Fifth Third Bank Mortgage Foreclosure Analyst II. in Cincinnati, Ohio

JOB DESCRIPTION:

Fifth Third Bank is one of the top-performing banks in the country, with a heritage that spans more than 150 years. We've staked our claim on looking at things differently to making banking a Fifth Third Better. This applies to our relationships with customers and employees alike.

We employ about 18,000 people, and what we offer is:

# A chance for employees to build their future, with supportive career development and financial wellness programs.

# An environment where we win together. We celebrate achievement and work collaboratively. We're also a three-time Gallup Great Workplace honoree.

# An invitation to impact lives in a positive and lasting way. Everything we do is geared toward improving lives. That's fun and exciting.

It comes down to the fact that Fifth Third is a warm and caring place to with which to grow # as a customer or as a team member.

Mortgage Banking at Fifth Third Bank encompasses three sales channels # Retail, Direct and Correspondent. It also includes the operations side, with three major Fulfillment Centers in Cincinnati, Ohio; Grand Rapids, Michigan; and Chicago, Illinois. We offer many different mortgage loan options, and our customers look to us when they are thinking about buying a new home, building their dream home, refinancing their existing home, or exploring options for downsizing. Additionally, the Fifth Third partners with the Community College Foundation to bring the Financial Empowerment eBus to our communities. This bus is retrofitted as a mobile classroom that hits the streets to provide financial education on important topics including homeownership. We also play a key role in supporting homeownership by offering refinancing and modification opportunities.

GENERAL FUNCTION: Foreclosure Analyst II is responsible for ensuring the Foreclosure process is completed accurately in adherence to mandatory state and investor timelines by acting as a liaison between Default Managers and outside counsel. This positionmonitors the status of residential FCL from a creditor/servicer perspective, calculation of judgment figures to outside counsel, bid analysis, evaluate legal invoices and review of foreclosure related legal documents. This position certifies theaccuracy of EDR data pertaining to FCL related activity. The residential mortgage portfolio consists of 325,000 loans for $36B in receivables, 75% of which are investor owned and/or insured, requiring strict servicing guidelines throughout the defaultcycle.

Responsible and accountable for risk by openly exchanging ideas and opinions, elevating concerns, and personally following policies and procedures as defined. Accountable for always doing the right thing for customers and colleagues, and ensures that actions and behaviors drive a positive customer experience. While operating within the Bank#s risk appetite, achieves results by consistently identifying, assessing, managing, monitoring, and reporting risks of all types.

DUTIES & RESPONSIBILITIES:

  • Manage 275 FCL cases, initiation through acquisition, including FHLMC, FNMA, FHA/VA & Private Investors with a total financial exposure of $25M.

  • Follow up on all FCL actions monthly to ensure investor guidelines and monthly status requirements are met to prevent fines & reduce errors found during investor audits.

  • Analyze & manage FCL timeline performance to ensure that no more than 10% of monthly case-load is past standard to eliminate monetary penalties up to $100.00 per day for each day past standard.

  • Transmit EDR data via Midanet and other investor CPU-to-CPU platforms on a daily to monthly basis to guarantee default action codes and status codes are processed by the 3rd business day of each month.

  • Understand data error identifiers and messages to resolve EDR and resolve within 24 hours of findings to avoid compliance penalties assessed in accordance with servicing reporting requirements.

  • Identify contested FCL and code in order to ensure the proper reporting of delays to investors to reduce potential fines. Ensure that all cases in which Fifth Third Bank has exposure are escalated to management & In-house legal.

  • Ensure FCLs have clear & marketable title throughout the FCL process to eliminate the potential financial exposure for charge-offs.

  • Work closely with other default personnel (including BKR, loss mitigation, and REO) to ensure a seamless transition for loan accounts which move from one area of responsibility to another, for cross training purposes, & to assist other areas due tochanges in workload and staffing.

  • Complete financial analysis for FCL sale bids, judgments required by the court, reinstatement & payoff requests made by the borrower & attorney.

  • Examine FCL related expense as they pertain to investor guidelines up to $3,500 per FCL and up to $10M/yr.

  • Review collateral/partial lien releases & gather all necessary information (valuation, proposed compensation, & parcel legal descriptions, etc.) for release of collateral, analyze the proposal for its economic impact on the beneficiary of the loan &make recommendation to management.

  • Analyze the valuation of the property (BPO or appraisal), the marketability of the property, any claims possible against third parties (PMI claim, repurchase or recourse options on the note, hazard insurance, etc.) & any other relevant factors todetermine the bid amount.

  • Coordinate with the Property Preservation/Collateral department to secure & protect the interest of the service on vacant properties to reduce the potential for fines imposed by investors or city ordinances.

  • Prepare bid instructions for sheriff sales no later then 7 days prior to sale to reduce the potential of missing a sale & losing collateral.

  • Ensure the accurate & timely referral to BKR & Post Sale areas as they move through the process to prevent delays & the potential for monetary loss or exposure.

  • Working knowledge of mortgage banking, familiarity with RESPA, FFDCPA, GLBA, FFIEC & federal and state laws related to legal FCL & BKR proceedings.

  • Work with & develop a strong working relationship with network of Bank Appointed & Designated Counsels.

  • Provide mentoring to new staff members, assist in special projects & other duties as assigned.

SUPERVISORY RESPONSIBILITIES: None

MINIMUM KNOWLEDGE, SKILLS AND ABILITIES REQUIRED:

  • High School diploma required.

  • Minimum of 2-4 years of experience in a loan-servicing environment with exposure to Mortgage Default.

  • Communicate effectively to customers, vendors and coworkers.

  • Advanced computer & math skills.

Fifth Third Bank is proud to have an engaged and inclusive culture and to promote and ensure equal employment opportunity in all employment decisions regardless of race, color, gender, national origin, religion, age, disability, sexual orientation, gender identity, military status, veteran status or any other legally protected status.