Commerce Bank
Loss Mitigation Specialist - Mortgage
Commerce Bank, Kansas City, Missouri, United States, 64101
About Working at Commerce
Building a career here is more than just steps on a ladder. It’s about helping people find financial safety and success, helping businesses thrive, and making sure people and their money are taken care of. And our commitment doesn’t stop there. Our culture is about our people, the ones in our communities and the ones that work with us.
Here, you’ll find opportunities to grow and learn, to connect with others, and build relationships with the people around you. You’ll have the space and resources to grow into the best version of yourself. Because our number one investment is you.
Creating an award-winning culture doesn't come easy. And after more than 155 years, we know Commerce Bank is only at its best when our people are. If this sounds interesting to you, keep reading and let’s talk.
About This Job
The main purpose of this job is to perform the day-to-day processes related to the collections, loss mitigation, foreclosure/real estate owned (REO), and bankruptcy functions. The primary focus of this position will be to execute the tasks necessary to mitigate the bank’s loss exposure on defaulted loans in accordance with investor, state and federal laws, regulatory agencies, and company policies.
Essential Functions
Contact customers to remedy delinquency or non-payments, employ appropriate collection alternatives to resolve delinquencies, fully document collection efforts and perform timely follow up on customer repayment commitments while meeting productivity and delinquency ratio goals established by management
Work with customers to negotiate workouts, including restructuring, modifications, short payoffs and deeds in lieu, analyze financial statements and appraisals, actively monitor Loss Mitigation cases and fully document and perform timely follow up on customer repayment commitments
Work directly with investors, private mortgage insurers, and government agencies to fulfill reporting requirements and obtain approvals
Review loans for consideration of Foreclosure action, ensure that all efforts to cure have been exhausted and all investor, private mortgage insurer, HUD, and state/federal requirements have been met
Prepare Foreclosure Recommendation and submit to senior management for approval, review legal documents and progress of each loan in foreclosure and contact legal counsel to resolve issues. Fully document activities in Foreclosure/REO Workstations and promptly and accurately prepare mortgage insurance claims.
Work directly with vendors to procure completion of property preservation items and ensure work is completed in a timely fashion and in full compliance with company and investor requirements
Procure and review BPOs/Appraisals, listing agreements, contracts, and other pertinent items related to disposing of bank owned real estate. Make recommendations to senior servicing managers and work directly with bank management on disposition of properties
Set up loans in bankruptcy in Bankruptcy Station, actively review progress of loans in bankruptcy to ensure all investor, state/federal timelines and requirement are being followed and submit files to legal counsel and work directly with attorneys and/or bankruptcy trustees to resolve issues
Perform other duties as assigned
Knowledge Skills & Abilities Required
Demonstrated ability to interpret complex legal documents and perform a wide variety of tasks to ensure full compliance with company policy, procedures, and all applicable legal requirements
Understanding Fannie Mae, Freddie Mac, Ginnie Mae, FHA, VA, & USDA regulations and requirements
Strong analytical skills, ability to identify and resolve exceptions and interpret data
Motivated and organized self-starter with strong attention to detail and the ability to manage multiple priorities
Inquisitive, agile and strong team player with excellent written, verbal and interpersonal communication skills
Ability to remain adaptable and resilient to all situations with an optimistic outlook and cast a positive shadow that is aligned with our culture and Core Values
Basic level proficiency with Microsoft Word, Excel and Outlook
Education & Experience
High school diploma or equivalent combination of education and experience required
3+ years collections experience required
2+ years experience in real estate loss mitigation preferred
2+ years experience in foreclosures, REO, and bankruptcy preferred
Experience in loss mitigation, workouts, restructuring, modifications, short payoffs, and deeds in lieu, including knowledge of title and legal issues required
**Level of role is determined by knowledge, experience, skills, abilities, and education
#LI-Hybrid
The candidate selected for this position may be eligible for the following employment benefits: employer sponsored health, dental, and vision insurance, 401(k), life insurance, paid vacation, and paid personal time. In addition, we offer career development, education assistance, and voluntary supplemental benefits. Click here (https://careers.commercebank.com/us/en/benefits) to learn more.
Location: 922 Walnut, Kansas City, Missouri 64106
Time Type:
Full time
Commerce Bank has been awarded numerous awards for our company culture. We have been included on distinguished lists such as Forbes’ Best Midsized Employers, Forbes’ Best Employers for Women, and Korn Ferry’s Engaged Performance Award. You’ll see the difference for yourself when you join the team.
Why Commerce? (https://www.commercebank.com/careers/about-commerce) Inclusion at Commerce How to Join Our Team (https://www.commercebank.com/careers/how-to-join-our-team)
Want to be notified of positions that fit your preferences?
Follow these easy steps:
Create a Candidate Account at the top of the page by selecting "Sign In" upper right corner
Sign-up up for Job Alerts
We’ll contact you about positions that match your skills and interests
Equal Opportunity Employer
Commerce Bank is proud to be an Equal Employment Opportunity employer and believes that every individual should have the opportunity to work at a job for which he, she or they qualifies. We celebrate diversity and do not discriminate based on race, color, ancestry, ethnicity, gender identity, gender expression, sex, sexual orientation, disability (including physical or mental handicap), age, veteran status, military status, national origin, religion, pregnancy status, marital status, genetic information, or any other status protected by applicable federal, state or local law.
