Loss Mitigation Manager

Take the lead in managing our retail loan portfolio as a Loss Mitigation Manager, overseeing delinquency resolution, legal processes, and investor communication to protect the bank's assets. This role offers a unique opportunity to apply your expertise in lending, collections, and regulatory compliance while making a direct impact on our financial operations. If you have a strong background in loss mitigation, problem-solving skills, and a passion for helping borrowers navigate financial challenges, we want to hear from you!

Oversee Loss Mitigation Program

Work through and follow up on non-collection related tasks related to legal matters on retail loans as required by regulation - such as bankruptcy filings, court orders or subpeonas, death of a client - heir related notifications
• Monitor collection attempts being made and properly documented on <30 days past due loans by Loan Officers to ensure regulatory requirements are being met at all times
• Make collection calls for past due retail loans greater than30 days within the retail portfolio in accordance with CFPB regulations and Fannie Mae/Freddie Mac/USDA/Federal Home Loan Bank guidelines
• Complete financial analysis and underwriting necessary to evaluate modification options for borrowers. Provide borrowers with necessary or required information and documentation regarding loan modification options. Prepare loan presentations recommending loan workouts, charge-offs, and downgrades or upgrades for management review
• Identify potential problem loans and collect appropriate financial materials from client in order to assess debt collection analysis, loss mitigation discussions, modification negotiations, etc.
• Coordinate property inspections, distribute reports and notify Secondary Market investors according to their requirements.
• Monitor adherence to bank loan policy, Secondary Market investor and Mortgage Insurance guidelines and regulatory requirements as loan becomes past due.
• Issue internal retail mortgage demand letters
• Forward legal files to attorneys and keep them updated through completion of foreclosure
• Coordinate bankruptcy relief from stay and abandonment with attorneys
• Coordinate drafting of forbearance plans and deed-in-lieu with attorneys with final approval from Credit Risk Management and execute with borrowers
• Coordinate short sale requests and approvals with borrowers, real estate agents, management and closing agents with final approval from investors, as appropriate
• Research and comply with secondary market procedures for loss mitigations, foreclosure
• Provide status updates to FHLB, Fannie Mae and Freddie Mac through their systems as required
• Update activity on delinquent loans in CRM for use by lenders, loan servicing manager and staff , as well as for purposes of credit bureau reporting
• Develops and maintains procedures as appropriate
• Annually processes 1099-As and 1099-Cs in Navigator
• Act upon other responsibilities as necessary such as administration of Time Matters software as well as drafting and tracking stipulation documents and payments
• Continually develops knowledge, skills and abilities through internal and external training programs
• Communicate regularly with Loan Servicing to ensure Navigator is up to date on bankruptcy statuses/fields, modified payment plans and Loan Important Messages to ensure compliance with billing notices for Large Servicer requirements.

Upholds Leadership Expectations

• Supports and actively participates in the bank's leadership philosophy
• Actively coaches and mentors other associates
• Continually develops knowledge, skills and abilities through internal and external training programs
• Actively participates in Bank and Department meetings
• Perform all other duties as assigned or requested
• Provide ongoing guidance to other departments

Other Responsibilities

• Complete all annual bank security and compliance training.
• Adhere to Bank Security guidelines as required for this position.
• Always maintain confidentiality of client information
• Stay current on all compliance regulations.

Minimum Qualifications:

• Bachelor's degree in Finance, Accounting, Business or similar discipline and/or 5-7 years related work experience in banking, lending, collections, workouts, legal or similar field
• Thorough knowledge of regulatory/compliance laws that govern the banking industry with specific knowledge in lending laws
• Thorough knowledge in lending practices and demonstrated work experience in collections or workouts
• Excellent communication and negotiation skills and attitude necessary to establish and maintain positive working relationships with all management, personnel, clients and external vendors
• Strong working knowledge of Microsoft Office including but not limited to Word and Excel and advanced computer/keyboarding/typing skills
• Demonstrated problem solving skills with the ability to make sound business decisions
• Demonstrated ability in exercising independent judgment.
• Analytical mindset with a strong attention to detail as well as the ability to work efficiently and accurately with minimal supervision
• Flexibility with the ability to adapt to an ever-changing work environment.
• Strong organization skills, including the ability to prioritize and remain calm while working in a fast paced/deadline driven environment
• Ability to maintain confidential client information
• Ability to read, write, understand and speak English clearly
• Ability to represent the organization in a professional, positive manner
• Valid state motor vehicle operator's license with the ability to travel locally with use of own vehicle and a clean driving record as determined by the bank

Preferred Qualifications:

• 3-5 years of previous loss mitigation experience in residential lending
• Knowledge of secondary market guides and how to move around them
• Previous retail loan lending/underwriting/processing experience
• Prior collection experience

Lake Ridge Bank values a diverse workforce and is an Affirmative Action/Equal Opportunity Employer. Minorities, Females, Veterans, and Individuals with Disabilities encouraged to apply.

Consistent with Lake Ridge Bank's commitment to employ and advance qualified individuals with disabilities, Lake Ridge Bank provides reasonable accommodation to apply for or perform a job. Some examples of reasonable accommodation include alternate methods to apply, providing documents in an alternate format, altering work procedures, specialized equipment or use of an interpreter. If an individual needs reasonable accommodations to apply or perform a job here at Lake Ridge Bank, please contact Human Resources at (608) 849-2700 or email us.