Real Estate Collection Specialist II

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

Makes effort to contact delinquent members and determines financial circumstances, including assets, indebtedness and credit history.  Develops action plans to obtain payments on delinquent accounts and brings loans current within a reasonable period.

Monitors account activity to verify compliance with agreed upon arrangements and follows up as needed. 

Maintains record of contacts and provide details to member circumstances.  Initiates hardship discussions with members when appropriate as a resolution to delinquent accounts.

Recommends and follows through with appropriate course of action to resolve the delinquency.    This may include legal action, foreclosure, mortgage insurance claim, forbearance, loan modification etc.  In addition, the position could recommend a specific action to the Loss Mitigation Committee for delinquent loans.

Makes required monthly outbound collection efforts as required that include Outbound calls, letters and emails; enhanced skip tracing efforts and utilizes available 3rd party resources to locate and contact members.

Accurately prepares form and ad hoc letters and notices as part of the delinquency real estate and loss mitigation process.

Submits timely and accurate reports to GSE, PMI companies and internal partners and prepares MI claims and monitor for payment. 

Works with FNMA, foreclosure attorney and MI company to provide appropriate documentation needed for the foreclosure, short sale and monitors and obtains status reports from 3rd parties as needed.

Works with members, real estate agents and others as needed to help prepare and process short sale transactions, deeds-in-lieu of foreclosure and other loss mitigation options.

Prepares detailed analysis and helps make appropriate recommendations on foreclosure, short sale and modification requests.

Obtains and reviews complete loss mitigation packages from members and makes appropriate recommendations.

Submits reimbursement requests to GSEs using their website for reimbursable expenses paid by Tower Federal Credit Union for loss mitigation actions.

Reviews GSE reimbursements as they are posted and reconciled properly.

Keeps track of attorney invoices for payment and identifies which expenses are eligible for reimbursement and which are not for all RE Loans.

Associates degree plus years collections experience. 

Knowledge of FNMA and/or Real Estate loan servicing/collections; with additional knowledge of short sales, foreclosures, loan modification, repossession and bankruptcy laws and regulations

Or equivalent combination of education and experience

Ability to add, subtract, multiply and divide; reconcile and balance transaction records and apply basic accounting rules and procedures

Ability to operate Microsoft Office applications (Word, Excel, and PowerPoint)

Ability to read and comprehend simple instructions, short correspondence and memos; interpret procedure manuals; analyze and interpret business periodicals and other documents

Ability to write routine reports and correspondence including e-mails

Ability to provide explanations or instruction in one-on-one situations either in person

Ability to identify cause and effect relationships and evaluate risk vs potential return; solve problems with many concrete variables in a variety of situations; focus on detail and verify accuracy of numbers and text; and to take and follow directions

Able to work under stress, to deadlines and to arrive at work routinely and promptly

Ability to resolve controversial or delicate matters skillfully; persuade others to consider merits of cause of action

Ability to provide constructive feedback to others and to response to sensitive inquiries and complaints

Ability to maintain sensitive and confidential information

Able to get along with colleagues and supervisors

Knowledge of Fannie Mae, Freddie Mac, FHA and MI (Mortgage Insurance) guidelines on real estate loans. 

Knowledge of relevant changes relating to foreclosures and investor owned loans such as Fannie Mae and Freddie Mac and associated servicing requirements and guidelines.

Knowledge of current market “loss mitigation strategies” and ability to recognize when to employ these strategies which may include loan modifications, repayment plans, etc.

Awareness of GSE servicing tools and online functions. 

Knowledge of basic real estate loan collections procedures,

Ability to understand current property value, order property inspections and door knocks, and perform a foreclosure analysis to determine value of the property against any outstanding real estate loan balance.  Ability to perform a foreclosure analysis to determine value of the property against any outstanding real estate loan balance. 

Knowledge of current market “loss mitigation strategies” and ability to recognize when to employ these strategies which may include loan modifications, repayment plans, etc. 

Has knowledge of and adheres to credit union policies and procedures and all regulations related to the bank Secrecy Act, the USA Patriot Act and OFAC.

Ability to work the hours needed which may extend beyond the defined work schedule when operating conditions dictate.

Ability to lift up to15 lbs., with or without assistance, in compliance with ADA.