Loss Mitigation Specialist III

TD Bank • Portland, ME

107d • $25 - $37 • Remote

About The Position

The Loss Mitigation Specialist III performs a variety of activities related to reducing potential losses from problem accounts. Specializes in or leads the activities of one or more of the following areas: Loss Mitigation, Bankruptcy, Probate, and Workout. Initiates processing and resolution of bankruptcy, foreclosure and workout activities for assigned accounts, focusing on homeownership counseling activities and negotiating workout solutions and ensuring prompt resolution of legal matters. Resolves escalated issues and problems by conferring with staff, other internal departments, outside contacts and others as necessary. Provides training and mentoring for new and less experienced staff. Participates in the development of operating policies and procedures. Works with Customers or agents of Customers to resolve delinquency and continued legal action or adverse action. Authorized to execute items such as deeds, security agreements, financing statements, assignments, releases, affidavits, and other instruments incident to those documents listed and necessary to carry out and effectuate the proper servicing and/or collection of loan debt to the bank. Provides technical guidance and assists staff with the most complex aspects of work as necessary. Coordinates with attorneys, trustees, debtors and others to research estates in bankruptcy, probate or workout in various states to minimize losses and maximize recoveries. Coordinates subsequent asset sales and other collection and recovery activities to secure maximum payback for Company owned property. Completes necessary account documentation, involving inside and outside personnel as needed. Initiates loss mitigation activities after approval of foreclosure; Coordinates asset sales and other collection and recovery activities to secure maximum payback for Company owned property.

Requirements

• Associate's degree or work experience equivalent to associate's degree required.
• 3+ years' experience required.
• Proven knowledge and experience in effective collection regulations, techniques and practices.
• Detailed knowledge of loan agreements and security agreements.
• Ability to apply understanding of bankruptcy law and principles related to real estate transactions.
• Knowledge of real estate investor and insurer guidelines.
• Knowledge of foreclosure procedures and legal and regulatory guidelines.
• Communication skills, both verbal and written.
• PC skills.
• Detailed knowledge of bankruptcy law, including Chapters 13 and 7.
• Knowledge of workout options and specific regulations in various states.

Responsibilities

• Initiates processing and resolution of bankruptcy, foreclosure and workout activities for assigned accounts.
• Focuses on homeownership counseling activities and negotiating workout solutions.
• Ensures prompt resolution of legal matters.
• Resolves escalated issues and problems by conferring with staff and other departments.
• Provides training and mentoring for new and less experienced staff.
• Participates in the development of operating policies and procedures.
• Works with Customers or agents of Customers to resolve delinquency and continued legal action.
• Authorized to execute items such as deeds, security agreements, and other necessary documents.
• Provides technical guidance and assists staff with complex aspects of work.
• Coordinates with attorneys, trustees, and others to research estates in bankruptcy.
• Coordinates asset sales and other collection and recovery activities.

Benefits

• Base salary and variable compensation/incentive awards.
• Health and well-being benefits.
• Savings and retirement programs.
• Paid time off including Vacation PTO, Flex PTO, and Holiday PTO.
• Banking benefits and discounts.
• Career development opportunities.
• Reward and recognition programs.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Industry: Credit Intermediation and Related Activities
• Education Level: Associate degree