Consumer Default Specialist I

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Consumer Default Specialist I

Position Summary

The Consumer Default Specialist I performs a variety of administrative and legal duties related to foreclosure, bankruptcy, repossession, litigation recovery, and loss mitigation process. The Consumer Default Specialist I interacts with borrowers, legal counsel, and other bank officials to find solutions that maximize the recovery of adversely- graded and non-performing loans.

Essential Duties and Responsibilities

If Foreclosure duties are assigned:

Process foreclosure actions for consumer portfolio from cradle to grave.

Generate and review for accuracy all legal documents and notices associated with foreclosures

Consult with the bank’s legal counsel to determine proper foreclosure solutions that are cost effective for the bank.

Prepare bidding instructions for foreclosure sales

Prepare and generate reinstatement and payoff figures along with processing receipt of funds

Ensure that all credit actions and communications with borrowers, bank counsel approvals, and documentation are appropriately documented on the bank’s core collection system and scanned and indexed to the bank’s imaging system.

Ensure all departmental documents and activities are performed in compliance with applicable laws, regulations, policies and procedures as applicable to this position, including completion of required compliance training.

Performs other duties and responsibilities as assigned.

If Bankruptcy Duties are assigned:

Process bankruptcy actions for consumer portfolio from cradle to grave.

Prepare, generate, and review for accuracy all legal documents and notices associated with bankruptcy process.

Processes and documents all bankruptcy checks received by trustee

Prepare and generate reinstatement and payoff figures along with processing receipt of funds

Consult with the bank’s legal counsel to determine proper bankruptcy solutions that are cost effective for the bank.

Ensure that all credit actions and communications with borrowers, bank counsel approvals, and documentation are appropriately documented on the bank’s core collection system and scanned and indexed to the bank’s imaging system.

Ensure all departmental documents and activities are performed in compliance with applicable laws, regulations, policies and procedures as applicable to this position, including completion of required compliance training.

Performs other duties and responsibilities as assigned.

If Repossession duties are assigned:

Process repossession/replevin actions for consumer portfolio from cradle to grave.

Generate and review for accuracy all legal documents and notices associated with repossessions/replevins.

Consult with the bank’s legal counsel to determine proper repossession/replevin solutions that are cost effective for the bank.

Prepare bidding/floor instructions for auction.

Prepare and generate reinstatement and payoff figures along with processing receipt of funds from auction and borrowers.

Ensure that all credit actions and communications with borrowers, bank counsel approvals, and documentation are appropriately documented on the bank’s core collection system and scanned and indexed to the bank’s imaging system.

Ensure all departmental documents and activities are performed in compliance with applicable laws, regulations, policies and procedures as applicable to this position, including completion of required compliance training.

Performs other duties and responsibilities as assigned.

If Litigation Recovery duties are assigned:

Process judgement/garnishment actions for consumer portfolio from cradle to grave.

Generate and review for accuracy all legal documents and notices associated with judgements/garnishments.

Consult with the bank’s legal counsel to determine proper judgment/garnishment solutions that are cost effective for the bank.

Prepare payment arrangements/settlement agreements for borrower’s pending a judgment/garnishment

Prepare and generate reinstatement and payoff figures along with processing receipt of funds from borrowers.

Ensure that all credit actions and communications with borrowers, bank counsel approvals, and documentation are appropriately documented on the bank’s core collection system and scanned and indexed to the bank’s imaging system.

Ensure all departmental documents and activities are performed in compliance with applicable laws, regulations, policies and procedures as applicable to this position, including completion of required compliance training.

Performs other duties and responsibilities as assigned.

If Loss Mitigation duties are assigned:

Process loss mitigation process for consumer portfolio from cradle to grave

Prepare, generate, and review for accuracy all loss mitigation letters sent to the borrowers during the loss mitigation process

Process and document all loss mitigation application documents received by the borrower

Communicate with customers, real estate agents, and other authorized third parties on the loss mitigation options that Simmons offers and how to apply for them

Serve as a liaison between all areas of default to ensure dual tracking is avoided

Ensure that all credit actions and communications with borrowers, bank counsel approvals, and documentation are appropriately documented on the bank’s core collection system and scanned and indexed to the bank’s imaging system

Ensure all departmental documents and activities are performed in compliance with applicable laws, regulations, policies and procedures as applicable to this position, including completion of required compliance training

Performs other duties and responsibilities as assigned.

If Repayment plan duties are assigned:

Process repayment plans for consumer portfolio from cradle to grave.

Prepare, generate, and review for accuracy all repayment plan letters sent to the borrowers

Processes and documents payments received by the borrowers

Ensure that all communications with borrowers and authorized third parties are appropriately documented on the bank’s core collection system and scanned and indexed to the bank’s imaging system.

Ensure all departmental documents and activities are performed in compliance with applicable laws, regulations, policies and procedures as applicable to this position, including completion of required compliance training.

Performs other duties and responsibilities as assigned.

If Successor in Interest duties are assigned:

Identify and determine successor in interest qualifications

Process and review accounts for potential estate claims

Prepare, generate, and review for accuracy all correspondence sent to the borrower’s heirs/estate

Ensure that all credit actions and communications with borrowers, bank counsel approvals, and documentation are appropriately documented on the bank’s core collection system and scanned and indexed to the bank’s imaging system

Ensure all departmental documents and activities are performed in compliance with applicable laws, regulations, policies and procedures as applicable to this position, including completion of required compliance training.

Performs other duties and responsibilities as assigned.

Qualifications

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required.

Skills

o Ability to read and comprehend simple instructions, short correspondence and memorandums.

o Ability to read and interpret documents such as procedure manuals, general business correspondence and/or journals or governmental regulations.

o Ability to read, analyze and interpret financial reports and/or legal documents.

o Ability to write routine reports and business correspondence.

o Ability to respond in writing to customer complaints, regulatory agencies or members of the business community.

o Ability to effectively present information in one-on-one and small group situations, to customers, clients and other employees in the organization.

Education and/or Experience

o BS/BA Degree in Business, Finance, or a related field is required, or

o Four to six years of work-related, on-the-job training, and/or vocational training.

Computer Skills

o MS Office programs

Certificates, Licenses, Registrations

o None.

Other Qualifications (including physical requirements)

o Strong time management, oral, written, and presentation skills.