Foreclosure Specialist I

Kentucky Housing Corporation 

Job Description

Job Title: Foreclosure Specialist I

Work Group: Mortgage Servicing

FLSA Status: Non-Exempt

Reports to: Manager Foreclosure and REO

General Purpose of the Job 

Responsible for processing and monitoring foreclosure/liquidation cases, from inception to the claims filing process. Responsible for overall compliance with policies and procedures for all foreclosure types including Federal Housing Administration (FHA); Veterans Affairs (VA); Rural Housing Service (RHS); Fannie Mae and Private Mortgage Insurance (PMI) insurers.

Essential Duties and Responsibilities:

• Review legal correspondence, update loan file and track case status per each insurer’s guidelines; institute necessary actions based on failure of proposed workouts. Monitor each case to ensure foreclosure is being processed in a timely manner and in compliance with insurer’s timeframes.   Communicate with counsel to resolve problems/ discrepancies.

• Insure properties are in conveyance condition and prepare the file for the claims department to convey properties back to HUD. Order appraisals based on each insurer’s guidelines and prepared bidding instructions; prepare files and ensure vacancies on all RHS properties; file electronic claims on FNMA insured properties; prepare foreclosure files with legal documents from imaging system and/or the trustee.  


• Complete foreclosure referral sheets to be sent to attorney. Coordinate monthly property inspections with the appropriate vendor and prepare recap sheet to track new referral activities, sales results, and loss mitigation efforts.  


• Monitor and work with contractors to ensure that properties are being maintained per insurer’s guidelines.


• Work with Loss Mitigation, Collections and Unemployment Bridge program on more complex issues to bring resolution on workouts or liquidations.


• Complete required quality right party phone contact on FNMA insured loans.  Monitor vacancies through Home tracker software. 


• Conduct foreclosure review meetings with the collection department in the absence of immediate supervisor. Place stop codes on appropriate areas of software system for reporting and Internet tracking. 

Knowledge of:

Federal housing programs, laws, and regulations

Crystal Reports software

Word processing/ spreadsheet applications such as Microsoft Word/Excel

Basic rules of grammar and business writing

Basic mathematic principles

Skill in:

Collecting, analyzing, and evaluating data

Dealing with a diverse group of external and internal contacts at all levels

Analyzing problems and reaching solutions

Ability to:

Plan and organize work activities

Prepare reports

Present ideas effectively

Handle sensitive/ confidential information

Additional Information:

Position requires knowledge of MS Office Suite products.  Position requires ability to work effectively with a wide variety of people, including external contacts as well as cross-departmental teams; ability to work in a team and as an individual to gain consensus; ability to multitask; ability to deal effectively with conflict; ability to plan and present ideas effectively, both verbally and in writing.  Position requires strong analytical skills, including problem-solving and attention to detail.

Work requires knowledge of FHA/VA/RHS/PMI and Fannie Mae guidelines, which may be obtained on the job; familiarity with legal terminology used in connection with foreclosures and bankruptcies helpful; knowledge of related federal and state laws, Fair Debt Collection Practice, general overall knowledge of loan servicing preferred.

Education Requirements:

This level of knowledge would normally be acquired through completion of an associate degree in public administration or a business-related field of study. Two years’ related experience in the mortgage servicing industry with a focus on foreclosure, collection, bankruptcy, and loss mitigation areas may be substituted for degree requirements. 

Experience Requirements:

Position requires a minimum of two years’ experience in a profession gaining intense knowledge of FHA, VA, RHS, and FNMA guidelines and requirements as it pertains to servicing and foreclosure functions. Additional training and seminars are required to keep in compliance with the ever-changing guidelines and requirements of investors and insurers.    

Required Competencies:

Written Communication: Is able to write clearly and succinctly in a variety of communication settings and styles.  Has the ability to get messages across that have the desired effect.

Customer Focus: Dedicated to meeting the expectations and requirements of internal and external customers.

Ethics and Values:   Adheres to the corporate values of respect, commitment, and integrity.

Organizational and Priority Setting Skills:  Sets goals and objectives; identifies roadblocks; uses time effectively and efficiently and can handle uncertainty and cope with change.

Initiative: Effectively completes assigned tasks, seeks additional opportunities, and continuously strives to improve skills and abilities.