Mortgage Default Specialist II

Job Title

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 provide 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 + 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 Lane, Vienna, VA 22180 | 5510 Heritage Oaks Drive, Pensacola, FL 32526 | 141 Security Drive, Winchester, VA 22602 About Us Navy Federal provides much more than a job. We provide a meaningful career experience, including a culture that is energized, engaged and committed; and fierce appreciation for our teams, who are rewarded with highly competitive pay and generous benefits and perks. Our approach to careers is simple yet powerful : Make our mission your passion. Equal Employment Opportunity : All qualified applicants will receive consideration for employment without regard to age, race, sex, color, religion, national origin, disability, veteran status, pregnancy, sexual orientation, genetic information, gender identity or any other basis protected by applicable law. Disclaimers : Navy Federal reserves the right to fill this role at a higher / lower grade level based on business need. An assessment may be required to compete for this position. Job postings are subject to close early or extend out longer than the anticipated closing date at the hiring team's discretion based on qualified applicant volume. Navy Federal Credit Union assesses market data to establish salary ranges that enable us to remain competitive. You are paid within the salary range, based on your experience, location and market position. For additional details regarding compensation and benefits, review the Benefits page of the Navy Federal Career Site. Protect Yourself from Job Scams : Navy Federal Credit Union jobs are posted on our career site, jobs.navyfederal.org and reputable job boards (e.g., LinkedIn, Indeed). We do not post jobs on social media marketplaces, messaging apps or unverified websites. We will never ask candidates for payment, bank details or personal financial information during the hiring process. Bank Secrecy Act : Remains cognizant of and adheres to Navy Federal policies and procedures, and regulations pertaining to the Bank Secrecy Act. REQNUMBER : 27525