Loss Mitigation Specialist - Military veterans preferred

Job Details

Description

About Sterling Bank & Trust, FSB: Sterling Bank & Trust provides a comprehensive choice of banking solutions, innovative loan products, and outstanding personal service to individuals, professionals, businesses, and commercial customers as a trusted neighborhood bank. We're known for highly competitive deposit rates, expertise in mortgage lending, and keeping deposits at work in the local community. Our customers know that they can stop by any branch and be treated like family. Since the Bank was founded in 1984, our customers have trusted us to help them handle their banking and financial needs. With over $2 billion in assets, Sterling Bank & Trust continues to grow better to serve our customers in communities across the U.S

Position Summary:

The Loss Mitigation Specialist works with a portfolio of delinquent loans and loans serviced by others to maintain asset quality, full compliance, and quality assurance with all Bank and regulatory guidelines regarding default administration, foreclosure, alternatives to foreclosure, resolution options.

Essential Duties and Functions (include but are not limited to):

• Performs collateral evaluations and written analyses of equity position to recommend Foreclosure, Charge Off or Legal action.
• Employs loss mitigation techniques to discuss programs available to borrowers with imminent default or in default.
• Provides administrative support duties including reporting, system coding, process changes and forms management.
• Coordinates with attorneys, trustees, debtors and others to research estate in bankruptcy, probate or workout in various states to minimize losses and maximize recoveries.
• Review loss mitigation package documentation in accordance with Regulation X to determine if the homeowner qualifies for a loss mitigation option.
• Monitor OCC bulletins, Fannie Mae, FHLB and other guidelines for compliance within the department.
• Initiate direct contact with borrowers to assess borrower’s situation and obtain repayment options to reduce potential losses to the bank in accordance with regulations and company policies.
• Assists Customers in processing insurance claims
• Partners with external vendors
• Obtains, reviewed and analyzes property value opinions
• Inbound and outbound calling and follow-up.
• Assist with rewriting department Policies and Procedures.
• Other duties may be assigned.
• Completes all required product, service, and compliance training as it relates to the position and employment with Sterling and adheres to BSA Policy and procedures.
• Perform all the above duties consistent with professional ethical standards, including reporting any observed ethical violations to the appropriate management, management and/or Board level committees, and/or the Bank’s ethics hotline.
• Other duties may be assigned.

Core Competencies:

• Integrity
• Sets high standards of honesty for self and others; transparent intentions
• Self imposes standards of excellence to ensure no aspect of work is neglected
• Demonstrates trustworthiness and takes responsibility for one’s actions
• Keeps commitments that align with Sterling’s Code of Business Conduct and Ethics

• Inclusion
• Treats people with dignity and respect
• Objectively considers others’ ideas and opinions
• Creates a welcoming environment and promotes cultural competency
• Actively seeks opportunities to volunteer and partner with non-profit agencies

• Continuous Learning
• Completes all required training to ensure compliance
• Identifies and participates in learning activities that lead to professional growth
• Stays informed on industry trends and changes to achieve individual, team and organizational goals
• Actively seeks and utilizes feedback to improve and continue to grow professionally within the Bank
• Synergy
• Utilizes oral and written communication to enhance the relationships between teams, customers and the community members
• Collaborates together using teams’ expertise and knowledge to maximize results
• Actively seeks information to understand team members and customers’ circumstances, problems, expectations and needs
• Dedicated to creating opportunities allowing teams and individual reach full potential

Technical Competencies:

• Communication Skills
  • Clearly communicates ideas, information, proposals, instructions, issues, and questions using appropriate tone and language.
  • Produces clear, concise memos, email, and other correspondence, that conveys all relevant information using appropriate language.
  • Prepares and delivers persuasive, clear messages in a style appropriate to the audience.
• Planning and Organizing
  • Identifies more critical and less critical activities and assignments; adjusts priorities when appropriate.
  • Determines project/assignment requirements by breaking them down into tasks; identifying resources needed; and coordinating with internal and external partners.
  • Allocates appropriate amounts of time for completing own and others’ work; avoids scheduling conflicts; develops timelines and milestones.
• Accountability
  • Accepts responsibility for outcomes (positive or negative) of one’s work; takes ownership for mistakes or missteps and refocuses efforts when necessary; holds self and others accountable for reaching short and long-term goals.
  • Provides encouragement and support to others in accepting responsibility; does not accept others’ denial of responsibility without questioning.
  • Self-imposes standards of excellence rather than having standards imposed.

Required Experience and Education:

• Associate Degree or equivalent combination of relevant education and experience
• Three years of relevant experience in Compliance or Collections departments at a financial institution
• Knowledge of bankruptcy legal procedures, including Relief from Stay, property abandonment, affidavits, Proof of Claim, probate and work out law, and conversion of Chapter 13 to 7 and Chapter 13 repayment plans

Preferred Experience and Education:

• Bachelor’s degree from a college or university
• 2+ years of loss mitigation and/or collections experience
• Experienced in using Jack Henry/Silverlake systems
• Advanced knowledge of Foreclosure, Bankruptcy, REO/Property Preservation and associated policies and procedures

Pay & Benefits

This position is eligible for full-time employee benefits. The base pay range for this role is between $50,000 - $55,000 per year and is located in Southfield, MI (on-site). At Sterling Bank & Trust, FSB, the pay range only includes base compensation. Your base pay will depend on your skills, qualifications, experience, and location.

Sterling’s compensation and benefits packages are highly competitive. Full-time Sterling employees have access to a comprehensive health care plan, dental and vision coverage, flexible spending accounts, 401(k) plans with matching contributions, PTO, and more.

Physical Demands

While performing the duties of this job the employee may be required to use hands to finger, handle, or feel; and talk and hear. The employee frequently is required to walk and reach with hands and arms and stand for long periods of time. The employee is required to occasionally sit, stoop, kneel, or crouch. The employee must occasionally lift and/or move up to 25 pounds. Specific vision abilities required by this job include close vision, distance vision, color vision, peripheral vision, and ability to adjust focus.

Work Environment

Generally, works in an office environment, may occasionally be required to perform job duties outside of the typical office setting. The employee will be exposed to moderate stress levels associated with the performance of the job duties described above. There may be extended periods of computer and telephone use while performing job duties. Employee will be intermittently seated, standing and/or walking during the course of a normal business day. While every precaution is taken to avoid exposing employees to dangers in the workplace, working in a financial institution may expose employees to certain hazards in the event of criminal activity including robbery and/or attempted robbery.

California Consumer Privacy Act (CCPA)

The employee will adhere to all Information Security and Privacy Policies along with applicable procedures to ensure that customer information (PII) is not altered and remains accurate and complete. Participation in required training to maintain knowledge of how to ensure all customer information (PII) remains protected is required.

Qualifications

Behaviors

Motivations

Education

Experience

Licenses & Certifications

Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities

The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor’s legal duty to furnish information. 41 CFR 60-1.35(c)