Mortgage Default Specialist II

Navy Federal Credit Union
Winchester, VA
Jan 21, 2022
Jan 24, 2022
Accountant, IT
Full Time
YOUR LIFE'S MISSION: POSSIBLEYou have goals, dreams, hobbies and things you're passionate about.What's Important to You Is Important to UsWe're looking for people who not only want to do meaningful, challenging work, keep their skills sharp and move ahead, but who also take time for the things that matter to them"A cents € friends, family and passions. And we're looking for team members who are passionate about our mission"A cents € making a difference in military members' and their families' lives. Together, we can make it happen.Don't take our word for it.FORTUNE 100 Best Companies to Work ForA' (R)ComputerworldA' (R) Best Places to Work in ITFORTUNEA' (R) Best Workplaces for MillennialsForbesA' (R) America's Best EmployersBasic PurposeTo review and evaluate options for mortgage loan retention, term revision or liquidation to mitigate loss for Navy Federal. To process bankruptcy impaired mortgage and equity loans by gathering and analyzing bankruptcy notifications, facilitating Proof of Claims, Motion for Relief and/or charge off. To set up and process Real Estate Owned (REO) files and properties, monitor progress and provides necessary status reports to management. To provide specialized servicing of mortgage loans identified as eligible for programs such as Short Sale and HAMP (Home Affordable Modification Program), while ensuring compliance with investor and insurer guidelines and program-specific regulations. To modify the terms of the loan, communicate changes to members and investors, close transactions in a timely manner, and facilitate the smooth transition to the newly agreed terms.ResponsibilitiesCollect all required information and documents (eg, income statements, pay stubs, assets, etc.); perform review for eligibility according to HAMP and/or Short Sale programsComplete foreclosure sales to ensure bid and investor guidelines are observed; manage and update system with loan payoffs and lien releasesContact/assign appropriate state attorney with the foreclosure referral letter and all applicable notification, payoff statements, Notes, Mortgage documents and DemandsDetermine mortgage loan retention or liquidation by reviewing available mortgage information; present recommendations to the Foreclosure CommitteeEvaluate income, expenses, debt, other monthly financial obligations, credit reports and titles to determine the financial status/ability of loan holder to pay; identify possible alternatives to foreclosure or charge-offIdentify and review Chapter 13 and Chapter 7 bankruptcy filings to determine the potential for asset recoveryManage the mortgage loan modification process by coordinating efforts with relevant parties such as FNMA, FHLMC and Wells Fargo while ensuring compliance with investor requirementsReview appraisal information to verify existing data and/or validate new information; work with vendors to assure an accurate appraisal is established in the case fileReview loan terms with members, coordinate activities with vendors to ensure smooth transition to newly agreed terms and record modification documents with appropriate countyTrack loans in the Bankruptcy system of record and monitor loans to ensure system of record is accurate and up-to-dateUpdate tracking database and online system; provide required reporting to investors as well as specialized reports on loan modifications to managementWork with members and attorneys to discuss loss mitigation options; communicate with bankruptcy courts, trustees and other interested parties to ensure appropriate and timely action is takenPerform other duties as assignedQualifications - All required unless otherwise notedAbility to work independently and in a team environmentSignificant experience in administering first mortgage and equity loan collections, especially mortgage default processes such as foreclosure, Loss Mitigation, REO or Lien/ValueAdvanced knowledge of Fannie Mae, Freddie Mac, and/or VA mortgage servicing guidelinesAdvanced knowledge of mortgage default concept and/or practicesWorking knowledge of basic credit and collection regulations, eg Fair Debt Collection Practice Act and the Fair Credit Reporting ActAdvanced skill following, interpreting and applying relevant data/instructions to guidelines, procedures, practices and regulationsAdvanced skill maintaining accuracy with attention to detail and meeting deadlinesAdvanced verbal and written communication skillsEffective word processing and spreadsheet software skillsDesiredAdvanced knowledge of Navy Federal mortgage servicing system-of-recordAdvanced knowledge of Navy Federal products, services, programs, policies and proceduresHours: Monday - Friday; 8:00AM - 4:30PMLocation: Greater Pensacola Operations - 5550 Heritage Oaks Dr, Pensacola, FL 32526Due to COVID-19 and social distancing, this position may require working from home temporarily with plans to return to campus at the location listed once Navy Federal is back to normal operations. The specific logistics for returning to campus will be determined at a future date by individual leadership.Pay Range: Navy Federal Credit Union assesses market data to establish pay ranges that enable us to remain competitive. You are paid within the pay range, based on your experience, location, and market position. The pay range for this position is: $20.00 - $25.00 HourlyEqual Employment OpportunityNavy Federal values, celebrates, and enacts diversity in the workplace. Navy Federal takes affirmative action to employ and advance in employment qualified individuals with disabilities, disabled veterans, Armed Forces service medal veterans, recently separated veterans, and other protected veterans. EOE/AA/M/F/Veteran/DisabilityCOVID-19 Vaccine InformationAs a COVID-19 safety measure, our employees must either provide proof of COVID-19 vaccination or follow additional safety protocols, including testing.DisclaimerNavy Federal reserves the right to fill this role at a higher/lower grade level based on business need. An assessment may be required to compete for this position.Bank Secrecy ActRemains cognizant of and adheres to Navy Federal policies and procedures, and regulations pertaining to the Bank Secrecy Act.