Loss Mitigation Officer

Hills Bank; Iowa City (IA); On-site; USD 52,000 - 76,000; Full time

Job summary

Hills Bank and Trust Company is seeking a Loss Mitigation Officer to manage delinquent residential mortgage loans and work with borrowers to resolve past-due obligations. The role entails proactive borrower communication, evaluating individual circumstances, and coordinating collection and foreclosure activities when necessary.

Reporting to the First Vice President, Loss Mitigation, you will analyze borrower finances, identify mitigation options, and document actions in bank systems while

Qualifications

• Requires a 2-year degree or Bachelor's degree in a related field.
• 2+ years of related experience preferred.
• Experience in lending is a plus.
• Typical office environment skills including computer use are required.

Responsibilities

• Manage a portfolio of delinquent residential mortgage loans and monitor throughout the collection process.
• Explain account status, payment requirements, and available options to borrowers.
• Contact customers to assess circumstances and identify repayment or loss-mitigation options.
• Evaluate borrower information to determine loss mitigation strategies.
• Coordinate with Legal and internal teams to document collection activities.

Skills

Office environment

Computer skills

Customer communication

Education

2-year degree

Bachelor's degree

Job description

SCHEDULE

Full-time: Monday through Friday (8:00 am -4:30 pm) Average of 40 hours/week

BENEFITS

Our employees are our most valuable assets, so we invest in them with a comprehensive and competitive benefits package. Our philosophy of taking care of the customer extends to taking care of our employees so that they, in turn, can take good care of themselves and their families. Join Hills Bank and let us surprise you with even more perks!

SCOPE

Reporting to the First Vice President, Loss Mitigation, the Loss Mitigation Officer is responsible for managing delinquent residential mortgage loans and working with borrowers to resolve past-due obligations in a timely, professional, and customer-focused manner.

This position proactively communicates with borrowers, evaluates individual circumstances, identifies appropriate loss-mitigation solutions, and coordinates collection and foreclosure activities when necessary. The position works closely with Legal, and other internal partners to ensure collection activities are properly documented and conducted in accordance with Bank policies and applicable laws and regulations.

ACCOUNTABILITIES

Home Loans:

• Manage a portfolio of delinquent residential mortgage loans and monitor throughout the collection process.
• Explain account status, payment requirements, collection processes, and available options clearly and accurately.
• Contact customers to determine the circumstances contributing to delinquency and to identify available repayment, workout, or loss-mitigation alternatives to bringing accounts current.
• Gather and review borrower financial information necessary to evaluate available loss mitigation options for modifications and make recommendations to customers.
• Exercise independent judgment within established authority and recommend resolution strategies.
• Produce delinquent customer notices and complete documentation for special payment arrangements.
• Monitor and follow up on payment arrangements on accounts assigned.
• Receive, investigate, and respond to customer inquiries.
• Maintain accurate records of collection efforts by documenting actions in the collection systems in accordance with established procedures.
• Assist with review of risk ratings, charge offs, and non-accrual status for loans.
• Assist with development and periodic updates to policies and procedures.
• Provide regular progress updates to management on all outstanding loss mitigation plans, renewals, and significantly past due loans.
• Identify emerging risks and recommend appropriate collection strategies to minimize potential losses to the Bank.
• Work with internal counsel to provide documentation and information to support foreclosure proceedings.
• Serve as a knowledgeable resource to employees regarding mortgage collection and default-management matters.

Repossession and Sale of Bank Repossessed Assets:

• Assist First Vice President, Loss Mitigation with transitioning property to bank ownership and for maintaining properties while owned by the bank.
• Assist First Vice President, Loss Mitigation dispose of foreclosed assets in a manner that balances maximum recovery with timely liquidation.

EDUCATION AND SPECIAL REQUIREMENTS

• 2-year degree or Bachelor's degree in a related field.
• 2-plus years of related experience.
• Experience in lending a plus.
• This job requires skills needed in a typical office environment. This includes computer skills as well as utilization of office equipment.

EQUAL OPPORTUNITY EMPLOYER/VETERANS/DISABILITY