Collections Specialist - Mortgage Banking-1700172
Under the direction of the Supervisor, this position is responsible for mitigating mortgage loan losses by monitoring and coordinating collection efforts and foreclosure prevention activities on loans included in Repayment and Forbearance plans, Short Sales, Deeds in Lieu of Foreclosure, and Loan Modifications, as well as processing insurance claims with investors and mortgage insurance companies. In addition, this position is responsible for monitoring judicial and non-judicial foreclosures, including managing attorney relationships to ensure that accounts assigned to foreclosure are concluded in a timely manner and the Bank’s interest is protected. In addition, this position is responsible for serving as the Excellence in Sales/Service (ESS) champion for the unit, ensures business unit’s compliance with applicable laws, and regulations, regulatory requirements and Bank policies and procedures, including but not limited to those related to Fair Banking, Anti-Money Laundering laws and regulations, Bank Secrecy Act and USA PATRIOT Act.
- Mitigates mortgage loan losses by negotiating with borrowers to reinstate delinquent loans via repayment plans and other foreclosure prevention alternatives.
- Completes a financial and situational analysis of circumstances to determine if the borrower qualifies for workout options.
- Determines the optimum plan for the mutual benefit of the borrower, investor and company.
- Recommends strategies for all home saving and liquidation foreclosure prevention alternatives, as appropriate, within the bank’s or investor’s and/or guarantor’s guidelines.
- Ensures proper handling of all collection activity.
- Prepares standard and non-standard letters to borrowers.
- Files and monitors claims within investor and private mortgage insurance company procedures.
- Ensures compliance with all applicable federal, State, Bank, investor and Department guidelines for collections, loss mitigation and foreclosure.
- Monitors the Loss Mitigation workout process through its completion, including borrower follow-up.
- Monitors progress of accounts in foreclosure and interacts with attorneys to ensure appropriate timelines are met.
- Works and negotiates with legal, real estate and other professionals to minimize foreclosure losses.
- Prepares in-house documents necessary for workouts, loan modifications, short sales, deed in lieu of foreclosure and other programs.
- Prepares and submits MI claims for recovery and follows up on outstanding reimbursements.
- Prepares foreclosure auction bidding worksheets.
- Coordinates approval from Investors on Loan Modifications, Short Sales and Deed in Lieu of Foreclosure and submits all required documentation to appropriate investors/guarantors to ensure regulatory compliance.
- Submits borrower documentation, as necessary, for foreclosure prevention alternative workouts to Investors/guarantors.
- Monitors status of investor/guarantor review for applicable foreclosure prevention alternative requests.
- Develop overall functional knowledge of Customer Loan Management Services (CLMS).
- Support all CLMS departments and sections as needed and/or assigned, cross training in all functions and provide backup as necessary.
- 2 years of college or equivalent work experience.
- 5 or more years of mortgage collection, loss mitigation/underwriting, or foreclosure experience
- Windows Applications (Word, Excel, Access), knowledge of Mortgage Servicing System, mainframe applications.
- Extensive knowledge of Fair Debt Collection Laws, Federal Bankruptcy Laws, Fannie Mae and Freddie Mac investor and private mortgage insurance guidelines and regulations, foreclosure procedures and various loss mitigation options such as short sales, deed in lieu of foreclosure, pre-foreclosure sales, loan modifications and workouts.
Other Job Qualifications
- Demonstrated communication skills, both written and verbal; negotiation skills; financial analysis skills; organizational skills.
- Able to transport self between locations, as needed, in a timely manner.
All qualified applicants will receive consideration for employment and will not be discriminated against on the basis of any legally protected classification including race, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, or protected veteran status. Bank of Hawaii takes affirmative action in support of its policy to advance in employment legally recognized individuals including minorities, women, protected veterans and individuals with disabilities.
Job Function Compliance/Risk Management
Primary Location Hawaii-Oahu
Job Posting Mar 1, 2017, 8:52:42 AM
Unposting Date Ongoing