Iberia Bank Corporation

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Loss Mitigation Specialist

at Iberia Bank Corporation

Posted: 11/22/2019
Job Status: Full Time
Job Reference #: 9a485246-58e8-4ea5-8a53-ba58c375f01e
Categories: Other/General

Job Description

The Loss Mitigation Specialist (SPOC) is the central point of contact for borrowers who have applied for an alternative to foreclosure program or who are in the foreclosure process. Reviews and validates the decisions made by the Loss Mitigation Underwriting team and negotiate agreeable terms with the borrower. Responsible for communication with the borrower. Responsible for monitoring retention plans and coordinating efforts of Collections, Foreclosure, and the Consumer Collections. Responsible for assisting the borrower in making the transition from home ownership in the event they do not qualify for any retention options. Educates the borrower on the foreclosure process and what options and programs would be available that could ease that transition.

ESSENTIAL DUTIES AND RESPONSIBILITIES

  • Maintain contact with borrower to ensure they understand the current status of their loan workout application, available options, and next steps; remain the "single point of contact" throughout the loss mitigation, loan modification and foreclosure process.
  • Initiates outbound contact with borrowers to determine "reason for default", borrower intent, financial ability to repay debt, and to identify potential loss mitigation options/solutions.
  • Balance multiple priorities and tasks such as inbound/outbound phone calls, letter generation, trial payment and document tracking.
  • Answer inbound phone inquiries from borrowers regarding the status of loss mitigation, modification, short sales and foreclosure process.
  • Payment arrangements/reinstatements (forbearance agreements);
  • Works with borrower and attorney in accepting Short Sales and/or DIL (deed in lieu);
  • Provides reinstatement and payoff quotes;
  • Obtains, reviews and analyzes property value opinions; determine if sufficient equity in property to start foreclosure or note action;
  • Documents borrower conversations and payment arrangements;
  • Obtain foreclosure information and generate reinstatement quotes;
  • Interviews borrowers to understand borrowers specific situation; identify and request appropriate documents required for workout review.
  • Assists customers that are in a loan default situation to find solutions to maintain home ownership or to identify and discuss property liquidation options when a modification is not appropriate.
  • Reviews and coordinates routine to complex workouts and or coordinates short sale liquidations.
  • Works with foreclosure department to ensure dual tracking does not occur.
  • Knowledge and understanding of mortgage and title documents, credit reports, appraisals, default servicing, loan default legal process and legal terminology.
  • Expected to engage, understand and advise borrowers of available options to resolve real estate secured and unsecured delinquency and submit required information to underwriting team to obtain approval of eligible workout options.
  • Makes a diligent effort to obtain the necessary documents from the customer when package is incomplete in an effort to complete the application and submit for underwriter review. Handle all customer emails and voice mails that are assigned
  • Access information in multiple systems to inform borrowers of loan workout terms, important dates and deadlines. Follow-up with borrower to get loan modification agreements signed and closed.
  • Make "good faith" payment arrangements with borrower to ensure mortgage does not fall further behind while loss mitigation options are being evaluated.
  • Notify and inform borrowers of changes to dates/timelines and decisions as they are made.
  • Work with borrower to obtain broker information for short sale process.
  • Provide information to borrower concerning escalation/complaint procedures and process per CFPB guidelines.
  • Follows up with mortgagors, authorized 3rd parties, or internal council to ensure timely receipt of executed modification documents.
  • Efficiently handle a variety of customer inquiries, via phone call and written correspondence, regarding the customer's loan.
  • Become a "subject matter expert" (SME) on Real-estate secured and unsecured loss mitigation options and qualification requirements.
  • Minimize call escalations by gaining our customer's trust and keeping our promises.
  • Prioritize quality and efficiency in resolving customer issues.
  • Ensures compliance with all applicable federal and state laws, regulations, investor requirements and CFPB Servicing Guidelines.
  • Maintains appropriate records and documents the system of record in order to preserve a history of actions taken or denied.
  • Other duties may be assigned.
  • Adhere to all Government Regulations, Investor Guidelines and Iberiabank policies.

QUALIFICATIONS:
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. Additionally, the qualifications listed below are representative of the knowledge, skills, and/or abilities required in this position:

High School Diploma or GED required. Bachelor (4 year college) degree preferred. Minimum two to three years of banking loss mitigation experience. Real Estate Collections or default related experience preferred.

COMPUTER AND OFFICE EQUIPMENT SKILLS:

  • Microsoft Office suite
  • Bank Standard Software Programs

CERTIFICATES, LICENSES, REGISTRATIONS:
None required