Loss Mitigation Specialist

Company: Banner Bank
Location: Walla Walla
Posted on: October 23, 2024

Job Description:

More than 130 years ago, we started with core values that never go out of style: listen, learn and help businesses and individuals reach their goals. Our financial strength and stability are key reasons Forbes names us one of the Best 100 Banks in America the past eight consecutive years and Newsweek names Banner one of the Most Trustworthy Companies the past four years.
With more than $15 billion in assets and over 150 locations throughout Washington, Oregon, Idaho, and California, we understand our role in the economy and take that responsibility seriously. In addition to offering a source of capital to personal banking clients and businesses of all sizes, we place a high importance on employee volunteerism and donate millions of dollars each year to community organizations.Responsible for loss mitigation efforts as well as bankruptcy file processing pertaining to investor owned loans (or portfolio loans with private mortgage insurance) within the Mortgage Servicing portfolio. Ensure timely and accurate administration, monitoring, and reporting of loss mitigation efforts and results to investors, private mortgage insurers, and regulatory agencies. Assist with collection calls and correspondence with delinquent customers.

Requirements:

• H.S. Diploma or equivalent required
• Associate's Degree in related field preferred
• 3+ years experience in customer service, collections, or mortgage servicing preferred
• Legal experience, especially pertaining to bankruptcy and/or foreclosures preferredKnowledge, Skills & Abilities:
  • Knowledge of basic accounting principals. Solid understanding of residential lending programs, investor relationships, and mortgage insurance.
  • Ability to prioritize, multi-task, and meet deadlines.
  • Ability to work independently and as part of a team.
  • Ability to communicate in a positive and professional manner through telephone, e-mail, or written correspondence with customers and co-workers.
  • Ability to understand and apply changes to regulations and requirements to daily work.
  • Knowledge of investor, federal and state laws and regulations relating to mortgage servicing and collections.In this role you will have the opportunity to:
    • Responsible for placing calls to customers regarding past due payments using assigned collection queues. Update loan records to with customer profile information. Document attempts to contact and customer conversations.
    • Responsible for sending appropriate correspondence to customers based on delinquency and other loan characteristics. Answer customer inquiries related to past due payments and payment changes related to escrow, escrow analysis, and adjustable rates.
    • Responsible for advising customers on retention or non-retention loss mitigation options available based on loan type, state, and investor parameters. Establish payment plan options to maximize borrower success in retaining their home. Report loan status and/or process claims accurately and timely to investors, agencies, and/or PMI companies.
    • Monitor bankruptcy court status, processes, and accounts for loan payments associated with bankruptcy plan. Prepare and file routine bankruptcy documents with the bankruptcy court.
    • Responsible for modifying or correcting credit reporting and/or late charge assessment as situations require and research supports. Work with credit repositories to ensure accurate reporting in accordance with the FACT Act.
    • Responsible for calculating income and reviewing customer financial information and make recommendations in accordance with loss mitigation option hierarchy or foreclosure. Negotiate, calculate, draft, and monitor repayment, forbearance or loan modifications for receipt of payments in accordance with the agreement.
    • Responsible for obtaining inspections, BPOs, and/or appraisals. Review results for recommendations regarding risk rating, charge offs, property repairs, and securitization. Perform maintenance pertaining to charge-offs, non-accruals, and risk ratings.
    • Responsible for complying with policies, procedures, security requirements, and government regulations.Compensation & Benefits
      • Targeted starting hourly range (based on experience): $ - $
      • Annual incentive potential
      • Comprehensive employee benefits, including: medical, dental, vision, LTD, STD and life
      • Paid vacation time, sick time and 11 company paid holidays
      • 401k (with up to 4% match)
      • Tuition reimbursement up to $5,250 annually
      • Get more information at:
        Please take time to review before applying.
        Banner Bank is an Equal Opportunity Employer committed to diversity in the workplace. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, citizenship, marital status, age, disability or protected veteran status.
        Banner Bank does not accept unsolicited resumes from agencies and/or search firms for any job postings. Resumes submitted to any Banner Bank employee by a third-party agency and/or search firm without a valid written and signed search agreement, will become the sole property of Banner Bank. No fee will be paid if a candidate is hired for a position as a result of an unsolicited agency or search firm referral.

Keywords: Banner Bank, Yakima , Loss Mitigation Specialist, Other , Walla Walla, Washington