The Loss Mitigation Manager plays an important role in the organization by performing a number of tasks related to the Loss Mitigation department and managing all of the post-default loss mitigation efforts related to the Bank’s residential and consumer loan portfolios, delinquent deposit accounts and other fraudulent activity. The Loss Mitigation Manager will work with a team of loss mitigation specialists who work with delinquent borrowers to resolve their delinquency. The Loss Mitigation Manager’s responsibilities will include maintaining direct contact with delinquent borrowers to determine optimal loss mitigation solutions.
Oversee the day-to-day tasks and performance of Loss Mitigation department.
Act as a liaison with other departments to foster efficiency and high quality output.
Undertake special projects related to departmental activities and performs other duties as assigned.
Ensure compliance with all Investor guidelines, including Fannie Mae and Freddie Mac.
Provide positive leadership and coaching, including performance measurements,
Maintain, update and create process and procedure documentation for the Loss Mitigation team.
Promote an attitude of optimism and progress.
Ensure department policies and procedures are maintained and timely updates are submitted.
Manage loan maturities to prevent past-due loans.
Investigate fraud and recover funds from fraud-related losses.
Responsible for ongoing M.L.O. Licensing and CEU (educational) requirements (approximately 40 hours annually).
Collect documentation related to Successors-in-Interest and follow up within 30 days with the estate as a result of the deceased individual.
Monitor homeowners association (HOA) liens, mechanics’ liens and tax liens on investor and in-house portfolio collateral.
Ensure weekly modification pipeline report is generated to Loss Mitigation Specialists
Oversee property preservation administration through reviewing weekly report from approved vendor(s); report on anything damaged/vacant; collaborate with approved vendor(s) to inspect and secure property or initiate repair work.
Paying and approving bills for loans over 90 days delinquent
Perform other duties, as assigned.
High school diploma and some college, technical training or equivalent required; Bachelor’s degree in Finance, Business or a related field preferred, along with three or more years total mortgage default, loss mitigation and short sale experience, with at least one year in a supervisory/lead role required.
Expert-level knowledge of conventional and government mortgage loan documents, including overall processes and inter-relationships, standards and requirements, terminology, compliance and regulatory requirements related to federal debt collection laws, Federal Bankruptcy Laws, and proper handling of other legal situations.
Knowledge of Standard Operating Procedures, CFPB, FCRA and FDCPA preferred.
Strong interpersonal and problem-solving skills.
Highly organized and detail oriented; ability to work in a fast-paced, department-metrics-driven environment required.
Advanced math skills required.
Proficiency with basic internet searches, data entry, Microsoft Word, Excel, PowerPoint and Outlook required.
The above statements are intended to describe the general nature and level of work being performed by people assigned to this job. They are not intended to be an exhaustive list of all responsibilities, duties, skills, or working conditions.
ADA Disclaimer: In developing this job description care was taken to include all competencies needed to successfully perform in this position. However, for American with Disabilities Act (ADA) purposes, the essential functions of the job may or may not have been described for purposes of ADA reasonable accommodation. All reasonable accommodation requests will be reviewed and evaluated on a case-by-case basis.
Illinois National Bank is committed to Equal Employment Opportunity with respect to recruitment, hiring, training, promotion, and other terms and conditions of employment. It is INB's policy to afford equal opportunity to all employees and applicants for employment without regard to race, creed, color, sex, sexual orientation, age, marital status, national origin, disability, religion, veteran status, or any other basis prohibited by law. The EEO Law poster is available here: http://www1.eeoc.gov/employers/upload/eeoc_self_print_poster.pdf
About Illinois National Bank
At INB, a career represents our active commitment to serve businesses in our local community. We continually invest in our employees and in new technologies so that we can provide the most effective, efficient solutions at a reasonable cost. With multiple locations throughout central Illinois, INB has long been considered one of the best places to work locally. And our team at INB truly makes the difference in our community. Our outstanding customer service and loyal customer base would not be possible without a strong staff who cares about our customers and our community. In return, INB offers an extremely competitive benefit package.Full-time employee benefit options include:-Health insurance-Dental insurance-Life insurance-Disability insurance-Supplemental insurance-Medical Reimbursement plan-Dependent Care Reimbursement plan-Tuition Reimbursement plan-401(k) plan with company match-Paid benefit time (holidays, vacation, personal, sick)-Philanthropic programIllinois National Bank is committed to Equal Employment Opportunity with respect to recruitment, hiring, training, promotion, and other terms and conditions of employment. It is INB's policy to afford equal opportunity to all... employees and applicants for employment without regard to race, creed, color, sex, sexual orientation, age, marital status, national origin, disability, religion, veteran status, or any other basis prohibited by law.