The Mortgage Default Specialist is responsible for credit quality administration, including collection activities, loss mitigation activities, Successor in Interest communications and verifications, delinquency reporting, managing portfolio of loans in bankruptcy, unapplied funds reconciliation, and making recommendations regarding collection issues for mortgage and Serviced by Others (SBO) loan portfolios. Responsibilities also include the handling of FHA/MI delinquency reporting, FHA/MI Claim reporting and filing and assisting with foreclosure and loss mitigation loans as needed.
To perform this job successfully, an individual must perform each essential duty. The requirements listed herein are representative of the knowledge, skills, and/or abilities required.
* Minimum age 18
* Qualify to be bonded
* Meet testing requirements and hiring standards
* High school diploma or equivalent
* Bachelor's degree preferred or equivalent experience/skills
* Minimum experience of 3-5 years in mortgage, consumer and loan collections, with exposure to foreclosure, repossession, probate, bankruptcy and other legal Experience in servicing and claims processing of FHA loans.
* Thorough knowledge of FHA and VA servicing, collection and claim process
* Thorough knowledge of Fair Debt Collection Practices Act
* Working knowledge of bankruptcy, foreclosure and loss mitigation laws and regulatory requirements.
* Knowledge of banking practices and procedures
* Working knowledge of federal, state and investor requirements
* Excellent proficiency and knowledge of word processing and spreadsheets
* Exceptional communication and organizational skills
* Ability to independently reach sound conclusions and resolve issues related to delinquent loans, repayment plans, loss mitigation and make recommendations to management.
* Ability to work with others and be a team player
* Must be a self-starter and self-motivated
* Able to work with little supervision
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. Specific requirements include:
* Ability to stand; walk; sit; move about; use hands to finger, handle, or feel; reach with hands and arms; talk or hear; write legibly, and lift objects weighing as much as ten pounds to a distance of twenty feet
* Ability to hear sounds accurately to eliminate miscommunications during conversations
* Ability to feel texture and thickness of paper to quickly process large volumes of output
* Ability to see accurately (20/40 with correction) to eliminate visual errors
Major Job Responsibilities:
* Direct activities for all loan serviced portfolios to include, collection of past dues, collection letters, handling of matured or maturing loans, bankruptcy and assist with foreclosure and loss mitigation in accordance with established policies and procedures to minimize loss risk to the Bank.
* Repayment plan follow up with borrowers to ensure paying as agreed and confirm payment postings in accordance with the repayment plan
* Review loans for potential loss mitigation according to investor and guarantor guidelines and discuss options options with borrowers
* Complete monthly delinquency reporting to Mortgage Insurance Companies.
* Complete monthly delinquency reporting to FHA per FHA guidelines.
* Complete all FHA/VA/MI functions including claims processing
* Control collection activities of SBO to ensure compliance with the servicing agreement
* Control as primary liaison to credit reporting agencies and other vendors on matters relating to credit quality.
* Handle E-Oscar notifications, credit disputes and customer complaints as received
* Handle Successor in Interest package receipt and response
* Review the Unapplied Report for necessary action and provide instructions as needed
* Control and monitors all bankruptcy, foreclosure, probate and repossession files, to ensure compliance with internal procedures.
* Provide management reporting on all accounts 30 days past due
* Charge off processing to be completed monthly
* Report monthly the status of all loan serviced portfolios regarding delinquencies and credit quality issues, including recommendations for changes in policies or procedures, as needed.
* Serve as liaison and interface with other bank departments to resolve issues and satisfy requests.
* Ensure accurate record of all collection actions on loan and provide regular reporting to management.
* Escalate problem accounts to senior management immediately if indication for potential for loss is determined.
* Assist other Loan Servicing staff as needed.
* Other duties as assigned by management
The above statements are intended to describe the general nature and level of the work being performed by people assigned to this work. This is not an exhaustive list of all duties and responsibilities. Cadence Management reserves the right to amend and change responsibilities to meet business and organizational needs as necessary.
Cadence Bank is an affirmative action/equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, religion, color, national origin, sex, age, status as a protected veteran, among other things, or status as a qualified individual with disability.
Equal Opportunity Employer Minorities/Women/Protected Veterans/Disabled