Building a career here is more than just steps on a ladder. It’s about helping people find financial safety and success, helping businesses thrive, and making sure people and their money are taken care of. And our commitment doesn’t stop there. Our culture is about our people, the ones in our communities and the ones that work with us.
Here, you’ll find opportunities to grow and learn, to connect with others, and build relationships with the people around you. You’ll have the space and resources to grow into the best version of yourself. Because our number one investment is you.
Creating an award-winning culture doesn't come easy. And after more than 155 years, we know Commerce Bank is only at its best when our people are. If this sounds interesting to you, keep reading and let’s talk.
About This Job
The main purpose of this job is to perform the day-to-day processes related to the collections, loss mitigation, foreclosure/real estate owned (REO), and bankruptcy functions. The primary focus of this position will be to execute the tasks necessary to mitigate the bank’s loss exposure on defaulted loans in accordance with investor, state and federal laws, regulatory agencies, and company policies.
Essential Functions
Contact customers to remedy delinquency or non-payments, employ appropriate collection alternatives to resolve delinquencies, fully document collection efforts and perform timely follow up on customer repayment commitments while meeting productivity and delinquency ratio goals established by management
Work with customers to negotiate workouts, including restructuring, modifications, short payoffs and deeds in lieu, analyze financial statements and appraisals, actively monitor Loss Mitigation cases and fully document and perform timely follow up on customer repayment commitments
Work directly with investors, private mortgage insurers, and government agencies to fulfill reporting requirements and obtain approvals
Review loans for consideration of Foreclosure action, ensure that all efforts to cure have been exhausted and all investor, private mortgage insurer, HUD, and state/federal requirements have been met
Prepare Foreclosure Recommendation and submit to senior management for approval, review legal documents and progress of each loan in foreclosure and contact legal counsel to resolve issues. Fully document activities in Foreclosure/REO Workstations and promptly and accurately prepare mortgage insurance claims.
Work directly with vendors to procure completion of property preservation items and ensure work is completed in a timely fashion and in full compliance with company and investor requirements
Procure and review BPOs/Appraisals, listing agreements, contracts, and other pertinent items related to disposing of bank owned real estate. Make recommendations to senior servicing managers and work directly with bank management on disposition of properties
Set up loans in bankruptcy in Bankruptcy Station, actively review progress of loans in bankruptcy to ensure all investor, state/federal timelines and requirement are being followed and submit files to legal counsel and work directly with attorneys and/or bankruptcy trustees to resolve issues
Perform other duties as assigned
Knowledge Skills & Abilities Required
Demonstrated ability to interpret complex legal documents and perform a wide variety of tasks to ensure full compliance with company policy, procedures, and all applicable legal requirements
Understanding Fannie Mae, Freddie Mac, Ginnie Mae, FHA, VA, & USDA regulations and requirements
Strong analytical skills, ability to identify and resolve exceptions and interpret data
Motivated and organized self-starter with strong attention to detail and the ability to manage multiple priorities
Inquisitive, agile and strong team player with excellent written, verbal and interpersonal communication skills
Ability to remain adaptable and resilient to all situations with an optimistic outlook and cast a positive shadow that is aligned with our culture and Core Values
Basic level proficiency with Microsoft Word, Excel and Outlook
Education & Experience
High school diploma or equivalent combination of education and experience required
3+ years collections experience required
2+ years experience in real estate loss mitigation preferred
2+ years experience in foreclosures, REO, and bankruptcy preferred
Experience in loss mitigation, workouts, restructuring, modifications, short payoffs, and deeds in lieu, including knowledge of title and legal issues required
**Level of role is determined by knowledge, experience, skills, abilities, and education
#LI-Hybrid
The candidate selected for this position may be eligible for the following employment benefits: employer sponsored health, dental, and vision insurance, 401(k), life insurance, paid vacation, and paid personal time. In addition, we offer career development, education assistance, and voluntary supplemental benefits. Click here (https://careers.commercebank.com/us/en/benefits) to learn more.
Location: 922 Walnut, Kansas City, Missouri 64106
Time Type:
Full time
Commerce Bank has been awarded numerous awards for our company culture. We have been included on distinguished lists such as Forbes’ Best Midsized Employers, Forbes’ Best Employers for Women, and Korn Ferry’s Engaged Performance Award. You’ll see the difference for yourself when you join the team.
Why Commerce? (https://www.commercebank.com/careers/about-commerce) Inclusion at Commerce How to Join Our Team (https://www.commercebank.com/careers/how-to-join-our-team)
Want to be notified of positions that fit your preferences?
Follow these easy steps:
Create a Candidate Account at the top of the page by selecting "Sign In" upper right corner
Sign-up up for Job Alerts
We’ll contact you about positions that match your skills and interests
Equal Opportunity Employer
Commerce Bank is proud to be an Equal Employment Opportunity employer and believes that every individual should have the opportunity to work at a job for which he, she or they qualifies. We celebrate diversity and do not discriminate based on race, color, ancestry, ethnicity, gender identity, gender expression, sex, sexual orientation, disability (including physical or mental handicap), age, veteran status, military status, national origin, religion, pregnancy status, marital status, genetic information, or any other status protected by applicable federal, state or local law.