Consumer Default Specialist I

About the role

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.

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. Perform 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. Perform 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. Perform 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. Perform 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. Perform 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. Perform 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. Perform other duties and responsibilities as assigned.

Qualifications

• BS/BA Degree in Business, Finance, or a related field is required, or Four to six years of work-related, on-the-job training, and/or vocational training.
• Computer Skills MS Office programs.