What are the responsibilities and job description for the Loss Mitigation Specialist position at PSFCU?
Polish & Slavic Federal Credit Union is committed to supporting our employees’ overall wellbeing by providing valuable benefits. The credit union proudly offers a competitive benefits package, that includes: Medical, Vision and Dental Insurance, Retirement Plans, Life Insurance Plans, Tuition Reimbursement and Pet Insurance, among other benefits. We also have a generous Paid Time Off policy including Vacation, Personal and Sick Time, as well as, a Birthday Day off.
Core Responsibilities:
- Interacts professionally and efficiently with delinquent members, vendors and government officials on behalf of the credit union
- Follows through on delinquent property taxes with borrowers
- Follows through on missing insurance information/policies for mortgaged properties
- Processes Private Mortgage Insurance (PMI) claims with the assistance of Loan Servicing
- Prepares standard and custom reports informing the department head of the
- Credit union’s mortgage loan foreclosure portfolio pipeline (Post Collections)
- Status of foreclosure proceedings;
- Status of short-sale arrangements / offers
- Status of deed-in-lieu of foreclosure offers
- Repossessions and sales
- Upon CLO approval, the LMS will be responsible for foreclosures by:
- Preparing the necessary documentation for initiating the foreclosure process
- Performing collateral inspections if required and order appraisals
- Requesting status reports from attorneys on foreclosures in process
- Maintaining inventory of mortgages in the foreclosure process
- Arranges for the payment of real estate taxes; hazard, liability or flood insurance; water/sewer charges; necessary utilities; homeowner association dues, required. maintenance contracts, as well as other upkeep requirements associated with properties where the borrower has failed to make such payments or arrangements.
- Arranges the transfer of billing for all utilities into the credit union’s name and tracks all expenses associated with each delinquent loan or REO
- Maintains inventory/tracking of REO
- Maintains REO utilizing the credit union’s “REO Property Checklist” as guidance
- Cooperates with Marketing Department in creating and maintaining a “Real Estate for Sale” section on the credit union’s website
- Facilitates sale of REO with real estate agents or direct buyers by arranging property viewings, negotiating purchase offers and assigning an authorized PSFCU attorney to arrange for the closing
- Follows up with local municipality on:
- Informing them of new ownership (if not taken care of already by attorney)
- Addressing possible violations or other outstanding issues
- Requesting requirements for closing
- Presents department head with suggestions for procedure improvements or updates as necessary
- Performs inspections on properties that have sustained damage or loss, where insurance funds are at stake
- Requires travelling to property
- Comparing repairs performed to those listed on the insurance claim document
- Takes photos or video to document work progress
- Prepares report for SLMM summarizing status and approximating work completed after each visit – multiple visits may be necessary depending on scope
- May be instructed to solicit bids from qualified vendors for various REO repairs and renovations
- Will cooperate with Collections on:
- preparing judgment matters, documentation for filing with the attorney
- coordinating repossession orders, as instructed
- Preparing department mailings
- Any other duties or responsibilities as required or assigned
Requirements:
- Able to travel independently to property inspections, REO showings or other job-related matters
- Travel may be up 10%
- Bilingual Polish / English preferred
- Prior collection or foreclosure experience
- Loan processing or underwriting background
- Paralegal experience
- Possesses good negotiating/communication skills
- Good analysis skills
Pay: $22.02 - $27.03 per hour
AN EQUAL OPPORTUNITY EMPLOYER
Salary : $22 - $27