Real Estate Collection Specialist II

Real Estate Collection Specialist II – Tower Federal Credit Union

Signing Bonus : $1,000 effective 01 / 20 / 2024

Hiring Range : $31.66 / hr – $39.57 / hr

Summary of Position

This position is responsible for the collection, maintenance, and resolution of real estate loans more than 30 days delinquent and assists with loss mitigation efforts for all real-estate secured loans. The applicant will help manage the Tower Federal Credit Union real-estate loan portfolio and related activities, including internal and external reporting, GL reconciliation, vendor / 3rd-party relationships, and requirements. They will monitor all delinquent real-estate loans to protect the institution's assets and take action to resolve them when possible.

Principal Accountabilities and Functions

• Make effort to contact delinquent members and determine financial circumstances, including assets, indebtedness, and credit history.
• Develop action plans to obtain payments on delinquent accounts and bring loans current within a reasonable period.
• Monitor account activity to verify compliance with agreed-upon arrangements and follow up as needed.
• Maintain records of contacts and provide details to member circumstances.
• Initiate hardship discussions with members when appropriate as a resolution to delinquent accounts.
• Recommend and follow through with appropriate course of action to resolve the delinquency (legal action, foreclosure, mortgage insurance claim, forbearance, loan modification, etc.).
• Make required monthly outbound collection efforts (calls, letters, e-mails; skip tracing) and utilize available 3rd-party resources.
• Accurately prepare forms and ad-hoc letters and notices as part of the delinquency real-estate and loss-mitigation process.
• Submit timely and accurate reports to GSEs, PMI companies, and internal partners; prepare MI claims and monitor for payment.
• Work with FNMA, foreclosure attorney, and MI company to provide appropriate documentation for foreclosure, short sale; obtain status reports from 3rd parties.
• Help members, real-estate agents, and others prepare and process short sale transactions, deeds-in-lieu of foreclosure, and other loss-mitigation options.
• Prepare detailed analysis and make appropriate recommendations on foreclosure, short sale, and modification requests.
• Obtain and review complete loss-mitigation packages from members and make appropriate recommendations.
• Submit reimbursement requests to GSEs for reimbursable expenses paid by the institution for loss-mitigation actions.
• Review GSE reimbursements as posted and reconcile properly.
• Keep track of attorney invoices for payment and identify eligible expenses for reimbursement.

Required Qualifications

Knowledge, Skills, and Abilities

Working Conditions

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