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Serviced Loan Default Management Administrator

4 months ago

Grand Rapids, United States Mercantile Bank Full time
Job DescriptionJob Description

Mercantile Bank is hiring immediately for an experienced Serviced Loan Default Management Administrator.


Who We Are

Mercantile Bank was created with a goal to deliver financial solutions that empower people and businesses to achieve their dreams, while bettering the lives of its employees and their communities. We have grown from a humble idea to over 40 locations, 5.25 billion in total assets, and nearly 700 employees. Our values remain at the heart of everything we do - through inclusivity, innovation, and collaboration, we achieve excellence every day and are accountable not only to our customers, but to our employees and the communities in which we serve.

We are proud to invest in our people and our communities, and our employees show their integrity in every interaction. We believe in hiring people based on their character and if necessary, teaching them the skills they need to be successful. We focus on developing employees and seek to promote from within whenever possible.

Our reputation as a great place to work didn't just happen. Our intentional efforts to provide excellent benefits, competitive wages and bonuses, volunteer opportunities, and many options for you to get involved, whether your interest is in learning more about banking, sharpening your leadership skills, or planning a fun activity we have a way for you to get connected with others in the bank and the community. We're proud (but honestly not that surprised) to be one of West Michigan's Best and Brightest Companies to Work For, 16 years and counting.


Serviced Loan Default Management Administrator: Rewards and Benefits

Some of the medical and wellbeing benefits we provide are:

  • Multiple medical, dental, and vision plans to choose from
  • Flexible Spending Accounts (FSA)
  • Paid Time Off: 3 weeks paid vacation, sick time to care of yourself and your family, 10 paid holidays and a Giving Day to do work that you are passionate about in your community.
  • Company Paid Life Insurance of 3 times your annual salary.
  • Employee Assistance Program (EAP)
  • Adoption and IVF Assistance
  • Fitness Equipment Purchase Plan

We also provide many opportunities to invest in your financial wellness and career development by providing:

  • 401(k) match at 100% up to the first 5% of your contribution
  • Employee Stock Purchase Plan
  • 529 College Savings Plans
  • Discounted bank services
  • Legal protection
  • Tuition Reimbursement
  • Exceptional training, and development opportunities tailored to your career interests and goals.

Serviced Loan Default Management Administrator: Responsibilities and Daily Duties

The SLDMA is responsible for the administration of the residential mortgage serviced loan portfolio, primarily overseeing default management. The SLDMA must possess a deep knowledge of various GSE Servicing Guides, be familiar with technology-based default management systems, and maintain a working knowledge of consumer lending laws and regulations as well as standard collection practices. In addition, the SLDMA must be an innovative thinker and leader who will work within the team and throughout the organization to identify improvement opportunities and drive operational efficiencies as it relates to the serviced loan portfolio.

  • Maintain a deep working knowledge of various GSE Servicing Guides.
  • Create and maintain adequate Procedures and Job Aids to satisfy the requirements of various GSE Servicing Guides primarily as it relates to Default Management.
  • Implement and oversee a serviced loan default management program that adheres to the published procedures and job aids.
  • Perform ongoing self-testing of the Serviced Loan Procedures and Job Aids to determine effectiveness and compliance with the Servicing Guides.
  • Assist in third-party quality control efforts.
  • Identify, implement, and administer a serviced loan collection system within an established budget and timeline.
  • Train staff and coordinate the various departments that will utilize and/or be impacted by the serviced loan collection system.
  • Coordinate support from various internal departments as necessary.
  • Maintain a thorough knowledge of consumer/residential loan laws and regulations.
  • Possess a working knowledge of and the ability to execute the various methods of consumer/residential loan default management (i.e. collections, loss mitigation, and foreclosure).
  • Monitor delinquency trends and ensure that appropriate collection methods are being utilized to minimize portfolio delinquency.
  • Have a thorough knowledge of and stay current on Mercantile Bank's loan polices banking regulations, and collection laws including knowledge of the loan risk rating system, field practices and operating procedures as it relates to troubled loans.
  • Maintain accountability to Risk Assets Management as a team member including participating in weekly team meetings, providing updates (both written and verbal) to team members on current cases at the weekly meeting, report on Past Dues and the timing of collecting them and contribute value added suggestions to other team members to enhance loan recovery efforts.
  • Provide written and/or oral communication to supervisor and/or senior management as needed on the default management aspects of the serviced loan portfolio.
  • Maintain an extensive and diverse network of mortgage loan and default management professionals within the industry.
  • Perform other tasks and duties as needed.

The SLMDA's initial focus will be to build the infrastructure needed to administer a default management program effectively and efficiently with the intention to evolve into management of a team.


SLDMA: Requirements and Qualifications

  • Minimum of 3 years' experience in Loan Default.
  • Bachelor's degree or equivalent experience and/or a combination of experience and certifications related to the industry
  • Minimum 5 years banking/mortgage servicing experience.
  • Minimum 3 years of management experience.

We believe embracing human diversity makes us a better bank. We know it makes us better people.

Employees with dissimilar backgrounds, perspectives, opinions, and lifestyles help us understand the motivations and desires of our many different customers. Thus, we will strive to maintain a workforce that reflects the increasing diversity of the communities we serve by ensuring equal employment opportunity for all persons without discrimination on the basis of race, color, religion, sex/gender (including gender identity), national origin, age, height, weight, disability, medical condition, genetic information, sexual orientation, disabled or Vietnam era veteran, other forms of military status, marital status, or other protected characteristics.



Job Posted by ApplicantPro