Loss Mitigation Specialist

Tompkins Community Bank • Ithaca, NY • 2w ago

Overview

This position will work closely with the Residential Mortgage Recovery Specialist and Collections Coordinator. Responsibilities include assisting with collections, recovery, and loss mitigation efforts to help borrowers avoid foreclosure or repossession, thereby reducing financial losses for the company and recovering debts when necessary. Additional duties involve supporting foreclosures, bankruptcies, developing departmental policies and procedures, managing third-party collections referrals and vendor relationships, collateral repossession, and maintaining and protecting collateral assets. This role will also support the Adjustor team, perform various administrative functions for the department, and manage the consumer credit dispute process.

Responsibilities

Assist with the review of loss mitigation applications including reviewing applications for completeness, ordering services such as property valuations and title reports and preparing documents for Residential Mortgage Recovery Specialist

Monitor status of loss mitigation applications, repayment plans, forbearance plans, and modifications

Assist with foreclosure proceedings by preparing foreclosure referral files, coordinating with various parties such as mortgagors, attorneys, realtors, appraisers and any other parties involved with the foreclosure.

Respond to inquiries in a timely and accurate manner and communicate effectively with the vendor, client, investor, internal departments, and external servicers as necessary

Provide exceptional service to internal and external customers by adhering to established communication guidelines, meeting required timelines for notifications to borrowers, initiating transfers upon customer request and debiting accounts in accordance with Right of Offset rules.

Handle emotionally charged customer contact situations with composure and professionalism.

Review outstanding debts and make recommendations as appropriate such as modifications to due dates, refinance, repossession of collateral, charge offs.

Educate borrowers on loss mitigation options and encourage borrower application, provide hardship resources if available, process ACH payments, and advise on other payment options.

Use problem-solving skills in conjunction with departmental procedures to set up payment arrangements or payment alternatives to cure delinquency, review payments posted, and request corrections as needed, update the borrower's financial information and/or hardship, and ensure system codes are accurate for reporting as applicable.

Create and maintain thorough and accurate documentation of communication with clients including calls, mail correspondence, and all electronic communication.

Assists with management of repayment plans by negotiating and establishing plans with clients, maintains documentation for repayment terms and conditions, follows payment plans to completion ensuring the payments are received according to the agreed upon terms or until the account is deemed unrecoverable by management.

Conducts research to collect debtor information by reviewing public records, preparing for third party investigations and utilizing tools that will assist in the location of assets and borrowers.

Responsible for entry, preparation and maintaining all charge offs.

Assist in the repossession process including:

Preparing repossession documents

Transporting and preparing for the sale of repossessed and lease vehicles.

Preparing VSI Claims

Preparing DMV title documents

Manage third party collections relationships including:
Preparation of attorney and collection agency referral files

Sending or uploading third party referrals

Maintaining contact with attorneys and collections agencies

Monitoring status of all active referrals

Responsible for entry, preparation and reporting on 1099_C IRS reporting

Maintain knowledge of the compliance requirements, policies and procedures applicable to the industry.

Perform various administrative tasks including ordering departmental office supplies, submission of invoices for payment, data entry of fees, management of mail, scanning and filing.

Provide back up to other team members to ensure the essential tasks of the department are completed timely, accurately and within department guidelines.

Qualifications

Highschool Diploma or GED

Minimum of four (4) years of relevant experience.

Proven track record of delivering exceptional customer service.

Demonstrated ability to work independently.

Strong skills in prioritizing tasks and managing expectations.

Detail-oriented with excellent communication skills and proficiency in writing comprehensive documentation.

Prior experience in a residential lending environment is preferred.

Analytical mindset with the capability to develop innovative solutions that benefit both the client and the company.

Benefits

Medical

Dental

Vision

401(k) Match

Profit Sharing

Paid Time Off

11 Holidays

Tuition Reimbursement

Free Parking throughout Tompkins Community Bank

Employee Referrals

EEO Statement

Tompkins is committed to a policy of Equal Employment Opportunity ("EEO") with respect to all team members and applicants for employment and a work environment free from discrimination (including unlawful harassment) based on race, color, religion, sex, sexual orientation, transgender status, gender non-conformity, gender identity, gender expression, national origin, age, marital status, domestic violence victim status, disability, predisposing genetic characteristics, military or veteran status or status in any group protected by federal, state, or local law.

For more information, please click here (https://jjk-ecomm-llpmc-prod.s3.us-east-2.amazonaws.com/posters/federal/FED-E-B-EEOC-FMLA-POLY_49654.pdf)

communitybank

Pay Range

USD $21.50 - USD $25.00 /Hr.

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