Foreclosure, Loss Mitigation & REO Specialist

MCU Foreclosure SpecialistAt Municipal Credit Union, we believe that an incredible culture helps create a happy and motivated team that works hard to achieve the best results for themselves and their members. For more than 100 years, MCU has provided affordable financial products and convenient services to a membership base that is now comprised of over 600,000 individuals. With each new generation we have the pleasure of interacting with, we maintain the credit union promise of people helping people.Our Mission: To help hard-working New Yorkers build better tomorrowsOur Vision: Be New York's most loved financial institution by helping our members build their best financial futuresThis position is responsible for independently managing an assigned portfolio of late-stage delinquent and defaulted residential mortgage and home equity loans through foreclosure review, loss mitigation evaluation, foreclosure case monitoring, and real estate owned (REO) disposition. The Specialist prepares and assigns foreclosure referrals and completes packages to approved outside counsel, monitors legal and court activity, coordinates timely responses to counsel, agencies, investors, insurers, and internal partners, and takes appropriate action to keep files progressing toward resolution. The Specialist also reviews and evaluates loss mitigation applications within the assigned portfolio and oversees REO properties from acquisition, preservation, and sale preparation through closing and final disposition. The role requires strong working knowledge of the foreclosure, REO, and loss mitigation industry and the ability to maintain compliant, timely, accurate, and audit-ready files.ResponsibilitiesSpecific duties include, but are not limited to, the following:Loss Mitigation Activities and AnalysisReview and evaluate complete and incomplete loss mitigation files for available retention and non-retention options, including loan modifications, repayment plans, forbearance, short sales, and deeds in lieu of foreclosure, in accordance with applicable investor, insurer, regulatory, and internal requirements.Analyze borrower financial information, hardship documentation, property information, lien position, title concerns, estimated recovery, and other relevant factors to develop and document a recommended resolution strategy.Monitor loss mitigation activities, milestones, document expiration dates, trial or repayment performance, approvals, denials, appeals, and required borrower communications.Coordinate with collections, servicing, escrow, legal, underwriting, bankruptcy, and other internal partners to resolve account discrepancies and move files toward timely resolution.Foreclosure Case ManagementReview assigned late-stage residential mortgage and home equity loans to determine whether all required collection, loss mitigation, notice, documentation, investor, insurer, state, federal, and internal prerequisites have been satisfied before recommending or initiating foreclosure referral.Prepare, review, and assign complete foreclosure referral packages to approved outside counsel; provide all required loan, collateral, notice, payment, loss mitigation, title, and supporting documentation; and confirm counsel's receipt and acceptance of the referral.Actively monitor assigned foreclosure cases from referral through judgment, sale, transfer, reinstatement, payoff, or other resolution. Track court filings, appearances, conferences, motions, orders, legal milestones, sale scheduling, title issues, bankruptcy impacts, loss mitigation holds, agency conditions, and other delays; follow up on aging or inactive matters and take appropriate action to keep each file progressing through the court system.Maintain working knowledge of judicial foreclosure requirements and timelines, with particular attention to New York foreclosure processes, and promptly escalate timeline exceptions or legal obstacles.Review reinstatement, payoff, per diem, fee, and expense information for reasonableness and coordinate corrections when discrepancies are identified.Partner with counsel and internal stakeholders to resolve contested matters, title defects, collateral issues, servicing concerns, and other complex case conditions.REO Asset Management and DispositionManage REO assets through the full lifecycle from acquisition through closing and final disposition.Analyze property values, broker price opinions, appraisals, market conditions, occupancy status, repair estimates, carrying costs, taxes, insurance, utilities, municipal violations, and projected net recovery to recommend disposition strategies.Review listing agreements, marketing plans, price recommendations, purchase offers, contracts of sale, amendments, closing documents, settlement statements, and related agreements for completeness, business terms, and required approvals.Coordinate with real estate brokers, attorneys, title companies, preservation vendors, contractors, insurers, and other parties to support timely marketing, sale, and closing.Monitor property preservation, securing, inspections, maintenance, winterization, repairs, utilities, insurance coverage, code compliance, occupancy, evictions, and cash-for-keys activity, as applicable.Evaluate offers and repair proposals, prepare documented recommendations, and seek required approvals with a focus on controlling carrying costs and maximizing net recovery.Short Sale and Deed in Lieu AdministrationEvaluate and manage short sale and deed in lieu requests from intake through decision and closing, including financial review, valuation, title review, lien analysis, investor or insurer requirements, and estimated loss analysis.Review purchase contracts, settlement statements, payoff demands, subordinate lien information, relocation or incentive requests, and closing conditions for accuracy and compliance.Coordinate with borrowers, authorized third parties, attorneys, real estate professionals, investors, insurers, and title companies to resolve outstanding conditions and support timely completion.File Maintenance, Quality Control, and Audit ReadinessMaintain complete, accurate, chronological, and audit-ready electronic and system files for loss mitigation, foreclosure, bankruptcy-related activity, REO, property preservation, and disposition actions.Ensure decisions, approvals, notices, calculations, communications, vendor activity, legal milestones, invoices, and supporting documentation are clearly recorded and readily retrievable.Perform periodic self-audits and quality control reviews to identify missing documents, inconsistent data, aging conditions, unsupported fees, or process gaps, and complete corrective action promptly.Support internal audits, external audits, investor or insurer reviews, regulatory examinations, and management quality reviews by gathering documentation and responding to findings or information requests.Maintain accurate and current information in loan servicing, collections, document imaging, vendor, and tracking systems.Identify opportunities to avoid preventable foreclosure, reduce losses, shorten timelines, control expenses, improve recoveries, and strengthen the member experience.Requirements3 to 5 years of progressively responsible experience in mortgage loss mitigation, foreclosure, default servicing, REO asset management, or a closely related area.Demonstrated experience evaluating loan modifications, repayment plans, forbearance options, short sales, deeds in lieu of foreclosure, and other foreclosure alternatives.Hands-on experience managing REO assets and reviewing property valuations, listing agreements, marketing plans, purchase offers, contracts of sale, closing documents, repair proposals, and settlement statements.Working knowledge of property preservation, occupancy management, insurance, repairs, code issues, eviction or cash-for-keys activity, and REO disposition practices.Strong knowledge of mortgage servicing, foreclosure processes and timelines, default-related documentation, and applicable investor, insurer, state, and federal requirements.Knowledge of CFPB, RESPA, FDCPA, bankruptcy considerations, state foreclosure laws, and other requirements applicable to the assigned portfolio.Ability to independently manage a high-volume portfolio of complex and high-risk defaulted loans while meeting deadlines and maintaining exceptional attention to detail.Strong analytical, financial, organizational, decision-making, and problem-solving skills.Demonstrated ability to identify root causes, resolve complex issues, exercise sound judgment, and clearly document recommendations and decisions.Proven ability to hold third-party vendors accountable and manage service levels, timelines, work quality, expenses, and corrective action.Excellent verbal and written communication skills, including the ability to communicate effectively with members, attorneys, vendors, real estate professionals, management, and cross-functional partners.Proficient in Microsoft Word, Excel, and Outlook; experience with mortgage servicing, collections, document imaging, and vendor management systems preferred.Experience with Finastra Mortgage Servicing Director, Akuvo, and Symitar is a plus.Highly ethical, accountable, and committed to maintaining confidentiality and accurate records.Why you'll be a good fit:Our Core Values are an integral part of who we are and who we hire. By living our Core Values, every day, we continue to attract the best and brightest talent, achieve unsurpassed results and continuously challenge ourselves to be better