The Collections Specialist at the Savings Bank of Danbury is responsible for Mortgage and Home Equity loan, secured and unsecured Consumer loan loss mitigation and FNMA secondary market servicing. Provides repayment solutions through customer outreach efforts and present options for collateral retention. Provides financial counseling and offers mortgage forbearance, loan deferral, refinance or modification solutions and track foreclosures for compliance and further legal or collection action.
COLLECTIONS - Uses effective loss prevention techniques to collect on all mortgage, home equity, investment property, and consumer loans. Utilizes skip tracing methods, including social media, to locate customers, employers, etc. - Corresponds with customers in early, mid and late-stage delinquency verbally and/or in writing to obtain financial information and documentation on delinquent loans and to discuss loss mitigation options. Ensures proper policies, procedures, risk mitigation activities, and operating controls are followed. - Asks direct questions to learn the customer’s story and reason for the delinquency and provides financial counseling. Determines if it is a temporary or permanent financial hardship and follows up with customer accordingly. - Reviews past due accounts, including first payment defaults, to ensure that errors are corrected promptly. - Reviews borrowers' information to determine eligibility for loss mitigation assistance and recommends debt counseling agencies as appropriate. Audits and analyzes loan application, financial statements, credit report, home appraisal, title search, deed, certificate of title, note and other loan servicing documentation to ensure the loan approval decision followed approved policies and procedures, ownership is properly documented, and lien position is secure before proceeding with legal action. - Oversees complex loan delinquency issues due to death, divorce and bankruptcy following industry standards, policies, and procedures. Understands when we have the right of share offset and cross-collateralization. - Monitors customer obligations such as making trial plan payments and then prepares documents necessary such as forbearance, deferral, modification, deed in lieu or voluntary repossession agreements to avoid the foreclosure or repossession actions. - Updates collection system notes with status, core system flags, alerts and diary entries and interfaces with other servicing departments regarding status of the loan.
LOSS MITIGATION - Review, analyze, and determine property worthiness for all loss mitigation options (i.e.: PMI claim, CPI claim, pre-foreclosure, forbearance, etc.) - Responsible for verifying member’s county property tax status on 1st and 2nd mortgage through Escrow Servicing and determining the next step in resolving member’s county property tax delinquency. - Collaborates with Management and recommends restructuring, recommends charge off’s, write downs, Risk Rating changes workout, or modification options if the ability to repay exists. Tracks workouts, Modifications, Non-accrual and Troubled Debt Restructuring for audit - Provides attorney and court with accurate foreclosure figures, including reinstatement, payoff, and assumption figures which will be provided to external parties by the attorney. In addition, provide the attorney with accurately executed documents as requested. - Monitors foreclosure proceedings on assigned cases by interacting and instructing various parties such as attorneys, insurers, realtors, appraisers, and any other party involved with the foreclosure. - Prepares bidding instructions and processes all foreclosure sale results, ensuring compliance with policies, procedures, guidelines and complies with all sale deadlines. - Confers with Management to determine if the bank will be represented at sale and bid on the property to minimize loss and maximize the recovery. - Executes legal documents relating to foreclosure and maintains compliance standards. Registers the address and all details all foreclosures in process following county requirements. - Manages the bank’s real estate owned properties and ensures an insurance policy is in place. Manages eviction process and legal steps required for compliance. Manages relationships with real estate agents and property managers who help secure, repair, maintain, list, and sell the property. -Responsible for bankruptcy filing reviews, transmittals to attorneys and servicing or further legal action or settlement of delinquent or charged-off loans and negative account. - Ensures new bankruptcy filings are set up properly on collection and core servicing system. Ensures proper policies, procedures, risk mitigation activities, and operating controls are followed. Reports gaps in policies, procedures, and operating controls to leadership to ensure member impact and risk is mitigated. - Performs Plan Reviews and prepares and files accurate proof of claims on Chapter 13 and all Chapter 7 Asset cases with the bankruptcy districts. - Monitors accounts during the bankruptcy process to ensure all documents have been received by the bankruptcy districts and the proper application of all payments received for Pre- and Post-petition payments
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Educational and experience requirements include:
Associate degree or an equivalent, banking experience preferred
2 - 5 years relevant experience in loss mitigation or loan related area
Advanced knowledge of customer service principles and processes
Strong interpersonal skills including verbal communication and listening skills
Relevant experience developing and achieving team goals
Strong computer and banking software experience
Proven ability to stay current with and comply with industry regulations
Experience analyzing current market conditions to determine future business opportunities and projections
Physical Demands and Work Environment
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. While performing the duties of this job the employee: Is regularly required to operate a computer and other office equipment, such as, a copy machine, calculator, phone, and computer printer. Must be able to remain in a stationary position 60% of the time. Is required to have close visual acuity to perform an activity such as, viewing a computer terminal and determine the accuracy, neatness, and thoroughness of work assigned to self and staff. Is required to express or exchange ideas by means of the spoken word to convey detailed spoken instructions to other employees accurately. Must be able to receive detailed information through oral communication. The noise level in the work environment is typically low to moderate. Position is considered sedentary and may require employee to lift up to ten pounds
Job Type: Full-time
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