Loss Mitigation Workout Specialist

S&T Bank•Street, MD

1d•$16 - $33•Onsite

About The Position

The Loss Mitigation Workout Specialist helps minimize the bank’s loan losses by working with customers to identify hardships and loss mitigation options. The position is a first point of contact for delinquent borrowers and makes outbound calls regarding delinquent loans, bankruptcy proceedings, and foreclosures. The specialist manages loss mitigation hardship requests and applications, guides customers through the process, and maintains related procedures. The role also supports short-term payment relief, manages mortgage foreclosure and bankruptcy matters, reviews repayment and workout options, prepares required documentation, and coordinates with internal departments and external parties. The specialist must follow applicable policies and procedures and remain cognizant of UDAAP and other regulations during customer interactions.

Requirements

High school diploma or equivalent basic academic education.
Obtain NMLS licensing.
Two to five years of general experience.
Knowledge of trial, forbearance, and repayment plan agreements; modifications; pre-foreclosure sales (short sales); and deeds-in-lieu of foreclosure.

Responsibilities

Work with customers to identify loss mitigation opportunities and long-term resolutions for delinquent loan relationships.
Handle loss mitigation hardship requests and applications and guide customers through the process; maintain hardship processes and update procedures when appropriate.
Monitor and assist with short-term payment relief, including initial inquiries, documentation, and coordination with branch partners.
Handle the mortgage foreclosure process as directed, including preparing and sending Act 91 Notices and preparing sheriff sale bid sheets for analysis and final foreclosure decisions.
Learn and become familiar with the PACER system for tracking bankruptcy files.
Identify and review bankruptcy accounts, take action to protect the company’s interests, prepare and file required bankruptcy documentation, and correspond with attorneys as needed.
Contact delinquent borrowers to discuss alternatives to foreclosure and determine repayment options.
Enforce loan workouts, forbearance agreements, stipulations, modifications, and deed-in-lieu transactions in accordance with policies and procedures.
Prepare written correspondence and related documents concerning delinquent loan payments.
Collaborate with servicing support departments to identify needs, deliver results, and meet deadlines professionally.
Obtain credit reports, property condition reports, appraisals, inspections, surveys, and title work; identify situations in which foreclosure is recommended.
Assist with internal and external audit requests as needed.
Coordinate with attorneys, judges, magistrates, realtors, repossession and collection agencies, financial institutions, and vendors; attend court hearings to represent the company.
Maintain good working relationships with bank employees, work independently, and contribute as a team player.
Observe UDAAP and other regulations during customer contacts.
Perform additional duties as required.