Mortgage Default Specialist II

Overview

To review and evaluate options for mortgage loan retention, term revision or liquidation to mitigate loss for Navy Federal. To process bankruptcy impaired mortgage and equity loans by gathering and analyzing bankruptcy notifications, facilitating Proof of Claims, Motion for Relief and/or charge off. To set up and process Real Estate Owned (REO) files and properties, monitor progress and provides necessary status reports to management. To provide specialized servicing of mortgage loans identified as eligible for programs such as Short Sale and HAMP (Home Affordable Modification Program), while ensuring compliance with investor and insurer guidelines and program-specific regulations. To modify the terms of the loan, communicate changes to members and investors, close transactions in a timely manner, and facilitate the smooth transition to the newly agreed terms.

Responsibilities

• Collect all required information and documents (e.g., income statements, pay stubs, assets, etc.); perform review for eligibility according to HAMP and/or Short Sale programs
• Complete foreclosure sales to ensure bid and investor guidelines are observed; manage and update system with loan payoffs and lien releases
• Contact/assign appropriate state attorney with the foreclosure referral letter and all applicable notification, payoff statements, Notes, Mortgage documents and Demands
• Determine mortgage loan retention or liquidation by reviewing available mortgage information; present recommendations to the Foreclosure Committee
• Evaluate income, expenses, debt, other monthly financial obligations, credit reports and titles to determine the financial status/ability of loan holder to pay; identify possible alternatives to foreclosure or charge-off
• Identify and review Chapter 13 and Chapter 7 bankruptcy filings to determine the potential for asset recovery
• Manage the mortgage loan modification process by coordinating efforts with relevant parties such as FNMA, FHLMC and Wells Fargo while ensuring compliance with investor requirements
• Review appraisal information to verify existing data and/or validate new information; work with vendors to assure an accurate appraisal is established in the case file
• Review loan terms with members, coordinate activities with vendors to ensure smooth transition to newly agreed terms and record modification documents with appropriate county
• Track loans in the Bankruptcy system of record and monitor loans to ensure system of record is accurate and up-to-date
• Update tracking database and online system; provide required reporting to investors as well as specialized reports on loan modifications to management
• Work with members and attorneys to discuss loss mitigation options; communicate with bankruptcy courts, trustees and other interested parties to ensure appropriate and timely action is taken
• Perform other duties as assigned

Qualifications

• Ability to work independently and in a team environment
• Significant experience in administering first mortgage and equity loan collections, especially mortgage default processes such as foreclosure, Loss Mitigation, REO or Lien/Value
• Advanced knowledge of Fannie Mae, Freddie Mac, and/or VA mortgage servicing guidelines
• Advanced knowledge of mortgage default concept and/or practices
• Working knowledge of basic credit and collection regulations, e.g. Fair Debt Collection Practice Act and the Fair Credit Reporting Act
• Advanced skill following, interpreting and applying relevant data/instructions to guidelines, procedures, practices and regulations
• Advanced skill maintaining accuracy with attention to detail and meeting deadlines
• Advanced verbal and written communication skills
• Effective word processing and spreadsheet software skills

Desired Qualifications

• Advanced knowledge of Navy Federal mortgage servicing system-of-record
• Advanced knowledge of Navy Federal products, services, programs, policies and procedures

Hours: Monday - Friday, 8:00AM - 4:30PM

Location: 820 Follin Ln. Vienna, Virginia 22180

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