MB Financial Bank Loss Mitigation Specialist III - 6111 N. River Rd in Rosemont, Illinois
CMB *Reference: SL16660**
SummaryResponsible for oversight and compliance on defaulted portfolio loans including loss mitigation; loan modifications, foreclosure; collection and/or litigation of seriously delinquent loans; monitoring bankruptcy, charge-off recovery, work with attorneys, customers and vendors to protect the Bank’s interests and minimize losses. This position additionally requires quality assurance reviews for compliance matters and vendor performance and compiling management report data for the monthly consumer loss review meetings. Essential
Duties and Responsibilities
- Manage a portfolio of delinquent loans and loans serviced for others to maintain asset quality, full compliance and quality assurance with all Bank and regulatory (CFPB & OCC) guidelines regarding default administration, foreclosure, alternatives to foreclosure, resolution options, and recovery monitoring. Implement methods of default resolution, including but not limited to:
- Arrange for payment or reinstatement of past due amounts with attorneys and/or customers
- Offer other appropriate loss mitigation options such as loan modifications, short sales, deeds-in-lieu, etc.
- Perform collateral evaluations and recommend foreclosure, repossession, legal action, write-down or charge-off to management
- Review and assess accounts, charting an appropriate path of resolution
- Prepare written analyses of equity position for presentation to credit management o Use proactive default recovery tactics to induce repayment or minimize losses
- Perform coding of accounts and document all activity in collection system
- Correspond with attorneys, customers, and lien holders in written or verbal format o Demonstrate full knowledge of and compliance with FDCPA, CFPB, SCRA and state/federal foreclosure and real estate laws, regulations and industry practices o Skip-trace unreachable borrowers
- Provide loss mitigation updates, prepare monthly reporting for accounts managed, submit short sales and deed-in-lieu requests for approval, order appraisals, as well as stay informed of all ongoing system, procedural and guideline changes as required. Must be able to appropriately and professionally demonstrate/deliver this information to management and peers.
- Employs loss mitigation techniques to discuss programs available for borrowers with imminent default or in default; works closely with the Loan Modification group to coordinate obtaining complete Borrower Response packages.
- Assist management with assigned projects, such as foreclosure file reviews, internal and external audits, acquisitions, preparation for loan sales, management reports, system enhancements, imaging, data query reports, and development and implementation of procedural changes.
- Implements proactive charge-off recovery tactics to promote repayment and minimize losses; coordinates payment plans, loan modification/workouts, or settlements with outside counsel when litigation is required.
- Administer Quality Assurance programs to address improvements in processes related to bank policy, compliance matters and suggestions from examiners. This includes reviewing existing processes to identify improvements and offering recommendations or enhancements.
- Compiles management report data for the monthly consumer loss review meetings; oversees the submission of charge off processing and system coding, coordinates the preparation and distribution of meeting activities and monthly reports to management.
- Ensures all inbound and outbound calls are handled with the highest degree of courtesy, respect, professionalism and accuracy
- Manage special projects and other duties as assigned.
- Complies with all applicable federal and state laws and regulations.
- “LIVE” the Bank’s Mission Statement and “PRACTICE” the Bank’s Corporate Strategy.
- Other duties may be assigned. QualificationsTo perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
Education/ExperienceBachelor's degree from four-year College or university and five years related experience or training; or equivalent combination of education and experience. Knowledge of FDCPA, CFPB, SCRA, real estate and foreclosure requirements/practices, collection laws, bankruptcy laws and government regulations as required. Default servicing experience and financial analysis/analytical abilities preferred.
Five years of experience administering foreclosure, bankruptcy, charge off recovery, and customer service within a financial institution or mortgage servicer is preferred. **Computer Skills
To perform this job successfully, an individual should be proficient in MS Word and Excel. Basic knowledge of Microsoft Access is preferred.
MB Financial is an Equal Opportunity Employer and does not discriminate against any employee or applicant for employment because of race, color, sex, age, national origin, religion, sexual orientation, gender identity, status as a veteran, and basis of disability or any other federal, state or local protected class.
As a part of the MB Financial hiring process all applicants will be required to submit to and pass a pre-employment urine drug screening.**