Loss Mitigation Specialist
First Merchants Corporation - Daleville, IN

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Position Goals:

Reviews and analyzes distressed loans, restructuring loans or assisting in the selling of of property to reduce expected loan losses. Perform duties related to collection activities for consumer and mortgage loans to ensure unnecessary losses are prevented.

Supervision Received:

Under the general supervision of the Manager of Credit Control.

Supervision Exercised:

None

Essential Duties and Responsibilities:

1. Contact delinquent loan customers regarding delinquent payments and bad loan payment checks, may be in person or by telephone, includes: §

Ensure past due notices are mailed. §

Attempt to collect monies due or obtain promise to pay. §

Accept payments or partial payments on delinquent accounts, provide customers with receipts, and apply payments to accounts. §

Discuss problem situations with supervisor; advise supervisor of unusual or critical circumstances brought to the Bank’s attention about any dealer or real estate agent.

2. Discuss arrangements and/or problems with delinquent customers for repayment schedules and/or extensions; process modification packages as needed.

3. Trace “skips” through leads and previous contacts to affect collection of delinquent accounts.

4. Process and manage paperwork to file maintained loans involved in bankruptcy, foreclosure, probate, repossession, charge-off and OREO.

5. Prepare document packages for legal counsel for loans involved in bankruptcy, foreclosure, probate, repossession and charge-off.

6. Assign abandoned and OREO properties to the Property Management Group to ensure they are properly secured and managed.

7. Process repossession title paperwork and transfer to auctions upon receipt.

8. Submit requests for dealer add-on recoveries post-repossession.

9. Communicate with attorneys regarding bankruptcies and foreclosures; complete necessary reports.

10. Maintain contact with realtors and auctions engaged in liquidating OREO and repossession assets.

Position Requirements :

Education - High school diploma or equivalent (GED) plus up to eighteen months of specialized training or education beyond high school in a related field or study.

Experience - Over two (2) through four (4) years of related collections experience, auto financing or working knowledge of auto financing.

Other - Knowledge of bankruptcy, foreclosure, mortgage and consumer loan documents.

First Merchants Bank - 16 months ago - save job - block