Mortgage Servicing Early Stage Default (ESD) Specialist I will manage a portfolio of delinquent accounts, communicate directly with Members, assess their financial situations, and facilitate Loss Mitigation solutions that align with myCUmortgage policies and government regulations. Additionally, this position oversees decisions associated with pre-foreclosure referral recommendations, ensuring that all required pre-foreclosure activity has been completed prior to beginning the foreclosure process. These activities are completed with special emphasis on five-star member and partner service while minimizing the losses to myCUmortgage, its partner credit unions, and their members and adhering to regulatory, investor, insurer, and guarantor guidelines.
Loss Mitigation & Pre-Foreclosure Review
1) Loss Mitigation Evaluation & Negotiation (25%):
a) Evaluate Member financial situations to determine eligibility for Loss Mitigation options based on investor and/or guarantor guidelines, include Loan Modifications, Repayment and/or Forbearance Plan, Short-Sale or Deed-in-Lieu of Foreclosure.
b) Negotiate sustainable payment arrangements with Members that addresses their financial challenges.
2) Portfolio Management (25%):
a) Work closely with internal teams to prevent unnecessary foreclosure actions and find alternatives solutions for Members.
b) Monitor mortgage loans for adherence to option requirements (trial plan payments, etc.) during the Loss Mitigation review and acceptance process.
c) Accurately document all communications, decisions and actions taken on each account in the servicing system.
d) Identify mortgage loans where the Member is unable or unwilling to resolve the delinquency and make timely recommendations for foreclosure referral.
e) Ensure compliance with foreclosure requirements at the Federal, State, Investor and Guarantor levels.
f) Ensures proper policies, procedures, risk mitigation activities, and operating controls are followed. Reports gaps in policies, procedures, and operating controls to leadership to ensure member impact and risk is mitigated.
3) Document Preparation & Review (25%):
a) Prepare, review and finalize necessary documentation to facilitate various Loss Mitigation documents such as Loan Modification or Short-Sale approval documents
b) Prepare, review and finalize necessary documentation to proceed with Foreclosure action in the event the loan delinquency is irresolvable.
4) Member Communication (25%):
a) Engage with Members via phone, email and written correspondence to discuss options, provide status update and explain the Loss Mitigation process.
b) Maintain a professional and empathic approach, ensuring the Member understands all options and next steps.
1) High school diploma required;
2) Two years’ experience in mortgage default servicing functions
3) Excellent ability to manage tasks, prioritize effectively and maintain structure in a dynamic work environment.
4) High emotional intelligence with the ability to understand and empathize with unique Member circumstances.
5) Excellent verbal and written communication skills are essential.
Previous experience with MSP preferred.
This posting is for myCUmortgage experts.