Senior Associate Loss Mitigation

If you’re looking for a meaningful career, you’ll find it here at Webster. Founded in 1935, our focus has always been to put people first--doing whatever we can to help individuals, families, businesses and our colleagues achieve their financial goals. As a leading commercial bank, we remain passionate about serving our clients and supporting our communities. Integrity, Collaboration, Accountability, Agility, Respect, Excellence are Webster’s values, these set us apart as a bank and as an employer.  

Come join our team where you can expand your career potential, benefit from our robust development opportunities, and enjoy meaningful work!

The incumbent has fully developed knowledge, skills, and techniques relative to the collection of past due Residential and Consumer loan products through the use of loss mitigation tools and techniques, including but not limited to Fair Debt Collection practices, effective communication skills, PC skills, interaction with other loan servicing functions, Investor practices, and PMI practices, for the purpose of reducing delinquency in all ageing categories and for the purpose of reducing potential losses for the Bank. Should be strong in independently underwriting loan files for the purpose of evaluating the potential for available loss mitigation and/or work-out options; this includes determining front & back-end DTIs as well as monthly surplus/deficit. Analysis of credit reports, bank statements, tax returns, P&Ls and paystubs required.

Responsibilities:

• Understands and follows the Default Services Policies and Procedures of the bank. 

• Telephone's delinquent mortgage and consumer loan customers. Works constructively with the delinquent customers to ultimately cure the delinquent accounts through the use of loss mitigation or other work-out options. 

• Maintains and documents accurate loss mitigation records via the On-Line Collection System.

• Underwrite the completed Loss Mitigation package with included a detailed analysis of all financial documents, (i.e., credit reports, bank statements, IRS returns, profit and loss statements, and paystubs, property appraisal), to determine factors such as debt and housing to income rations, loan to value and monthly surplus/deficit. Utilize results of review to determine best loss Mitigation option for assistance if applicable.

• Recommends specific loss mitigation and/or workout proposals to Supervisor and/or Management and tracks the performance of approved plans. 

• Maintains an active loss mitigation file of borrower financials and other documentation for all loans in the loss mitigation workstation. 

• Corresponds with real estate brokers, agents and attorneys regarding potential short-sale and/or settlement offers on the borrowers' property. 

• Corresponds with Loan Investors, Loan Insurers, and external servicing vendors regarding specific case requirements. 

• Performs such other duties as may be assigned by Loss Mitigation Supervisor or other DMS Management.

Education & Experience:

• 2 -- 4 years of related experience -- previous Mortgage and Consumer loss mitigation and collections experience in a loan servicing environment including FNMA, FHLMC, CHFA, and HUD products).

• High School / GED required.

• Some college preferred - Business or Management

 The estimated salary range for this position is $55,000.00 to $65,000.00 USD annually. Actual salary may vary up or down depending on job-related factors which may include knowledge, skills, experience, and location. In addition, this position is eligible for incentive compensation.

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All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability or protected veteran status.