Loss Mitigation Specialist

Loss Mitigation Specialist

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.

Core 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), status of foreclosure proceedings; status of short-sale arrangements / offers, status of deed-in-lieu of foreclosure offers, repossessions and sales
• 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
• Requires travelling to property, comparing repairs performed to those listed on the insurance claim document, takes photos or video to document work progress, prepares report for SLMM summarizing status and approximating work completed after each visit – multiple visits may be necessary depending on scope
• 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

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

Pay: $22.02 - $27.03 per hour

AN EQUAL OPPORTUNITY EMPLOYER

Equal Opportunity Employer This employer is required to notify all applicants of their rights pursuant to federal employment laws. For further information, please review the Know Your Rights notice from the Department of Labor.