Loss Mitigation Specialist
First American Bank - Bloomingdale, IL

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This hourly (non-exempt) position will work directly with borrowers to restructure existing loans to mitigate loss for First American Bank.

Analyze assigned real estate accounts to ascertain and initiate appropriate action, which may include collections, negotiating modifications or hardships, short sales, or initiating foreclosure actions.

Conduct interviews with borrowers via phone and in person to gather information needed to determine proper course of action.

Analyze and compare values on appraisals to determine collateral value for the Bank.

Analyze and compare title policies and searches to ascertain true lien position and make corrections to ensure clear title.

Prepare loan presentations to management for approval on restructure loan requests.

Provide guidance to department collectors on collection/restructure strategies.

Determine best course of action for the borrowers’ needs and the Bank’s best interest.

Read and analyze legal documents and take appropriate actions to protect the company’s interest; including summons and complaints, tax notices, and sales notices.

Assist other functional units in high volume periods including collections, bankruptcies, legal and other collection recovery items.

Maintain awareness of all policies, procedures, collection practices, laws, regulations and rulings governing real estate collections.

High school degree or equivalent.

Minimum of five to eight years advanced collections, foreclosure or bankruptcy experience in mortgage servicing, real estate, or other financial service related activity.

Experience as a paralegal, as an appraiser, or in underwriting is a plus.

Strong analytical and assessment skills with a high degree of problem solving ability and proven mathematical aptitude.

Ability to provide innovative ideas to streamline work processes and decrease business-related expense.

Strong organization and follow-up skills; ability to effectively multitask and prioritize workflow in a high-volume environment.

Ability to work well independently, as well as with a team of others to achieve department/ group goals.

Professional demeanor; tact/ diplomacy; and the ability to maintain confidentiality of sensitive information.

Demonstrated ability to effectively train and guide others.

Proven ability to manage complex borrower situational challenges.

Strong verbal and written communication skills are required. Solid interpersonal and negotiation abilities.

Strong technical aptitude to include MS Word and MS Excel preferred.

Some travel is required, but will be in the Chicago area.

Typical hours are Monday through Friday 8 a.m. - 5 p.m.

This position requires the individual to take loan applications and close loans which may require the employee to register with the Nationwide Mortgage Licensing System & Registry (NMLS) in order to comply with the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act). Registration may consist of submission of personal information such as home address, social security number, gender, date and place of birth, employment history, among other things. Registration also requires employees to submit fingerprints and submit to a criminal background check. Renewal of the registration requirements may be required periodically throughout the term of the employment.

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