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Loss Mitigation Specialist
Job
COMMUNITY NATIONAL BANK
Derby, VT (In Person)
Full-Time
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Job Description
BASIC SUMMARY
The Loss Mitigation Specialist is responsible for recognizing risk and maximizing recoveries on delinquent payments and charged off loans, as well as recovery and disposition of certain loan collateral.ESSENTIAL DUTIES AND RESPONSIBILITIES
- Monitor delinquencies and communicate with borrowers to develop and monitor workout plans.
- Assist with legal processes and provide documentation to attorneys.
- Initiate small claims complaints and manage court process.
- Issue default notices; initiate the legal process with legal counsel, to obtain judgments, garnishments, and debtors' exams.
- Provide reports or discuss action plans for loans and charged-off loans to management and board of directors, auditors and examiners including investor reporting.
- Prepare and process Financial Difficulty Modifications.
- Aid lenders as needed to communicate with borrowers and update Loan Quality Reports.
- Assist with legal processes and collection guarantees with government entities.
- Maintain department procedure manual.
- Comply with Code of Ethics standards and all applicable bank compliance laws and regulations.
- Perform all other related duties as assigned.
QUALIFICATIONS
Education:
High School Diploma or equivalentExperience :
two to four years of related collections experience including experience in lending- Must understand laws and regulations that impact the Loss Mitigation area. Must understand how to review various banking functions to evaluate level of risk associated with these functions.
Other:
Must have demonstrated skills in: customer service, attention to detail, general computer/internet skills, verbal communication, integrity, people skills, thoroughness and documentation. Must be able to learn new software quickly. Ability to read, write, speak and understand English is required. Must satisfactory complete a credit check.PHYSICAL DEMANDS
- While performing the duties of this job, the employee is regularly required to talk, hear and work/type at a computer.
- Specific vision abilities required by this job include close vision and the ability to adjust focus.
WORK ENVIRONMENT
- General office working conditions, the noise level in the work environment is usually quiet.