to other business groups as appropriate.
• Apply the Risk Management Framework and make risk-informed decisions consistent with business strategy, approved risk appetite, policies, laws, and regulations.

Benefits

• Health insurance
• Tuition reimbursement
• Accident insurance
• Life insurance
• Retirement savings plans
• Performance-based incentives and discretionary bonuses may be included, depending on the position's pay type.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: Associate degree