Commerce Bank - Kansas City, MO

posted 2 months ago

Full-time - Entry Level
Kansas City, MO
Personal and Laundry Services

About the position

The primary purpose of this position is to manage day-to-day processes related to collections, loss mitigation, foreclosure, and bankruptcy functions. The role focuses on mitigating the bank's loss exposure on defaulted loans while ensuring compliance with investor, state, and federal regulations. This position requires effective communication with customers and various stakeholders to resolve delinquencies and manage foreclosure processes.

Responsibilities

  • Contact customers to remedy delinquency or non-payments and document collection efforts.
  • Negotiate workouts with customers, including restructuring and modifications, and monitor Loss Mitigation cases.
  • Work with investors, private mortgage insurers, and government agencies to fulfill reporting requirements.
  • Review loans for foreclosure action and ensure compliance with all requirements before proceeding.
  • Prepare Foreclosure Recommendations and submit to senior management for approval.
  • Document activities in Foreclosure/REO Workstations and prepare mortgage insurance claims.
  • Coordinate with vendors for property preservation and ensure compliance with requirements.
  • Procure and review BPOs/Appraisals and make recommendations for property disposition.
  • Set up loans in bankruptcy and ensure compliance with timelines and requirements.

Requirements

  • High school diploma or equivalent combination of education and experience required.
  • 3+ years collections experience required.
  • 2+ years experience in real estate loss mitigation preferred.
  • 2+ years experience in foreclosures, REO, and bankruptcy preferred.
  • Demonstrated ability to interpret complex legal documents and ensure compliance with policies and legal requirements.
  • Understanding of Fannie Mae, Freddie Mac, Ginnie Mae, FHA, VA, & USDA regulations and requirements.
  • Strong analytical skills and ability to manage multiple priorities.
  • Excellent written, verbal, and interpersonal communication skills.

Nice-to-haves

  • Experience in loss mitigation, workouts, restructuring, modifications, short payoffs, and deeds in lieu.
  • Basic proficiency with Microsoft Word, Excel, and Outlook.

Benefits

  • Employer sponsored health, dental, and vision insurance.
  • 401(k) plan.
  • Life insurance coverage.
  • Paid vacation and personal time off.
  • Career development opportunities.
  • Education assistance and voluntary supplemental benefits.
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