Provide supervisory, oversight, and reporting assistance to the VP of Collections/Foreclosure including delinquent borrower contact, monitoring of the delinquent loan process for mortgages on properties consisting of Residential/Mixed Use, Multi-Family, and Commercial Real Estate. Assist in the marketing of distressed non-performing notes to potential investors.
Major Duties and Responsibilities:
Coordination and organization of delinquent loan process and foreclosure process as outlined and defined in the Collections/Foreclosure Policies and Procedures inclusive but not limited to, the following:
Collections:
- Supplement the collection staff with customer contact including telephone, letters, email, and in-person interviews as necessary.
Note and Short Sales:
- Market delinquent mortgage notes that have been identified by the EVP Commercial Real Estate and SVP of Foreclosure/Collections to potential investors. Continue negotiations to receive the highest possible bid.
- Set up appointments for potential investors to review the interested delinquent mortgage note file.
- Coordinate with the VP of Foreclosure/Collections in the preparation of sales sheet for senior management approval.
- Communicate with investors and attorneys for all documents and information needed for closing.
- Coordinate and negotiate with distressed borrowers unable to sell their property for an amount sufficient to satisfy their FB mortgage.
- Obtain financial data and support documentation including tax returns, bank statements, hardship letters, and appraisals.
- Present proposals to senior FB management.
- Convey decision of management to borrower.
- Coordinate/facilitate closing with borrower and attorney.
- Maintain records of all short sale activity.
Repayment Plans, Bankruptcy, Deficiency Judgments:
- Analyze existing delinquent accounts and make recommendations to senior management on various options for reinstatement i.e. – repayment agreement, settlement, forbearance agreements, and/or reinstatement.
- Once recommendations are approved, prepare repayment plan recommendation and letter to implement plan. Monitor borrowers’ payments to ensure they do not default.
Administrative:
- Continual interaction with designated foreclosure attorneys including:
- Fulfill requests from attorneys for payoff statements, escrow breakdowns, reinstatement figures, and default letters.
- Coordination of monthly status meeting, including delivery of monthly status reports from each attorney.
- Invoice review and research.
- Prepare and update monthly and ad hoc reports for: Delinquent Loans, Loans placed in Repayment Plans, Repayment Tracking Report, Delinquent Loan Fees and Collection Report, & Note Sales.
Minimum Qualifications:
Knowledge, Skills, and Abilities:
- College Graduate with a minimum of 2 years of relevant work experience or loan servicing.
- General knowledge of real estate, real estate management, and real estate sales processes.
- Ability to work unassisted on multiple tasks.
- Ability to interact with various external contacts.
- Willingness to learn and flexibility to work within an expanding department – which shall change over time.
- Full working knowledge of Microsoft Programs, Word, Excel, Outlook, and PowerPoint.
Pay Range: $56,000 - $60,000
Hours: 37.50
This is a non-exempt position, eligible for overtime if the hours worked are over 40 hours.
The actual compensation will be based on qualifications, experience, and other factors permitted by law.
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