Asset Preservation Coordinator II-Onsite

Make banking a Fifth Third better®
We connect great people to great opportunities. Are you ready to take the next step? Discover a career in banking at Fifth Third Bank.

Make banking a Fifth Third better®
We connect great people to great opportunities. Are you ready to take the next step? Discover a career in banking at Fifth Third Bank.

Position is onsite in Cincinnati, Ohio, this position cannot be remote

GENERAL FUNCTION:
Monitor the performance of the property preservation vendor(s) to ensure properties collateralizing delinquent loans are being maintained in accordance with investor/insurer guidelines. In addition, ensuring the system of record accurately reflects work activities performed during the Default cycle to meet monthly investor reporting requirements. Preservation includes ensuring the timely ordering of inspections per investor requirements; the timely payment of invoices for claim filing purposes and ensuring the system of record accurately reflects inspection results.

Currently, the mortgage portfolio is approximately 325,000 loans, 75% of which is sold to investors. This translates to roughly 3000 orders in monthly inspection volume being completed and $270,000 in annualized expenses that can be recouped by 5/3, if tracked properly. Inspections results also drive the maintenance needed at vacant properties and ensuring that the maintenance is completed within investor/insurer monetary and timeline guidelines.

There are roughly 500 properties per month that are reported as vacant in the default process. Any over allowable estimates or extensions of time must be submitted and approved by the appropriate investor/insurers to ensure recovery for advances made. Ensure timely completion of any and all work associated with a code violation at a vacant property to minimize the penalties to 5/3 that are not claimable advances.

This position will also file any hazard claims for properties with insurable damages to repair the collateral. In 2005 approximately 70 claims were filed and 45 claims were paid for a recovery of about $300K.

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.

• Review Property Preservation Queue daily for new tasks based off of maintenance needed at vacant properties.
• Monitor property preservation tasks for first time vacancy letters to the customers, ordering the securing of properties and sending change of risk letters to hazard insurance company.
• Work with the escrow department to ensure cancelled policies receive force placed insurance, maintain a report for tracking these accounts.
• Review over-allowable estimates from property preservation company and obtain appropriate investor/insurer approval to make repairs to the property.
• Review property preservation company invoices to ensure that the charges are correct for the work completed.
• Review mail with code violations and work with property preservation company to ensure our collateral is protected.
• Develop an extensive knowledge of all investor/insurer guidelines for all aspects of mortgage loan default.
• Work with city, county, attorneys and/or other government officials and offices on any issues of code violations at a property.
• Refer damaged properties to hazard claim vendor for review for insurable damage.
• Follow up with the hazard claim vendor and escrow department for claim information.
• Follow up for claim payment and repair of the properties.
• Contact with investors/insurers regarding distressed properties and the claim as needed.

SUPERVISORY RESPONSIBILITIES:

None

• High school diploma.
• 3 years of servicing experience (mortgage).
• Ability to research and recognize problems.
• Good organization skills.
• Strong communication skills.
• PC experience to include advanced Excel, Word and Access.

At Fifth Third, we understand the importance of recognizing our employees for the role they play in improving the lives of our customers, communities and each other. Our Total Rewards include comprehensive benefits and differentiated compensation offerings to give each employee the opportunity to be their best every day.

The base salary for this position is reflective of the range of salary levels for all roles within this pay grade across the U.S. Individual salaries within this range will vary based on factors such as role, relevant skillset, relevant experience, education and geographic location.

Our extensive benefits programs are designed to support the individual needs of our employees and their families, encompassing physical,…