Mortgage Hardship Specialist

VyStar Credit Union•Jacksonville, FL

21d

About The Position

At VyStar, we offer competitive pay, an excellent benefit package that includes a 401(k) Plan, an extensive paid technical and on-the-job training program, and tuition reimbursement--available to all full and part time employees. Part time positions start at a minimum of 30 hours per week. We encourage you to become a part of VyStar Credit Union's family of employees. Mortgage Hardship Specialist ACCOUNTABILITY STATEMENT The mortgage loan hardship specialist processes mortgage financial hardship requests, modifications and HELOC maturity requests received from members. The incumbent is expected to perform multiple duties; they act as a loan processor and are responsible for reviewing documents received, calculating debt ratio, pulls credit report and automated valuation, makes a recommendation to management of a solution for the borrower based on file review. Upon approval of the member’s request, the incumbent prepares the closing package for member signatures, preforms all core system maintenance within department timelines and completes quality control functions on the closing package and system changes to ensure accuracy. All activities related to processing a mortgage hardship request must be conducted timely in compliance with credit union policies, private mortgage insurance guidelines, secondary market servicing guidelines, and federal and state regulations. The incumbent will report to the Mortgage Loss Mitigation Supervisor. ESSENTIAL FUNCTIONS Reviews incoming mortgage loan hardship, modification and HELOC maturity requests and accompanying documentation for completeness. Pulls and reviews credit report to ensure the accurate calculation of housing to income and debt to income ratios, reviews Automated Valuation to determine property value. Prepares required hardship departmental worksheets and makes a recommendation to management based on their review that will best assist the member based on their specific situation. Communicates final hardship decision to the member, including terms and conditions of hardship approval or reasons for a hardship declination and schedules date/time/location for member to execute mortgage modification documentation. Prepares and sends notice of adverse action for denied mortgage loan hardship requests. Completes the core system mortgage loan changes required to ensure loan is serviced in conjunction with the terms and conditions of approved mortgage modification. Notates special payment arrangements in credit union collection system throughout the mortgage modification process. Makes special payment arrangements with member(s) during hardship review process to confirm member’s willingness to make mortgage payments. Cross-trained to work the collection system queues to ensure each delinquent account has been followed for activity and account is accurately documented in the core collections systems. Identify and make recommendations to Mortgage Loss Mitigation Supervisor and/or Mortgage Servicing Manager regarding process improvements, quality service and increased efficiencies. Performs other duties as assigned. Cross-sells other credit union services. All employees and business units, as first line of defense, are expected to proactively help identify, assess, manage, and report risks within their domain of work. To enhance a healthy risk culture and support our growth for good pillar, employees will maintain vigilance in safeguarding our operations while ensuring compliance with regulatory mandates. The Risk team serves as the second line of defense by providing risk oversight and credible challenge whereas the Audit team serves as the third line of defense by providing risk assurance. Incumbent is expected to demonstrate each of the following VyStar Excellence behaviors in performing the duties and responsibilities of their job: Focus - Focus your full attention by carefully listening to and observing client or member. Connect - Consistently be friendly and approachable. Demonstrate your care. Understand - Listen empathetically and ask questions (70%/30% rule). Counsel - Recommend solutions based on your member’s needs and objectives. Advance - Ensure that member’s expectations were exceeded. Verify necessary follow-up actions.

Requirements

Three + years’ experience in customer service, collections or mortgages with a financial institution.
Knowledge of federal and state regulations related to mortgage lending such as the Equal Credit Opportunity Act, Truth in Lending Act, Real Estate Settlement Procedures Act as well as the regulations related to collection activities such as the Fair Credit Reporting Act, Fair Debt Collections Practice Act (FDCPA), and Federal Bankruptcy Laws.
In addition, the incumbent must stay abreast of loss mitigation guidelines for the private mortgage insurance companies and secondary market servicing guidelines.
Applicant must have positive, well-developed communication skills, both written and oral, be detail oriented, have good organizational and active listening skills, the ability to work in a fast-paced environment, and proven ability to work with others.
Must have professional conduct and appearance and be self-motivated.
Must work under the philosophy of “people helping people” and be able to communicate with members and legal counsel at all levels.
Applicants must demonstrate the qualities of a self-starter and one who follows through on all job duties.
Equipment to be used in the daily performance of job duties include PC, and multi-function equipment (fax, scanner, and copier) is required.
Knowledge of all Microsoft Office applications and credit union software and/or core operating systems pertinent to completing various tasks and responsibilities of the position is required.
The minimum formal education required is completion of high school.
Specialized classes in financial counseling, foreclosure, short sales, deed in lieu and bankruptcy is preferred.
Must be knowledgeable of the state/federal regulations governing mortgage collections and modification documentation.
The incumbent must be well versed in secondary market servicing guidelines specific to the collection activities and workout agreements.
Continuing education via local conferences and workshops is required for updates on federal and state regulations.

Nice To Haves

Specialized classes in financial counseling, foreclosure, short sales, deed in lieu and bankruptcy is preferred.

Responsibilities

Reviews incoming mortgage loan hardship, modification and HELOC maturity requests and accompanying documentation for completeness.
Pulls and reviews credit report to ensure the accurate calculation of housing to income and debt to income ratios, reviews Automated Valuation to determine property value.
Prepares required hardship departmental worksheets and makes a recommendation to management based on their review that will best assist the member based on their specific situation.
Communicates final hardship decision to the member, including terms and conditions of hardship approval or reasons for a hardship declination and schedules date/time/location for member to execute mortgage modification documentation.
Prepares and sends notice of adverse action for denied mortgage loan hardship requests.
Completes the core system mortgage loan changes required to ensure loan is serviced in conjunction with the terms and conditions of approved mortgage modification.
Notates special payment arrangements in credit union collection system throughout the mortgage modification process.
Makes special payment arrangements with member(s) during hardship review process to confirm member’s willingness to make mortgage payments.
Cross-trained to work the collection system queues to ensure each delinquent account has been followed for activity and account is accurately documented in the core collections systems.
Identify and make recommendations to Mortgage Loss Mitigation Supervisor and/or Mortgage Servicing Manager regarding process improvements, quality service and increased efficiencies.
Performs other duties as assigned.
Cross-sells other credit union services.
All employees and business units, as first line of defense, are expected to proactively help identify, assess, manage, and report risks within their domain of work.
To enhance a healthy risk culture and support our growth for good pillar, employees will maintain vigilance in safeguarding our operations while ensuring compliance with regulatory mandates.
The Risk team serves as the second line of defense by providing risk oversight and credible challenge whereas the Audit team serves as the third line of defense by providing risk assurance.
Incumbent is expected to demonstrate each of the following VyStar Excellence behaviors in performing the duties and responsibilities of their job: Focus - Focus your full attention by carefully listening to and observing client or member. Connect - Consistently be friendly and approachable. Demonstrate your care. Understand - Listen empathetically and ask questions (70%/30% rule). Counsel - Recommend solutions based on your member’s needs and objectives. Advance - Ensure that member’s expectations were exceeded. Verify necessary follow-up actions.