Loss Mitigation Specialist

Polish & Slavic Federal Credit Union is committed to supporting our employees’ overall wellbeing by providing valuable benefits. The credit union proudly offers a competitive benefits package, that includes: Medical, Vision and Dental Insurance, Retirement Plans, Life Insurance Plans, Tuition Reimbursement and Pet Insurance, among other benefits. We also have a generous Paid Time Off policy including Vacation, Personal and Sick Time, as well as, a Birthday Day off. 

Core Responsibilities:

• Interacts professionally and efficiently with delinquent members, vendors and government officials on behalf of the credit union


• Follows through on delinquent property taxes with borrowers


• Follows 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)


• Status of foreclosure proceedings;


• Status of short-sale arrangements / offers


• Status of deed-in-lieu of foreclosure offers


• Repossessions and sales




• Upon CLO approval, the LMS will be responsible for foreclosures by:




• Preparing the necessary documentation for initiating the foreclosure process


• Performing collateral inspections if required and order appraisals


• Requesting status reports from attorneys on foreclosures in process


• Maintaining inventory of mortgages in the foreclosure process




• Arranges for the payment of real estate taxes; hazard, liability or flood insurance; water/sewer charges; necessary utilities; homeowner association dues, required. maintenance contracts, as well as other upkeep requirements associated with properties where the borrower has failed to make such payments or arrangements.


• Arranges the transfer of billing for all utilities into the credit union’s name and tracks all expenses associated with each delinquent loan or REO


• Maintains inventory/tracking of REO


• Maintains REO utilizing the credit union’s “REO Property Checklist” as guidance


• Cooperates with Marketing Department in creating and maintaining a “Real Estate for Sale” section on the credit union’s website


• Facilitates sale of REO with real estate agents or direct buyers by arranging property viewings, negotiating purchase offers and assigning an authorized PSFCU attorney to arrange for the closing


• Follows up with local municipality on:




• Informing them of new ownership (if not taken care of already by attorney)


• Addressing possible violations or other outstanding issues


• Requesting requirements for closing




• Presents department head with suggestions for procedure improvements or updates as necessary


• Performs inspections on properties that have sustained damage or loss, where insurance funds are at stake




• Requires travelling to property


• Comparing repairs performed to those listed on the insurance claim document


• Takes photos or video to document work progress


• Prepares report for SLMM summarizing status and approximating work completed after each visit – multiple visits may be necessary depending on scope




• May be instructed to solicit bids from qualified vendors for various REO repairs and renovations


• Will cooperate with Collections on:




• preparing judgment matters, documentation for filing with the attorney


• coordinating repossession orders, as instructed




• Preparing department mailings


• Any other duties or responsibilities as required or assigned

Requirements:

• Able to travel independently to property inspections, REO showings or other job-related matters


• Travel may be up 10%


• Bilingual Polish / English preferred


• Prior collection or foreclosure experience


• Loan processing or underwriting background


• Paralegal experience


• Possesses good negotiating/communication skills


• Good analysis skills

Pay: $22.02 - $27.03 per hour

AN EQUAL OPPORTUNITY EMPLOYER