Collections Specialist

Job Description

Job Function/Purpose

Default Servicing is responsible for monitoring and tracking all assigned real estate secured consumer and mortgage accounts that are delinquent or in default as it relates to Collections, Loss Mitigation, Foreclosure, Bankruptcy, Eviction, Claims, and REO. The individual in this role must be able to detect and prevent any potential delays and make sound judgments on behalf of the bank, our investors and insurers according to their guidelines in order to avoid significant customer and/or collateral impact, potential monetary loss, potential regulatory and/or audit findings and complete all key tasks accurately and in a timely manner.

Qualifications

• Business Degree or commensurate experience preferred. High School diploma or GED required.

• Experience/training in consumer/mortgage default servicing preferred.

• Prior collection experience preferred.

• Knowledge of Sagent LoanServ servicing system helpful.

• Strong time-management skills, ability to prioritize tasks, and coordinate multiple and changing priorities.

• Must have excellent telephone, written, and verbal communication skills and demonstrate the ability to effectively communicate in a professional/personable manner.

• Strong work ethic, detail oriented and possess analytical and problem-solving skills.

• Must maintain confidentiality and professionalism with internal and external customer communications as well as related account and financial information.

• Self-motivated to succeed both individually and as part of the default servicing team.

• Working knowledge of FHLMC, FNMA, FHA, & VA default servicing advantageous.

• Ability to work independently with minimal direction.

• Promote a positive workplace supportive of company and departmental goals and objectives.

• Proficient in Microsoft Office Suite.

Principal Activities/Objectives

• Answers incoming borrower calls regarding delinquent loans.

• Places out-bound calls to delinquent accounts in compliance with regulatory requirements and investor/insurer/guarantor requirements

• Reviews system of record notes and documentation prior to placing out-bound customer calls regarding delinquent account status.

• Negotiates and develops debt repayment terms/plans to cure delinquencies.

• Compile and review all applicable data and documents to validate compliance within the collection processes and original loan file documentation.

• Supports default referrals (loss mitigation/foreclosure/bankruptcy/eviction) and adherence to investor/insurer/CFPB guidelines.

• Responds timely to all communication both verbally and written from GSE's, Attorneys, Investors/Insurers, Title Companies, and Borrowers.

• Maintains compliance with all Bank policies and procedures.

• Manages timely and accurate investor/insurer claim filings and investor billings.

• Identify, analyze, and determine the borrower's ability and desire to maintain their loan account.

• Supports strategy of maximizing all loss mitigation options with borrowers.

• Reduces risk to the Bank by adhering to all regulatory requirements, investor/insurer guidelines, and state law including but not limited to collection notices, breach letters, state specific foreclosure notices and foreclosure affidavits.

• Supports oversight and compliance of the loss mitigation process (processing, underwriting, closing) for loan workouts.

• Maintains working knowledge of regulatory requirements, and investor/insurer guidelines related to default servicing including Collections, Foreclosure, Bankruptcy, Loss Mitigation requirements, and timeframes.

• Other duties as assigned by management.

Note:

Nothing in this job description restricts management's right to assign or reassign duties and responsibilities to this job at any time