Collections Specialist

Description

POSITION SUMMARY:

Responsibilities to include the collection of any funds presenting potential loss to the bank in Secondary Market mortgages. Contact delinquent accounts by phone, mail, and direct contact. Take actions necessary to bring accounts current within the appropriate Secondary Market guidelines. Analyze financial situation of delinquent borrowers to make recommendations within guidelines of Secondary Market regulations to Foreclose collateral when other arrangements to bring the loans current are unsuccessful. Maintain accurate files and reports on all collection activity. Assist with delinquent accounts, collection efforts and other similar duties for in house loans.

DUTIES:

1. Complete loss mitigation on secondary market mortgages, implement and coordinate plans to include:

a. Repayment

b. Forbearance

c. Mortgage Modifications

d. Short Sales

e. Deed in Lieu

f. Bankruptcy

g. Sheriff Sales

h. Foreclosures

2. Communicate with Secondary Market legal counsel on Secondary Market past dues

3. Initiate and process foreclosure actions on secondary market mortgages

4. Service REO’s on secondary market mortgages

5. Maintain complete understanding of Investor guidelines, products, and updates for loss mitigation/foreclosures on secondary market mortgages

6. Coordinate and/or perform monthly property inspections on secondary market mortgages, maintain appropriate Inspection Reports and oversee property preservation

7. Communicate via mail, email, text, phone and in person with borrowers to resolve delinquencies

8. Prepare and maintain files and various monthly reports required by Secondary Market mortgage holders

9. Attend monthly meetings regarding delinquent mortgages

10. Document all loss mitigation/foreclosure actions to ensure the Bank follows Secondary Market regulations

11. Prepare and ensure delivery of Demand, Acceleration, Default, and other letters related to delinquencies

12. Ability to work independently

13. Assist as needed in similar actions regarding in house consumer and mortgage delinquencies

14. Other duties as assigned

Requirements

RELATIONSHIPS/QUALIFICATIONS:

1. Responsible to the SVP Special Assets Officer for the fulfillment of duties assigned

2. Must be familiar with the bank’s policies and procedures in addition to the regulations governing loan portfolio management

3. Must be analytically minded, possess sound judgment and able to independently implement action plans to address delinquencies

4. Close communication with Mortgage Loan Officers and Loan Department

5. Accuracy, diligence, confidentiality, and basic computers skills

6. Effective communication and phone skills

7. Will have extensive direct customer contact and able to professionally address delinquencies even in exceedingly difficult and potentially tense situations

8. Mortgage, Collection, previous bank experience a plus, but not mandatory

9. Strong organizational, communication and multi-tasking skills, MS office (excel) and other software

WORKING CONDITIONS:

1. Normal office environment
2. Extended viewing of computer screens
3. Moderate lifting up to 25 pounds
4. Repetitive hand and arm movement