Loss Mitigation Specialist

First Merchants Corporation•South Monroe, MI

About The Position

Reviews and analyzes distressed loans, restructuring loans or assisting in the selling of property to reduce expected loan losses. Perform duties related to collection activities for consumer and mortgage loans to ensure unnecessary losses are prevented.

Requirements

High school diploma or equivalent (GED).
A minimum of two (2) years of related collections, bankruptcy, repossession, foreclosure, litigation, tax sale, loss mitigation, and/or loan servicing experience.
Robust knowledge of bankruptcy, foreclosure, loss mitigation, loan collections and default management compliance, and a working knowledge of consumer and mortgage loan documents.

Responsibilities

Contact loan customers regarding severe delinquency and NSF checks. This may be done by mail, email, in person, or by telephone and includes: 1. Ensure default notices are mailed. 2. Attempt to collect monies due or obtain promise to pay. 3. Accept payments, or partial payments in connection with a forbearance or repayment agreement, on delinquent accounts. Provide customers with receipts and apply payments in a timely manner to accounts. 4. Discuss problem situations with supervisor; advising supervisor of unusual or critical circumstances brought to the Bank’s attention about any borrower, employee, or vendor.
Discuss delinquency, work through financial obstacles, and make necessary payment arrangements with customers in an attempt to cure the default.
Provide borrowers loss mitigation packets. Review the returned information, analyze it, and make recommendations for modifications, extensions, rewrites, and debt restructures in an effort to cure the loan default.
Skip trace and follow leads to locate defaulted borrowers and affect the collection of delinquent accounts.
Process and submit forms to maintenance loans involved in bankruptcy, foreclosure, probate, repossession, charge-off and other real estate owned (OREO).
Prepare and transmit document packages for legal counsel for loans involved in bankruptcy, foreclosure, probate, repossession and charge-off.
Assign abandoned and OREO properties to the Property Management Group to ensure they are properly secured and managed.
Submit Vender Single Interest (VSI), Industrial Acceptance Corporation (IAC), Freddie Mac and Primary Mortgage Insurance (PMI) paperwork for payment and/or reimbursement.
Process repossession title paperwork and transfer to auctions upon receipt.
Submit requests for dealer add-on recoveries post-repossession.
Communicate with attorneys regarding bankruptcies and foreclosures; complete necessary reports.
Maintain contact with realtors and auctions engaged in liquidating OREO and repossession assets