Senior Loss Mitigation/Workout Specialist

Job Summary: The Senior Loss Mitigation/Workout Specialist is responsible for collecting, managing and resolving a portfolio of delinquent loans, to include inbound/outbound telephone calls, written correspondence, and providing superior customer service in all phases of loan workouts. Workouts may include consumer, residential and commercial loans that are in arrears or at risk of default.

Essential Functions

The following is a list of essential functions, which may be subject to change at any time and without advance notice. Management may assign new duties, reassign existing duties, or eliminate a function.

Communicate with delinquent borrowers via telephone and written correspondence to determine reason for delinquency, hardships, resources, and intentions. A heavy volume of both inbound and outbound phone calls may be necessary for this group of customers.
• Maintain communication on an ongoing basis per department and industry standards and regulations.
• Actively perform efficient and effective recovery of impaired commercial, consumer and residential loans, including identifying and pursuing collection methods against individual and/or business. Recovery methods may include liquidation of assets, foreclosures and/or sheriff sales.
• Perform ongoing analysis, reporting and resolution of loans identified as delinquent, non-performing, or otherwise requiring enhanced monitoring. Update in debt collection software system as appropriate.
• Meet with customers on a face-to-face basis as needed. This may include visits to the customer's residence and/or business.
• Request and analyze customer financial documents. Analysis will consist of review of financial statements, tax returns, credit reports, appraisals, property searches, and net present value model.
• Identify and implement customized solutions to resolve delinquency and mitigate losses based on borrower eligibility and, if applicable, investor guidelines. Work with borrower on plan implementation.
• Analyze and apply under and overpayment through unapplied payments report.
• Manage negotiation of workout terms with borrowers, as required. Workout plans will consist of repayment plans, forbearances, modifications, short sales, and deed in lieu of foreclosures.
• Review legal documents and collaborate on legal issues with outside counsel for loan workouts.
• Obtain appraisals and environmental risk reports as needed.
• Coordinate with Loan Operations on the purchase and maintenance of adequate insurances.
• Attend Conciliation Conferences and legal hearings for foreclosure and bankruptcy related actions.
• Participate in the recommendation of bid prices for Sheriff Sales and attend sales as needed.
• Coordinate, visit and inspect collateral properties regularly prior to and after REO.
• Work with realtors and property preservation companies for the maintenance and disposal of REO's.
• Complete impairment analysis per Bank policy.
• Serve as point of contact with Investors (Fannie Mae, Freddie Mac, and FHLB) on loan default issues.
• Responsible for credit bureau reporting and related disputes.
• Perform related duties as assigned.

Compliance

• Comply with all applicable regulations and Bank policies regarding employment and employment law.
• Participate in annual compliance and other job-related training.
• Comply with applicable bank regulations, Bank policies and procedures.
• Comply with Bank's internal privacy and ethics standards.

Relationships and Contacts

Internal: Frequent contact with CCO, credit, lending and loan operation departments.

External: Frequent contact with borrowers, attorneys, bankruptcy courts, property managers, realtors, and other vendors.

Education and Experience

• Bachelor's Degree from a 4-year college/university in a related field of study or equivalent relevant work experience.
• Specialized collection training or loan workout experience.
• Minimum five years of accomplishment in a field similar or related to mortgage loss mitigation, advanced collections, and/or asset management.

Skills and Competencies

• Excellent customer service skills with a professional demeanor and appearance at all times.
• Excellent written and verbal communication skills.
• Thorough knowledge of mortgage and consumer lending industry practices and disciplines.
• Working knowledge of all federal, state, and local government regulations that affect the collections process, including the Fair Debt Collections Practices Act (FDCPA).
• Knowledge of legal principles.
• Knowledge of the foreclosure and bankruptcy process.
• Strong computer skills; proficiency in Microsoft Excel and Word, as well as loan collection systems.
• Detail-oriented with strong organizational skills.
• Ability to work independently and solve complex problems.
• Proven negotiation and critical thinking skills.
• Ability to manage multiple tasks simultaneously and meet deadlines.

Working Conditions

Traditional office environment with the ability to work remotely on a hybrid basis the office maintains five day a week operations (Monday - Friday) with operational hours of 8:00am - 5:00pm. Must be available to attend events on evenings and weekends as necessary.

Physical Demands

Penn Community promotes an equal opportunity workplace, which includes reasonable accommodations of otherwise qualified disabled applicants and employees. Please contact Human Resources with questions regarding the physical demands of this position.

• Lifting/carrying up to 10 lbs.
• Manual dexterity for computer work
• Speaking, hearing, and vision are required to perform essential functions

Equal Employment Opportunity

It is the policy of Penn Community to provide equal employment and advancement opportunities to all individuals. For this reason, employment decisions at Penn Community will be based on merit, qualifications, and abilities. Except where required or permitted by law, employment practices will not be influenced or affected by an applicant's or Team Member's race, color, religion, sex, national origin, age, sexual orientation, physical or mental disability, veteran status, or any other characteristic protected by law.