Servicing Representative – Default Specialist

Servion•New Brighton, MN

12d•$21 - $25

About The Position

SUMMARY: Extensive administrative work involved in the Foreclosure and Loss Mitigation operations of the Servicing Department. Required knowledge and abilities in the coordination of various functions of foreclosure and loss mitigation including but not limited to loan modifications, repayment plans, forbearances, property inspections, judicial and non-judicial foreclosure, Bankruptcy and investor guidelines. KEY PERFORMANCE MEASURES: Entry/Level I: Process 1-3 Borrower Response Packages per week Run 1-3 loans through the Loss Mitigation waterfalls per week File 1-3 Claims (571 and Final, Bankruptcy, etc.) per week When assisting with dialer, 20-50 outbound call attempts per week depending on the size of the dialer. Senior/Level II: Process 3-5 Borrower Response Packages per week Run 3-5 loans through the Loss Mitigation waterfalls per week Post 3-5 loans to the system of record per week File 3-5 Claims (571 and Final, Bankruptcy, etc.) per week When assisting with dialer 40-75 outbound call attempts per week depending on the size of the dialer. Pay 5-10 vendor invoices per week ESSENTIAL RESPONSIBILITIES & DUTIES: Entry Level Know and understand investor/insurer guidelines specifically FHA, FNMA, GNMA, FHLMC, VA, FHLB, USDA. Foreclosure File foreclosure advance claims for reimbursement from investors timely. Monitor the attorneys' performance by reviewing all proceedings, records, and timeframes and updating activities throughout the foreclosure process in system. Document communications with borrowers and attorneys; provide thorough explanations on delays. Partner closely with outside attorneys/vendors to oversee foreclosure actions from referral to foreclosure sales and/or eviction while maintaining investor specific timelines. Prepare accurate judgment figures, payoffs, and reinstatements. Ensure account actions, correspondence and process delays are thoroughly documented in servicing system. Ensure compliance with all state and investor requirements including maintaining investor metrics and protocols on all foreclosure sales. Loss Mitigation Review and implement according to investor, client, insurer guidelines loan modification terms, forbearances and repayment terms, short sales, and deed in lieu Submit loss mitigation requests to investor/client/MI for approval as required Approve or decline files as directed in accordance with departmental guidelines as set forth by investor/client/insurer guidelines. Monitor status of repayment plans, forbearance plans, and trial period plans; update servicing and investor system of record with payment information. Respond and return voicemails, escalations and all other requests within 24 hours from receipt Contact borrowers and real estate agents to provide status of loss mitigation files. Bankruptcy Work with bankruptcy attorneys on mortgages that file bankruptcy so all steps are followed to ensure compliance. Handle all written and verbal correspondence professionally between the borrowers, client, investor, insurer, subordinate lien holders, real estate agents, consumer credit counseling services, and attorneys. Perform timely follow up with attorneys and bankruptcy trustees, follow up timely for hearings, discharges and critical steps and request referrals on delinquent bankruptcies and status updates. Actively participate in quarterly performance meetings; meet or exceed all performance metrics. Senior – Level II Must be able to perform all responsibilities and functions listed for Level I with a high degree of efficiency and independence. Responsible for the training of Loss Mitigation Specialists Coordinate the activities of outsourced partners and vendors to achieve loss mitigation goals. Serve as a resource for other Loss Mitigation Specialists regarding Loss Mitigation operations, policies or procedures. Meet with delinquent borrowers and determine appropriate resolution Execute account resolution according to investor and MI specifications Process delinquency reporting to investors, mortgage insurers, and internal authorities Manage credit bureau reporting and corrections Attend seminars about loss mitigation or the mortgage industry to assist in personal growth within the industry and with the company. Process delinquency reporting to investors, mortgage insurers, and internal authorities. Manage credit bureau reporting and corrections.

Requirements

Thorough knowledge of first mortgage real estate lending practices, including federal regulatory requirements, state regulations, agency, and Credit Union requirements.
Familiarity with AllRegs.
Basic MS Office skills.
Proficiency in using and learning mortgage loan software.
Reporting, letter preparation, group presentation and other related communications skills.
Ability to attend meetings or perform other assignments at locations outside the office, if necessary.
Ability to define problems, collect data, establish facts and draw valid conclusions.

Nice To Haves

Experience with FNMA SMDU and FHLMC Workout Prospector
Experience with VALERI, FHA Connection, PACER, and HomeTracker
Education: High School Diploma. 2–4-year degree in business or a related field preferred.
Experience: 1-3 years in residential foreclosure and loss mitigation; 3-5 years for Sr level and must have knowledge of FHA/GNMA foreclosure process.

Responsibilities

File foreclosure advance claims for reimbursement from investors timely.
Monitor the attorneys' performance by reviewing all proceedings, records, and timeframes and updating activities throughout the foreclosure process in system.
Document communications with borrowers and attorneys; provide thorough explanations on delays.
Partner closely with outside attorneys/vendors to oversee foreclosure actions from referral to foreclosure sales and/or eviction while maintaining investor specific timelines.
Prepare accurate judgment figures, payoffs, and reinstatements.
Ensure account actions, correspondence and process delays are thoroughly documented in servicing system.
Ensure compliance with all state and investor requirements including maintaining investor metrics and protocols on all foreclosure sales.
Review and implement according to investor, client, insurer guidelines loan modification terms, forbearances and repayment terms, short sales, and deed in lieu
Submit loss mitigation requests to investor/client/MI for approval as required
Approve or decline files as directed in accordance with departmental guidelines as set forth by investor/client/insurer guidelines.
Monitor status of repayment plans, forbearance plans, and trial period plans; update servicing and investor system of record with payment information.
Respond and return voicemails, escalations and all other requests within 24 hours from receipt
Contact borrowers and real estate agents to provide status of loss mitigation files.
Work with bankruptcy attorneys on mortgages that file bankruptcy so all steps are followed to ensure compliance.
Handle all written and verbal correspondence professionally between the borrowers, client, investor, insurer, subordinate lien holders, real estate agents, consumer credit counseling services, and attorneys.
Perform timely follow up with attorneys and bankruptcy trustees, follow up timely for hearings, discharges and critical steps and request referrals on delinquent bankruptcies and status updates.
Actively participate in quarterly performance meetings; meet or exceed all performance metrics.
Responsible for the training of Loss Mitigation Specialists
Coordinate the activities of outsourced partners and vendors to achieve loss mitigation goals.
Serve as a resource for other Loss Mitigation Specialists regarding Loss Mitigation operations, policies or procedures.
Meet with delinquent borrowers and determine appropriate resolution
Execute account resolution according to investor and MI specifications
Process delinquency reporting to investors, mortgage insurers, and internal authorities
Manage credit bureau reporting and corrections
Attend seminars about loss mitigation or the mortgage industry to assist in personal growth within the industry and with the company.