Mortgage Senior Default Specialist, Collections Department, South Bend, IN

Mortgage Senior Default Specialist

Responsible for all aspects of Mortgage Default Servicing including Collections, Loss Mitigation, Foreclosures, and Reporting.

Essential Requirements :

• Works with borrowers, investors, insurers, attorneys, and real estate agents to process loss preventative options and identify strategies including repackaging debt and rescheduling payments.
• Makes outgoing collection calls and takes inbound collection calls.
• Sends all applicable notices related to Mortgage Collections, Loss Mitigation, and foreclosure.
• Responsible for all aspects of Loss Mitigation. Provides loss mitigation options with borrowers pursuing alternatives to foreclosures.
• Responsible for daily and month-end reporting of loss mitigation, foreclosure, and delinquency activity for 1st Source Bank and investors.
• Handle Government Mortgage Insurance Reporting. Prepares and transmits required monthly reports to investors.
• Process foreclosures in accordance with investor guidelines within the required time frame from attorney referral to final loan loss.
• Works with designated attorneys regarding bankruptcy and foreclosure, establish and confirm sheriff sales, provide proper sheriff sale bidding instructions, and complete the required notices of completed sheriff sales to investors and insurers.
• Uses the foreclosure tracking system and loan prompts, maintains proper status tracking on all assigned foreclosure files.
• Maintains proper security and maintenance on all assigned foreclosure properties. Orders and follows up with property inspections and repairs as needed.
• Reviews all payments and cash advances of real estate taxes, hazard insurance, and property maintenance on assigned foreclosure accounts.
• Orders appraisals to determine valuations on properties referred for foreclosure and any other time required.
• Works with the Collections Manager to liquidate community investors properties and works with Workout on the liquidation of Portfolio loans.
• Works with accounting to handle processing of funds on properties sold at sheriff sale.
• Works with government agencies (Indiana Hardest Hit Fund and Michigan Step Forward).
• Ensures bank policies, procedures, and regulations are adhered to for proper documentation.
• Prepares required monthly mortgage default reporting.
• Effectively works individually and in a team environment across the bank and with the entire Mortgage Servicing Group, knowledge sharing when applicable.
• Works with Management to update and document bank and investor guidelines, policies, and procedures when applicable.
• Compliance of all investors (FHA, VA, FNMA, GNMA, Freddie Mac) guidelines and servicing requirements.
• Regular and predictable attendance is an essential requirement of the position.
• Responsible for completion of all applicable compliance related training.
• Understands all applicable laws and regulations that apply to the position and complies with the requirements.

Non-Essential Functions :

Experience / Skills :

Education : One (1) - three (3) years college preferred.

Travel Requirements : Ability to travel upon request, as needed for customer meetings, projects, seminars, etc.

Physical Demands : While performing the duties of this job, the employee is required to sit, stand, and walk; use hands and fingers to operate keyboard and other office equipment; reach with hands and arms; and talk or hear. The employee is occasionally required to stoop or kneel. The employee may occasionally lift and / or move up to 10 pounds.

Equipment : MS Office PC, fax, phone, and standard office equipment.