Mortgage Risk Management Specialist

2 weeks ago

Westlake, Ohio, United States First Federal Lakewood Full time

Position Overview:

The Mortgage Risk Management Specialist is responsible for creating repayment strategies for clients facing difficulties in meeting their mortgage or consumer loan obligations.

Key Responsibilities:

  1. Identifies potential risks associated with defaults by assessing residential and consumer loans that may require intervention; initiates the workout process by reaching out to clients for necessary financial documentation and collaborates with collectors to formulate workout proposals.
  2. Processes loss mitigation requests for both portfolio and investor loans; verifies the completeness of documentation and conducts timely follow-ups with clients regarding any outstanding items; reviews hardship letters and other income-related documents.
  3. Creates tailored workout recommendations such as repayment plans, short sales, or modifications based on client income and financial data; presents options to management for approval and communicates the final proposals to clients once accepted.
  4. Maintains accurate records in the core servicing system to reflect approved workouts on loans and customer billing statements.
  5. Engages in collection activities by contacting clients through various communication channels; keeps detailed records of collection efforts and compiles reports for management review.
  6. Stays informed about available investor workout options and adheres to investor guidelines; provides updates to investors regarding delinquent accounts and bankruptcy cases; liaises with investors to facilitate the review and approval of workout options.
  7. Monitors loans with deferred balances; communicates with clients regarding the status of these balances and offers guidance on payment alternatives.
  8. Handles the initial processing of Chapter 7 and Chapter 13 bankruptcy notifications; ensures accurate coding of bankruptcy statuses in the servicing system to comply with relevant laws and regulations.
  9. Responds to verification of mortgage requests and other inquiries from government hardship programs; tracks the status of loans receiving assistance and ensures proper application of funds to overdue accounts.
  10. Adheres to all applicable banking regulations, including the Bank Secrecy Act and the USA Patriot Act, as well as federal consumer protection laws.
  11. Performs additional duties as necessary.

Qualifications:

Skills and Experience:

  1. A minimum of 3 years of experience in mortgage collections is essential, along with a solid understanding of lending laws and regulations.
  2. Experience in Loss Mitigation is advantageous.
  3. Background in financial services or banking is preferred.
  4. A High School Diploma or equivalent is required; a Bachelor's degree is preferred.
  5. Proficiency in MS Office Suite, particularly Outlook, Excel, and Word, is required; familiarity with Encompass, Cleartouch, Nautilus, and various government and investor software/web portals is preferred.

Core Competencies:

  1. Resilience
  2. Collaboration
  3. Effective Communication
  4. Customer Service Orientation
  5. Quality Focus
  6. Organizational Skills
  7. Accountability

Work Environment:

  • The role requires regular physical activity, including lifting, walking, standing, sitting, bending, reaching, climbing, and using hands for various tasks.
  • Occasional lifting of up to 25 pounds may be necessary.
  • The work environment is typically quiet to moderate in noise level.
  • This position is primarily office-based with standard working hours.

The responsibilities outlined above are a summary and may not encompass all possible tasks and duties. Job descriptions may be modified at any time at the discretion of First Federal Lakewood.

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