Loss Mitigation Specialist FNMA
S&T Bank, Phila, PA, United States
Function
Coordinate all functions within Government (FNMA) loans including but not limited to loss mitigation process and procedures, foreclosure and bankruptcy; ensure all functions are performed in full compliance with Investor Guidelines; assist in minimizing non-performing loan losses by managing distressed loans through different stages of the loss mitigation process, including identifying customer hardships, reviewing loss mitigation requests, and working with S&T and outside counsel.
Duties and Responsibilities
Maintain, stay current on changes in industry regulations, and update procedure manual to ensure internal procedures comply with investor and regulatory requirements with all Fannie Mae (FNMA) loans.
Participate in activities and projects designed to improve business performance.
Request and gather supporting documentation required in order to create complete loan workout packages within required timeframes that comply with investor, insurer, state, federal and CFPB guidelines.
Follow up on outstanding issues to ensure decision process is completed in a timely manner and in accordance with regulations and guidelines.
Maintain regular communication with borrowers; explore, analyze, and respond to issues and concerns via phone, email and written correspondence. Includes following up on outstanding issues to ensure decision process is completed in a timely manner and in accordance with regulations and guidelines.
Responsible for ensuring the optimum efficiency and effectiveness of the area by:
Ensuring all BVS and applicable external training are completed.
Providing back‑up phone support to portfolio loans team during high volume periods to maintain service level.
Review delinquencies: discuss repayment plans and options with customers in detail, discuss repayment plans with investors. Obtain credit reports, appraisals, inspections, surveys, and title work. Identify situations where foreclosure is recommended; determine if investor guidelines and the terms of the security instruments have been complied with. Create FNMA trial payment and forbearance plan agreements.
Manage the foreclosure process in conjunction with our approved Legal Counsel; ensure that foreclosures are processed in accordance with investor timelines. Resolve title issues to ensure a marketable title to the property if the property becomes an FNMA REO.
Monitor repayment plans and determine corrective action on repayment plans in default. Recognize and identify problems, sorting through complex issues and making timely reliable decisions and effectively communicating in a timely manner with supervisor.
Determine if customer qualifies for investor modification and decide which modification program would work best for the customer and upload documentation to investor to determine eligibility. Also track receipt of FNMA signed loan modifications and explain loan modification terms to borrowers.
Prepare FNMA agreements and loan modification documentation to be sent for signatures by the customer. Upon completion of trial period payments, prepare permanent modification agreement and submit to be recorded. Also ensure all modification agreements are notarized.
Enter and upload documents to external FNMA system/website in order to obtain review and approval for loan modifications.
Continue researching investor's website for changes in applications, modifications, short‑sale documentation, foreclosure documentation, etc. Read any newsletters or information emailed by investor on a bi‑weekly or monthly basis and implement the required changes.
Assist with internal and external audit requests.
Maintain a good working relationship with all bank employees. Demonstrate the ability to work independently. Work as a team player to contribute to the success of the department and the organization.
Perform additional duties as required.
Be cognizant of UDAAP and any other regulations during contact with customers.
Education Requires high school degree plus two‑year degree preferred.
Experience Requires five to ten years general business experience with two to five years of specialized experience, specifically prior collection experience preferred.
Physical Demands Operates a keypad device, or electronic and office equipment 87% of the day; 87% of the day. Sitting is required 87% of the day. Performs daily tasks with the use of manual dexterity skills for both typing and filing on frequent basis up to 60% of the business day. Must be able to focus visually at a close distance of 18‑20" for a period of up to 40% of the business day.
Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities
The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor's legal duty to furnish information. 41 CFR 60-1.35(c)
Salary Range $15.00 - $30.53
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Duties and Responsibilities
Maintain, stay current on changes in industry regulations, and update procedure manual to ensure internal procedures comply with investor and regulatory requirements with all Fannie Mae (FNMA) loans.
Participate in activities and projects designed to improve business performance.
Request and gather supporting documentation required in order to create complete loan workout packages within required timeframes that comply with investor, insurer, state, federal and CFPB guidelines.
Follow up on outstanding issues to ensure decision process is completed in a timely manner and in accordance with regulations and guidelines.
Maintain regular communication with borrowers; explore, analyze, and respond to issues and concerns via phone, email and written correspondence. Includes following up on outstanding issues to ensure decision process is completed in a timely manner and in accordance with regulations and guidelines.
Responsible for ensuring the optimum efficiency and effectiveness of the area by:
Ensuring all BVS and applicable external training are completed.
Providing back‑up phone support to portfolio loans team during high volume periods to maintain service level.
Review delinquencies: discuss repayment plans and options with customers in detail, discuss repayment plans with investors. Obtain credit reports, appraisals, inspections, surveys, and title work. Identify situations where foreclosure is recommended; determine if investor guidelines and the terms of the security instruments have been complied with. Create FNMA trial payment and forbearance plan agreements.
Manage the foreclosure process in conjunction with our approved Legal Counsel; ensure that foreclosures are processed in accordance with investor timelines. Resolve title issues to ensure a marketable title to the property if the property becomes an FNMA REO.
Monitor repayment plans and determine corrective action on repayment plans in default. Recognize and identify problems, sorting through complex issues and making timely reliable decisions and effectively communicating in a timely manner with supervisor.
Determine if customer qualifies for investor modification and decide which modification program would work best for the customer and upload documentation to investor to determine eligibility. Also track receipt of FNMA signed loan modifications and explain loan modification terms to borrowers.
Prepare FNMA agreements and loan modification documentation to be sent for signatures by the customer. Upon completion of trial period payments, prepare permanent modification agreement and submit to be recorded. Also ensure all modification agreements are notarized.
Enter and upload documents to external FNMA system/website in order to obtain review and approval for loan modifications.
Continue researching investor's website for changes in applications, modifications, short‑sale documentation, foreclosure documentation, etc. Read any newsletters or information emailed by investor on a bi‑weekly or monthly basis and implement the required changes.
Assist with internal and external audit requests.
Maintain a good working relationship with all bank employees. Demonstrate the ability to work independently. Work as a team player to contribute to the success of the department and the organization.
Perform additional duties as required.
Be cognizant of UDAAP and any other regulations during contact with customers.
Education Requires high school degree plus two‑year degree preferred.
Experience Requires five to ten years general business experience with two to five years of specialized experience, specifically prior collection experience preferred.
Physical Demands Operates a keypad device, or electronic and office equipment 87% of the day; 87% of the day. Sitting is required 87% of the day. Performs daily tasks with the use of manual dexterity skills for both typing and filing on frequent basis up to 60% of the business day. Must be able to focus visually at a close distance of 18‑20" for a period of up to 40% of the business day.
Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities
The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor's legal duty to furnish information. 41 CFR 60-1.35(c)
Salary Range $15.00 - $30.53
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