Loss Mitigation Specialist

Core Responsibilities

• Interacts professionally and efficiently with delinquent members, vendors and government officials on behalf of the credit union
• Fulfills follow-through on delinquent property taxes with borrowers
• Fulfills follow-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)
• Monitors and updates the status of foreclosure proceedings, short-sale arrangements/offers, and deed-in-lieu of foreclosure offers
• Coordinates repossessions and sales upon CLO approval
• Initiates and maintains the foreclosure process, including preparing necessary documentation, performing collateral inspections, ordering appraisals, requesting status reports from attorneys, and maintaining inventory of mortgages in the foreclosure process
• Ensures timely payment of real estate taxes, hazard, liability, or flood insurance, water/sewer charges, and other upkeep requirements associated with properties where the borrower has failed to make such payments or arrangements
• Maintains and tracks REO properties using the credit union’s “REO Property Checklist” as guidance
• Collaborates with Marketing Department to create and maintain a “Real Estate for Sale” section on the credit union’s website
• Schedules and facilitates REO sales with real estate agents or direct buyers, arranging property viewings, negotiating purchase offers, and assigning an authorized PSFCU attorney for the closing
• Communicates with local municipalities regarding new ownership, addressing possible violations or other outstanding issues, and requesting requirements for closing
• Presents suggestions for procedure improvements or updates to the department head as necessary
• Performs inspections on properties where insurance funds are at stake, comparing repairs performed to those listed on the insurance claim document, taking photos or video to document work progress, and preparing reports summarizing status and approximating work completed after each visit
• If instructed, solicits bids from qualified vendors for various REO repairs and renovations
• Collaborates with Collections on preparing judgment matters, documentation for filing with the attorney, coordinating repossession orders, and preparing department mailings

Requirements

• Able to travel independently to property inspections, REO showings, or other job-related matters (up to 10% travel)
• Bilingual Polish / English preferred
• Prior collection or foreclosure experience
• Loan processing or underwriting background
• Paralegal experience
• Good negotiating/communication skills
• Good analysis skills

Pay

$22.02 - $27.03 per hour

Benefits

Includes: Medical, Vision and Dental Insurance, Retirement Plans, Life Insurance Plans, Tuition Reimbursement, Pet Insurance, Paid Time Off (including Vacation, Personal and Sick Time), Birthday Day off, and more.

Equal Opportunity Employer