Loss Mitigation Specialist

Teachers Federal Credit Union • Hauppauge, NY

281d • $28 - $33

About The Position

Join Our Team For over 70 years, Teachers Federal Credit Union has been committed to guiding members toward building a strong financial foundation today for a better tomorrow. Named one of America's Best-In-State Credit Unions by Forbes Magazine in 2022, Teachers has grown into one of the leading credit unions in the United States. As we broaden our national reach, we will continue to ensure that Teachers is a Best Place to Bank and a Best Place to Work. Teachers offers a variety of exciting career opportunities ranging from part-time and full-time staffers to executive leadership roles. The Loss Mitigation Specialist is responsible for managing a queue of delinquent in house portfolio and investor loans (real estate mortgage loans). The Specialist reviews and provides loss mitigation options to borrowers, tracks bankruptcy activity, and participates in collection activity.

Requirements

• HS Diploma required
• Minimum three years mortgage collection experience required
• Minimum two years foreclosure experience required
• Prior experience servicing portfolio and investor loans including FNMA and FHLB required
• Good understanding of modification process, investor relations, and in-house portfolio and investor regulations required
• Ability to assess borrower current financial ability by calculating income, assets, and debts based on internal policies and investor guidelines required
• Effective written and verbal communication skills
• Strong attention to detail and accuracy
• Ability to successfully manage multiple tasks and meet tight deadlines

Nice To Haves

• FNMA & FHLB Servicing Guide
• FNMA Web Applications
• Collection & Bankruptcy Law
• DNA & Akcelerant a plus

Responsibilities

• Initiates follow-up activity on delinquent accounts and maintains records of facts on internal systems per policy
• Provides financial counseling and assistance to members who are experiencing financial difficulties
• Assists borrowers to find solutions to maintain home ownership through various loss mitigation options (e.g., modification, forbearance, short sales, deeds, etc.)
• Ensures information and complete Loss Mitigation packages are sent to borrowers in a timely manner, determine and recommend the most feasible and appropriate workout to the member based on the workout hierarchy, mail proper letters, and record in system of record
• Review title searches to ensure that no title issues threaten lien position on the property
• Monitor status of loss mitigation options and update internal systems and investor system of record with payment records
• Prepare loss mitigation file for executive and board approval, draft final modification agreement and send for recording, review and upload information on final modifications into FNMA's SMDU and FHLB's eMAQS to close out loan
• Recommends appropriate course of action when members refuse to make satisfactory repayment arrangements (i.e., foreclosures, litigation, charge-off, modification, payment deferral or extension)
• Communicate with foreclosure attorneys as well as members, ensuring appropriate responsiveness, while handling written and verbal correspondence in a professional manner with parties
• Meet internals, investor, and CFPB timeline requirements by ensuring timely processing of activities
• Makes recommendations on policy and procedure changes for compliance purposes
• Stay current on investor, state and federal guidelines, and participate in on-going training
• Complies with internal procedures and investor servicing guides, to ensure requirements for servicing delinquent mortgages and completing workouts in effort to mitigate loss
• Adheres to Investor and Regulatory servicing guidelines, including Fannie Mae (FNMA), Federal Home Loan Bank (FHLB), and the Consumer Financial Protection Bureau (CFPB)
• Performs other duties as needed upon request by immediate supervisor

Benefits

• Paid time off for vacation, personal days, and holidays
• Fully-funded pension plan
• 401(k) company contribution
• Teachers pays 100% of Dental & Vision premium
• Tuition reimbursement is offered to full-time employees
• Exclusive employee discount of 0.96% APR on credit card loans and a 1.00% APR on all other loans through Teachers

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Industry: Credit Intermediation and Related Activities
• Education Level: Associate degree