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LOSS MITIGATION OREO SPECIALIST ____________________________________________________________________________

LOCATION: Loss Mitigation                                              DIVISON:  SVP-Consumer Lending

FUNCTION DESCRIPTION:

The Loss Mitigation OREO Specialist is responsible for managing and mitigating losses on real estate properties owned by the financial institution. This role involves overseeing the foreclosure process, managing REO properties, and working with borrowers to find solutions that minimize financial loss while maintaining compliance with relevant regulations.   A primary responsibility is to ensure the company’s professional image is maintained.

ORGANIZATIONAL RELATIONSHIPS:

Reports to:                   SVP – Consumer Lending

Contacts:                     Credit union members, credit union branch/department staff, auditors, regulators, partners, vendors, governmental agencies, and credit union executive staff.

Attorneys regarding bankruptcies, court appearances, insurance companies, realtors, and property management companies. Various law agencies regarding fraud, forgery, theft, and embezzlement.

QUALIFICATIONS:

Education:                   High School diploma

Experience:                  3 years of real estate collection experience and/or foreclosure/loss mitigation or legal background experience, preferred.

SKILLS:                    Familiarity with loan documents, Note, Deed of Trust, Credit Reports, and Property Evaluations.

Experience working with investors such as Fannie Mae, Freddy Mac and understanding requirements.

Ability to manage multiple accounts and prioritize tasks effectively.

Ability to effectively present information and respond to questions from members, clients, and managers.

Strong analytical skills to assess borrower financial situations and determine appropriate actions.

Ability to manage multiple accounts and prioritize tasks effectively.

Ability to effectively present information and respond to questions from members, clients, and managers.

Strong analytical skills to assess borrower financial situations and determine appropriate actions.

Bilingual (English and Spanish) preferred but not required.

EQUIPMENT:          General office equipment.

ESSENTIAL FUNCTIONS:

1. Provides a valuable and enjoyable experience to both internal customers and members during interactions adhering to Bellco’s Core Values and Act Nice Behaviors.
2. Examine and evaluate real estate loss mitigation requests on portfolio and investor loans.
3. Complete calls to members on real estate and investor accounts to resolve discrepancies or to obtain necessary information for loss mitigation solutions.
4. Complete pre-foreclosure reviews to ensure loans are referred timely based on company and investor/portfolio guidelines.
5. Prepare approved foreclosure referrals and all required supporting documentation to be sent to attorneys.
6. Oversee the management, marketing, and sale of foreclosed properties, ensuring that all tasks are handled efficiently to minimize losses for the Credit Union.
7. Review documents and affidavits for accuracy and respond withing required timeframes.
8. Responsible for tracking all activities so that reviews and bidding instructions are obtained within the time frame including scheduled sales results.
9. Work closely with loan servicers, property management companies, real estate agents, and legal teams to ensure all REO properties are managed and disposed of effectively.
10. Ensure the properties are properly maintained, securing vacant homes, conducting necessary repairs, and ensuring compliance with local regulations
11. Make sure all activities comply with federal and state regulations, as well as the institution's policies and procedures.
12. Handle incoming calls and return calls to members who are requesting loss mitigation assistance.
13. Send applications to members and follow up with members for supporting documentation required to process deferment and honor balance loans, re-age, or rewrites.
14. Review monthly invoices, submission and timely payments including updating servicing and collection systems.
15. Prepare trial payment and loan modification documents for submission, reporting to investors as required.
16. Analyze and evaluate financial statements, credit reports, income calculations, debt to income, other pertinent lending ratios.
17. Timely response to member inquiries, both verbal and written and according to investor, regulatory, state, and federal guidelines.
18. Knowledge of financial assistance programs available to assist members at company, investor, State and Federal level.
19. Maintain accurate records of all collection efforts, including phone calls, letters, and payment arrangements.
20. Document current loss mitigation solutions in the collection software system to capture approvals and denials and upload supporting documents as required.
21. Compliance with Quality Assurance, State and Federal regulations, company policies and procedures.
22. Keep members up to date on the progress of loss mitigation and provide foreclosure prevention alternatives serving as single points of contact for member follow up with other departments.
23. Coordinate with other internal / external departments such as legal, to manage modifications and foreclosures.
24. Provide a professional example, accuracy, and consistency in work performance.
25. Participate and be an active team member by assisting others, demonstrating flexibility, and participating in team huddles and contests.
26. Communicate openly and freely in a courteous manner.
27. Keep management informed of pertinent information.
28. Demonstrate a strong work ethic, respect and a high level of integrity and commitment to doing the right thing including members, company, and team. Maintain the quality and integrity of the services provided by the department.
29. Goal oriented and supports the overall goals of the Company and that services are delivered professionally and efficiently.
30. Embrace change without resistance and adapt quickly, however do provide feedback when necessary.
31. Remain agile and adaptable to overcome obstacles presented on a day-to-day basis.
32. The Loss Mitigation OREO Specialist will thoroughly understand department requirements and guidelines to properly assist members.

Management retains discretion to add or change duties at any time.

WORKING CONDITIONS:

Office Environment