Foreclosure Bankruptcy Specialist
About The Position
RIHousing is seeking a Foreclosure Bankruptcy Specialist for its Loan Servicing Department. The position manages bankruptcy and foreclosure activities in compliance with applicable laws, investor and insurer regulations, and established guidelines, while minimizing financial risk and exposure to RIHousing. It is a hybrid position based in Providence, Rhode Island, with face-to-face collaboration and direct involvement in the office environment. The role administers foreclosure and bankruptcy servicing, monitors delinquent accounts and active legal pipelines, coordinates with legal counsel, calculates and prepares required legal and bankruptcy documentation, and manages account updates before and after foreclosure. It also supports reporting, regulatory compliance, cross-training, and special projects. RIHousing works to help Rhode Island residents afford healthy, attractive homes by providing loans, grants, education, and assistance to help people find, rent, buy, build, and keep a home. Created by the General Assembly in 1973, RIHousing is a self-sustaining corporation and receives no state funding for operations.
Requirements
- Associate’s degree in business administration or a related field; a paralegal certification is preferred.
- Five years of experience in mortgage collections, foreclosure, and bankruptcy is preferred.
- Knowledge of state and federal laws governing bankruptcy and foreclosure, CFPB and FDCPA regulations, and government-insured loans, including FHA, USDA, FNMA, Freddie Mac, and VA-insured loans.
- Strong negotiation, communication, and organizational skills.
- Strong analytical and problem-solving skills and ability to comprehend complex transactions.
- Ability to handle multiple projects and 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 be self-motivated.
- Use of a personal vehicle, a valid driver’s license, and proof of insurance are required.
Nice To Haves
- Paralegal certification.
- Bilingual ability, particularly Spanish or Portuguese.
- Five years of experience in mortgage collections, foreclosure, and bankruptcy.
Responsibilities
- Administer foreclosure and bankruptcy activities in the Single-Family Loan Servicing Division in accordance with internal policies, regulatory requirements, investor and insurer guidelines, and sub-servicing requirements.
- Monitor delinquent accounts, identify loans meeting foreclosure referral criteria, prepare referral recommendations for Assistant Director review, and verify that prerequisites for foreclosure are satisfied.
- Calculate, reconcile, and validate delinquency figures for legal demand letters, court affidavits, and other legal documents, ensuring accuracy and compliance with federal and state requirements and 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, including whether referred loans follow judicial or non-judicial processes, and coordinate required documentation and actions with legal counsel.
- Review Chapter 7 and Chapter 13 bankruptcy filings and plans to determine debtor intent, assess plan feasibility, and identify servicing actions and requirements.
- Calculate, reconcile, and prepare Chapter 13 proofs of claim, notices of final cure payment, notices of payment change, and notices of post-petition fees for legal counsel to file.
- Prepare Chapter 7 Reaffirmation Agreements and coordinate related requirements with legal counsel.
- Process and monitor pre- and post-petition bankruptcy payments, fees, and other account activity; research bankruptcy plans to determine appropriate servicing actions.
- Coordinate with the Escrow Department to ensure annual escrow analyses and related servicing activities comply with bankruptcy requirements.
- Maintain foreclosure and bankruptcy workstations in the loan servicing system, including post-foreclosure activities; update account records and the Real Estate Owned (REO) workstation for accurate and timely reporting.
- Manage active foreclosure and bankruptcy accounts, review attorney pipeline reports, and monitor legal milestones to ensure actions are completed on time.
- Prepare foreclosure bids according to investor and insurer requirements and provide bid instructions and supporting information to legal counsel.
- Provide post-foreclosure updates in 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 on delinquency, REO, and mortgage insurance claim status.
- Maintain current knowledge of federal and state foreclosure and bankruptcy laws, regulations, investor and insurer requirements, and servicing guidelines, including CFPB and FDCPA requirements.
- Cross-train in other loan servicing functions and support assigned special projects and departmental initiatives.
Benefits
- Mentorship Program
- Lunch and Learn series
- Employee Recognition programs
- Parking Stipend
- Medical, dental, vision, and life insurance
- Paid Time Off
- Retirement Options
- Flexible Work Hours; future hybrid work may be available if the position is eligible
- Education Reimbursement
- Onsite Fitness Classes
- Volunteer Days
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What This Job Offers
Job Type
Full-time
Education Level
Associate degree
