Bankruptcy Foreclosure Specialist

Rhode Island Housing•Providence, RI

15h•$58,972 - $76,664•Hybrid

About The Position

RIHousing is seeking a dynamic professional to serve as the Foreclosure Bankruptcy Specialist within their Loan Servicing Department. This position is responsible for managing bankruptcy and foreclosure activities in compliance with applicable laws, investor and insurer regulations, and established guidelines, while minimizing financial risk and RIHousing exposure. This is a hybrid position based in Providence, Rhode Island, where you will be an integral part of the Loan Servicing team. The role is designed for face-to-face collaboration and direct involvement in the office environment.

Requirements

Knowledge of state and federal laws governing bankruptcy and foreclosure, knowledge of CFPB and FDCPA regulations, and knowledge of government-insured loans, including FHA, USDA, FNMA, Freddie Mac, and VA-insured loans
Strong negotiations, communications, and organizational skills
Strong analytical and problem-solving skills, ability to comprehend complex transactions
Ability to handle multiple projects/tasks, prioritize and organize workload, and meet investor and legal deadlines
Technology proficiency, including Microsoft Word and Excel
Understanding of real estate appraisals and titles
Ability to work independently, be flexible, and self-motivated
Use of a personal vehicle, a valid driver’s license, and proof of insurance is required

Nice To Haves

Paralegal Certification preferred
Associate’s degree in business administration, or related field
Five years’ experience in mortgage collections, foreclosure, and bankruptcy preferred
Bilingual ability preferred (particularly Spanish or Portuguese)

Responsibilities

Administer foreclosure and bankruptcy activities within the Single-Family Loan Servicing Division in accordance with internal policies, regulatory requirements, investor and insurer guidelines, and sub-servicing requirements.
Monitor delinquent accounts and identify loans that meet established foreclosure referral criteria. Prepare foreclosure referral recommendations for the Assistant Director's review and ensure all prerequisites for initiating foreclosure are met.
Calculate, reconcile, and validate delinquency figures for use by legal counsel in demand letters, court affidavits, and other legal documents, ensuring accuracy and compliance with applicable federal and state requirements and regulatory timelines.
Coordinate with foreclosure and bankruptcy legal counsel to initiate foreclosure proceedings and, when applicable, motions for relief from the bankruptcy stay.
Determine applicable HUD foreclosure requirements for referred loans, including whether the foreclosure will proceed through a judicial or non-judicial process, and coordinate required documentation and actions with legal counsel.
Review Chapter 7 and Chapter 13 bankruptcy filings and plans to determine the debtor’s intent, assess plan feasibility, and identify servicing actions and requirements.
Calculate, reconcile, and prepare bankruptcy proofs of claim, notices of final cure payment, notices of payment change, and notices of post-petition fees for Chapter 13 bankruptcy matters for filing by legal counsel.
Prepare Reaffirmation Agreements for Chapter 7 bankruptcy matters and coordinate related requirements with legal counsel.
Process and monitor pre- and post-petition bankruptcy payments, fees, and other account activity to ensure accurate application and research bankruptcy plans as needed to determine appropriate servicing actions.
Coordinate with the Escrow Department to ensure annual escrow analyses and related servicing activities comply with applicable bankruptcy requirements.
Maintain foreclosure and bankruptcy workstations within the loan servicing system, including post-foreclosure activities. Update account records and the Real Estate Owned (REO) workstation following foreclosure to ensure accurate and timely reporting.
Manage a pipeline of active foreclosure and bankruptcy accounts, including reviewing attorney pipeline reports and monitoring legal milestones to ensure required actions are completed within established timelines.
Prepare foreclosure bids in accordance with applicable investor and insurer requirements and communicate bid instructions and supporting information to legal counsel.
Provide post-foreclosure updates in the Fannie Mae and Freddie Mac Asset Management systems, as applicable.
For Fannie Mae loans, prepare and submit REOgrams and Cash Disbursement Request Forms in accordance with applicable requirements.
Prepare monthly internal and sub-servicing reports related to delinquency, REO, and mortgage insurance (MI) claim status.
Maintain current knowledge of applicable federal and state foreclosure and bankruptcy laws, regulations, investor and insurer requirements, and servicing guidelines, including requirements administered by the Consumer Financial Protection Bureau (CFPB) and the Fair Debt Collection Practices Act (FDCPA).
Cross-train in other loan servicing functions and provide support for assigned special projects and departmental initiatives.