Loss Mitigation Specialist

Polish & Slavic Federal Credit Union•Fairfield, NJ

16h•$22 - $27•Onsite

About The Position

Polish & Slavic Federal Credit Union is committed to supporting our employees’ overall wellbeing by providing valuable benefits. The credit union proudly offers a competitive benefits package, that includes: Medical, Vision and Dental Insurance, Retirement Plans, Life Insurance Plans, Tuition Reimbursement and Pet Insurance, among other benefits. We also have a generous Paid Time Off policy including Vacation, Personal and Sick Time, as well as, a Birthday Day off.

Requirements

Able to travel independently to property inspections, REO showings or other job-related matters
Travel may be up 10%
Bilingual Polish / English preferred
Prior collection or foreclosure experience
Loan processing or underwriting background
Paralegal experience
Possesses good negotiating/communication skills
Good analysis skills

Responsibilities

Interacts professionally and efficiently with delinquent members, vendors and government officials on behalf of the credit union
Follows through on delinquent property taxes with borrowers
Follows through on missing insurance information/policies for mortgaged properties
Processes Private Mortgage Insurance (PMI) claims with the assistance of Loan Servicing
Prepares standard and custom reports informing the department head of the Credit union’s mortgage loan foreclosure portfolio pipeline (Post Collections)
Upon CLO approval, the LMS will be responsible for foreclosures by: Preparing the necessary documentation for initiating the foreclosure process, Performing collateral inspections if required and order appraisals, Requesting status reports from attorneys on foreclosures in process, Maintaining inventory of mortgages in the foreclosure process
Arranges for the payment of real estate taxes; hazard, liability or flood insurance; water/sewer charges; necessary utilities; homeowner association dues, required. maintenance contracts, as well as other upkeep requirements associated with properties where the borrower has failed to make such payments or arrangements.
Arranges the transfer of billing for all utilities into the credit union’s name and tracks all expenses associated with each delinquent loan or REO
Maintains inventory/tracking of REO
Maintains REO utilizing the credit union’s “REO Property Checklist” as guidance
Cooperates with Marketing Department in creating and maintaining a “Real Estate for Sale” section on the credit union’s website
Facilitates sale of REO with real estate agents or direct buyers by arranging property viewings, negotiating purchase offers and assigning an authorized PSFCU attorney to arrange for the closing
Follows up with local municipality on: Informing them of new ownership (if not taken care of already by attorney), Addressing possible violations or other outstanding issues, Requesting requirements for closing
Presents department head with suggestions for procedure improvements or updates as necessary
Performs inspections on properties that have sustained damage or loss, where insurance funds are at stake
May be instructed to solicit bids from qualified vendors for various REO repairs and renovations
Will cooperate with Collections on: preparing judgment matters, documentation for filing with the attorney, coordinating repossession orders, as instructed
Preparing department mailings
Any other duties or responsibilities as required or assigned