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Mortgage Recovery Specialist

2 months ago


Union, Kentucky, United States Fifth Third Full time
Enhance banking experiences at Fifth Third

At Fifth Third Bank, we connect talented individuals with rewarding career opportunities.

Position Overview:
Work hours are Monday to Friday from 8 AM to 5 PM, with one Saturday each month.

GENERAL FUNCTION:
Under moderate supervision, the Homeowner's Assistance Department Counselor engages with consumers and mortgage loan clients facing default. The role involves counseling and guiding customers to explore workout alternatives tailored to their unique situations while adhering to all relevant guidelines set by investors, the company, federal regulations, and insurers. The counselor aims to mitigate potential losses on delinquent loans by reaching out to borrowers, their representatives, mortgage brokers, real estate agents, title companies, attorneys, investors, and insurers to facilitate resolutions in line with departmental and legal standards, while ensuring alignment with company and investor objectives.

KEY RESPONSIBILITIES:
  • Initiate communication with customers in default through manual dialing to propose potential workout solutions.
  • Conduct collection calls based on an account load determined by the applicable capacity model.
  • Assess customer situations and collateral risks to present viable solutions, including Forbearance Plans, Repayment Plans, Modifications, Assumptions, Pre-foreclosure/Short Sales, and Deed in Lieu; assist in identifying, negotiating, and pursuing the most suitable loss mitigation options that enhance customer satisfaction and investor returns.
  • Review, negotiate, and recommend actions on requests for foreclosure or repossession alternatives within management-established timeframes.
  • Identify, evaluate, and address reasons for delinquency.
  • Explain all workout options within company/investor/insurer guidelines and understand the requirements for each.
  • Utilize skip tracing methods to locate customer information for contact.
  • Provide reinstatement amounts, payoffs, and establish repayment plans within the system.
  • Seek resolutions for referrals from non-delinquent customers requesting alternatives for ownership retention.
  • Ensure all necessary documentation has been requested and received from customers.
  • Monitor accounts associated with the Soldiers and Sailors Act to ensure compliance with required guidelines.
  • Document all collection efforts in the collection system.
  • Recommend further actions with management support on delinquent accounts.
  • Escalate calls and/or problematic accounts to supervisors, repossession, legal, or collection agencies as necessary.
  • Provide management with feedback for process improvement and suggestions for the specialty collections unit.
  • Offer administrative support as directed by management.
MINIMUM KNOWLEDGE, SKILLS, AND ABILITIES REQUIRED:
  • High School Diploma or equivalent required.
  • At least two years of experience in collections, support, or related customer service; Loss Mitigation experience is preferred but not mandatory.
  • Understanding of basic mortgage default timelines and procedures (bankruptcy, escrow, foreclosure).
  • Familiarity with bank-owned, investor, and insurer guidelines for mortgage and consumer companies.
  • Knowledge of and adherence to FDCPA, Privacy Act, state laws, and other bank policies regarding collection guidelines.
  • Strong consulting and advising skills for customer interactions via phone and written communication.
  • Exceptional customer service abilities with both external and internal clients.
  • Excellent communication, comprehension, listening, and negotiation skills.
  • Ability to meet deadlines and work independently with moderate supervision.
  • Analytical skills to identify and propose solutions to problems.
  • Understanding of debt collections at various delinquency stages (up to 180 days, charge-off, and bankruptcy). Experience with foreclosure, bankruptcy, and REO is preferred.
  • Familiarity with financial statements, tax returns, credit reports, home appraisals, title searches, and other documents used in evaluating pre-foreclosure remedies.
  • Strong analytical, problem-solving, and mathematical skills for financial counseling and interpretation of complex information.
  • Basic understanding of mortgage lending and servicing.
  • Ability to work collaboratively in a team environment and interact effectively with employees at all organizational levels.
  • Proficiency in Microsoft Word, Outlook, Access, and Excel at an intermediate level.