Loss Mitigation Officer II

JOB SUMMARY:
The Loss Mitigation Officer II (LMO) is responsible for performing a wide variety of duties related to consumer, residential mortgage, and retail loan collections, default servicing, and loss mitigation activities. This role includes reviewing, underwriting, decisioning, documenting, and processing borrower requests for payment relief and other loan accommodations resulting from financial hardship.

The LMO will administer loss mitigation solutions designed to reduce financial losses and mitigate delinquency exposure for residential mortgage, installment, revolving, and other consumer loan products. Responsibilities include managing delinquent and defaulted loans through all stages of collections and default servicing, including borrower outreach, repayment arrangements, loan modifications, foreclosure prevention alternatives, bankruptcy coordination, and investor/compliance reporting requirements.

This position will specifically support and administer Fannie Mae (FNMA) residential mortgage servicing requirements and default management activities in accordance with Fannie Mae servicing guidelines, CFPB mortgage servicing rules, investor requirements, and applicable federal and state regulations. The LMO must possess a strong understanding of mortgage collections, default servicing timelines, foreclosure alternatives, and investor compliance expectations.

The LMO will evaluate borrower hardships and determine appropriate workout solutions to minimize potential loan loss exposure while ensuring fair, compliant, and customer-focused servicing practices. This position must maintain extensive working knowledge of all applicable consumer and mortgage servicing regulations, including but not limited to FCRA, FDCPA, UDAAP, Reg X, Reg Z, Reg B, RESPA, SCRA, CFPB mortgage servicing requirements, Fannie Mae servicing guidelines, and other applicable investor and regulatory requirements.

Additionally, the LMO may perform other assigned duties and responsibilities related to collections, special assets administration, default servicing operations, investor reporting, and portfolio risk management.

Key Responsibilities:

• Review and evaluate borrower hardship applications and supporting financial documentation to determine eligibility for loss mitigation programs, repayment plans, loan modifications, forbearance, deferment, reinstatement, short sale, deed-in-lieu, and other foreclosure prevention options.
• Manage residential mortgage default servicing activities for FNMA(“Fannie Mae”) and portfolio loans in accordance with investor guidelines, regulatory requirements, and internal bank policies.
• Conduct inbound and outbound borrower communications to assess financial hardship, discuss delinquency status, explain available workout options, and assist borrowers in resolving past-due obligations.
• Perform residential mortgage collection activities on delinquent and defaulted accounts while adhering to all applicable collections laws and servicing regulations.
• Complete loan mitigation requests and ensure proper loan coding, servicing system updates, and restructure classification.
• Communicate loss mitigation decisions to borrowers and coordinate the preparation, execution, tracking, booking, and boarding of loan documentation and modification agreements.
• Monitor trial payment plans, repayment agreements, and post-modification performance to ensure compliance with approved workout terms.
• Coordinate foreclosure prevention efforts and work closely with attorneys, foreclosure counsel, trustees, bankruptcy counsel, investors, and internal departments as necessary during the default servicing process.
• Ensure compliance with all applicable federal, state, investor, and agency servicing requirements, including Fannie Mae servicing standards and consumer protection regulations.
• Maintain accurate records, servicing notes, documentation, timelines, reports, and audit trails for all collection, default servicing, and loss mitigation activities.
• Assist with periodic reporting, quality control reviews, audits, compliance examinations, investor reviews, and remediation efforts related to residential mortgage servicing and loss mitigation.
• Stay current on industry trends, servicing guidelines, regulatory changes, and best practices related to consumer collections, mortgage servicing, foreclosure prevention, and loss mitigation.
• Assist with special projects, departmental initiatives, portfolio reviews, process improvements, training support, and other duties as assigned by management.

MINIMUM Qualifications:

1. High school diploma
2. Minimum of 5 years of experience in loss mitigation, consumer lending, or mortgage servicing.
3. Strong knowledge of FCRA, UDAAP, Reg Z, Reg B, RESPA, and other relevant regulations.
4. Strong knowledge of Fannie Mae servicing guidelines
5. Excellent communication and negotiation skills.
6. Ability to work independently and collaboratively with cross-functional teams.
7. Detail-oriented with strong analytical and problem-solving skills.
8. Nationwide Multistate Licensing System & Registry (NMLS) designation is a required certification.

The LMO must be a proactive and results-driven professional with a focus on helping borrowers in financial distress while doing so in accordance with safe and sound banking practices, compliance with bank policy and applicable regulations, as well as acting in a manner that is in the best interest of the Bank.

The Statements above are intended to describe the general nature and level of work being performed by people assigned to this position.  They are not intended to be an exhaustive list of responsibilities, duties, and skills.  Because these statements are general, the job description is used for a variety of purposes including job evaluations; performance reviews; recruitment; etc. All Associates are required to adhere to the highest legal and ethical standards applicable to our industry.  It is the policy of Seacoast Bank that all Associates will be familiar and compliant with all regulatory, legal, ethical and Bank risk mitigation requirements pertaining to both our industry and their individual roles.  This includes the on time, successful completion of annual required training post-hire and effective execution of role responsibilities.