Loan Servicing Default Specialist Assoc - El Segundo, CA

Job Description

Job Description

General Summary:

This position requires the candidate to work in-office three (3) days per week.

This position is responsible in providing mitigation to delinquent or potentially delinquent real estate loan portfolio, in an effort to avoid foreclosure and assist borrowers by offering mitigation or liquidation solutions such as a short sale, deed in lieu, forbearance or loan modification; planning, organizing, directing and controlling mitigation solutions by evaluating a gain/ loss analysis to determine next steps and offering solutions that will resolve any payment performance issues.

Under minimal direction is responsible for the day- to- day activity of third-party Loan Servicing Vendor to achieve superior operational performance and maintain outstanding service to our members. Provide a level of oversight to ensure vendor is in compliance with all collection and default policies and procedures, Investor requirements & Service Level Agreements have been met, by monitoring, auditing, reconciliation and reporting of findings to Management.

In addition, may be tasked with assisting in the coordination, handling and oversight of accounts that have filed bankruptcy as needed. Clear understanding of CFPB, FCRA, FDCPA, state and federal guidelines preferred.

NATURE AND SCOPE OF POSITION:

This position works with a minimal amount of supervision and direction and is authorized to take reasonable actions necessary to carry out the assigned responsibilities of the position, provided that such action is consistent with cost-effective practices and is consistent with the policy and procedures of Kinecta Federal Credit Union.

SUPERVISORY RESPONSIBILITIES:

There are no direct supervisory responsibilities but will be expected to take the lead on assigned projects.

ESSENTIAL DUTIES AND RESPONSIBILITIES:

•Provides leadership and oversight for delinquent real estate loan portfolio

•Reviews and approve adequate gain and loss analysis to determine the most appropriate solution as it relates to liquidation of property

•General knowledge and loss mitigation skills such as a repayment plans, short sales, deed in lieu, forbearance, and loan modification

•General understanding of CFPB Consumer Financial Protection Bureau, FCRA Fair Credit reporting Act, Fair Debt Collections Practices Act (FDCPA), state and federal guidelines.

•Familiar with inbound and outbound calling strategies to resolve delinquency

•Ability to effectively interface with third-party vendors, clients, and senior management to drive strategic initiatives, align objectives, and achieve organizational goals. Reviews daily and monthly activity reports to ensure accurate posting of transactions and timely resolution of issues. Ensure availability of reports and data files per the schedule agreed-upon with vendor. Communicates delays in availability of reports and any system issues impacting members to internal departments along with estimated timeframes for resolution

•Clear understanding and ability to analyze property value opinions, maintain and monitor foreclosure files and process close foreclosure files.

•Provide results in terms operational excellence and loss severities

•Maintains appropriate communication within area of responsibility

•Assist in the oversight of the bankruptcy accounts as needed, including but not limited to: inquiries, filings, correspondence and timelines

•Responsible for creating and conducting oversight of Collection and Default activities for ensure quality member service, Monitoring, Auditing, Reconciliation, and reporting findings.

•Follows collection and default operating policies and procedures, and monitors for compliance

•Monitors service level agreements (SLAs) to ensure compliance with performance standards.

•Conduct and report audit reviews of sample transactions to ensure performance standards are met. Maintains audit review log for issues and results; to establish performance trending.

•Review, analyze and provide documentation with recommendations to supervisor for interest only, 2nd TD, short sale, and modifications processing

•Other Projects as assigned to support the Departments reporting to the Vice President of Loan Servicing and Collections.

NON-ESSENTIAL DUTIES AND RESPONSIBILITIES:

Performs other duties including special projects as assigned.

MINIMUM QUALIFICATIONS:

Knowledge, Skills and Abilities:

1.Knowledge of computer applications related to work, including word processing and spreadsheet applications.

2.Knowledge of records management principles and practices.

3.Ability to effectively work with members, attorneys and staff, in person and over the telephone.

4.Knowledge of standards office support practices and procedures, including the use of standard office equipment.

5.Ability to work in a fast-paced environment.

6.Ability to maintain and train in the foreclosure and loss mitigation areas.

7.Strong analytical and problem-solving skills.

8.Excellent customer service, relationship management and negotiation skills.

9.Strong interpersonal, written, and verbal communication skills.

10.Knowledge of Loan Servicing Systems, Accounting Principles and Practices, FNMA and FHLMC credit guidelines.

11.Knowledge of federal and regulatory compliance.

12.Ability to prioritize, analyze and solve problems.

13.Customer Service, team and goal –oriented, enhance by a high sense of urgency.

14.Excellent organizational and follow-through skills with emphasis on details.

15.Ability to establish credibility and be decisive – but able to recognize and support organizations’ preferences and priorities.

16.Results driven with the ability to balance other business considerations.

17.Proficient in Microsoft Windows, Word, Excel, and inter-company software.

18.Ability to review and analyze appraisals, BPO and AVM values.

19.Review, analyze and complete gain and loss evaluations.

Education, Training and Experience:

Potential candidates for this position must meet the following requirements:

•Bachelor’s degree in business administration, relates discipline or equivalent work experience preferred but not necessary

•Servicing experience with minimum of 3 years’ experience with business operations. General knowledge of mortgage banking, default early and late migration, foreclosure, bankruptcy, REO or equivalent combination of education and experience

•Real Estate, escrow, title loan origination experience

•Appropriate systems knowledge.

Experience as outlined may be substituted for education on a year-for-year basis.

WORKING CONDITIONS:

•The working environment is generally favorable. Lighting and temperature are adequate, and there are no hazardous or unpleasant conditions caused by noise, dust, etc.

•The job may require flexibility with regards to scheduling days, hours, and work location, depending on business needs.

PHYSICAL ABILITIES, MENTAL DEMANDS, AND WORK ENVIRONMENT

Must be able to exercise sound judgment, effectively plan and be well organized, have excellent oral and written communications skills, work well under changing timelines, take the initiative and be flexible and cooperative. Accuracy, timeliness and maintaining confidentiality related to member, employee information and company records is required.

While performing the job duties of this position, the employee is regularly required to sit; talk or hear in person and by telephone; use hands to operate standard office equipment; reach with hands and arms.

Vision abilities required by this job include close vision and the ability to adjust focus to read and operate office equipment, as necessary. The employee works under typical office conditions and noise levels.

Disclaimer:

The above information on this description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job.