Loss Mitigation Specialist
First Merchants Corporation, Lansing, MI, United States
Position Goals
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.
Essential Duties And Responsibilities
Contact loan customers regarding severe delinquency and NSF checks (by mail, email, in person, or telephone); ensure default notices are mailed, attempt to collect dues, accept payments or partial payments in connection with a forbearance or repayment agreement, provide receipts, and apply payments timely.
Discuss problem situations and unusual or critical circumstances with supervisor.
Work through financial obstacles and make necessary payment arrangements with customers to cure defaults.
Provide borrowers loss mitigation packets; review returned information, analyze and recommend modifications, extensions, rewrites, and debt restructures.
Skip trace and follow leads to locate defaulted borrowers and collect delinquent accounts.
Process and submit forms for maintenance loans involved in bankruptcy, foreclosure, probate, repossession, charge‑off and other OREO.
Prepare and transmit document packages for legal counsel for such loans.
Assign abandoned and OREO properties to Property Management Group for proper security and management.
Submit Vender Single Interest (VSI), Industrial Acceptance Corporation (IAC), Freddie Mac and Primary Mortgage Insurance (PMI) paperwork for payment or reimbursement.
Process repossession title paperwork and transfer to auctions.
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 engaging in liquidating OREO and repossession assets.
Position Requirements
Education: High school diploma or equivalent (GED).
Experience: Minimum of two (2) years of related collections, bankruptcy, repossession, foreclosure, litigation, tax sale, loss mitigation, and/or loan servicing experience.
Other: Robust knowledge of bankruptcy, foreclosure, loss mitigation, loan collections and default management compliance, and a working knowledge of consumer and mortgage loan documents.
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Essential Duties And Responsibilities
Contact loan customers regarding severe delinquency and NSF checks (by mail, email, in person, or telephone); ensure default notices are mailed, attempt to collect dues, accept payments or partial payments in connection with a forbearance or repayment agreement, provide receipts, and apply payments timely.
Discuss problem situations and unusual or critical circumstances with supervisor.
Work through financial obstacles and make necessary payment arrangements with customers to cure defaults.
Provide borrowers loss mitigation packets; review returned information, analyze and recommend modifications, extensions, rewrites, and debt restructures.
Skip trace and follow leads to locate defaulted borrowers and collect delinquent accounts.
Process and submit forms for maintenance loans involved in bankruptcy, foreclosure, probate, repossession, charge‑off and other OREO.
Prepare and transmit document packages for legal counsel for such loans.
Assign abandoned and OREO properties to Property Management Group for proper security and management.
Submit Vender Single Interest (VSI), Industrial Acceptance Corporation (IAC), Freddie Mac and Primary Mortgage Insurance (PMI) paperwork for payment or reimbursement.
Process repossession title paperwork and transfer to auctions.
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 engaging in liquidating OREO and repossession assets.
Position Requirements
Education: High school diploma or equivalent (GED).
Experience: Minimum of two (2) years of related collections, bankruptcy, repossession, foreclosure, litigation, tax sale, loss mitigation, and/or loan servicing experience.
Other: Robust knowledge of bankruptcy, foreclosure, loss mitigation, loan collections and default management compliance, and a working knowledge of consumer and mortgage loan documents.
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