Mortgage Default Specialist II-Loss Mitigation Modifications

Location: FL Pensacola - Operations Full/Part Time: Full-Time Regular/Temporary: Regular

Job Description

YOUR LIFE'S MISSION: POSSIBLE

You have goals, dreams, hobbies and things you’re passionate about.


What’s Important to You Is Important to Us
We’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—friends, family and passions. And we're looking for team members who are passionate about our mission—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 For®
  • Computerworld® Best Places to Work in IT
  • FORTUNE® Best Workplaces for Millennials
  • Forbes® America’s Best Employers

 

Basic Purpose

To 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.

Responsibilities

• Collect all required information and documents (e.g., income statements, pay stubs, assets, etc.); perform review for eligibility according to HAMP and/or Short Sale programs
• Complete foreclosure sales to ensure bid and investor guidelines are observed; manage and update system with loan payoffs and lien releases
• Contact/assign appropriate state attorney with the foreclosure referral letter and all applicable notification, payoff statements, Notes, Mortgage documents and Demands
• Determine mortgage loan retention or liquidation by reviewing available mortgage information; present recommendations to the Foreclosure Committee
• Evaluate 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-off
• Identify and review Chapter 13 and Chapter 7 bankruptcy filings to determine the potential for asset recovery
• Manage the mortgage loan modification process by coordinating efforts with relevant parties such as FNMA, FHLMC and Wells Fargo while ensuring compliance with investor requirements
• Review appraisal information to verify existing data and/or validate new information; work with vendors to assure an accurate appraisal is established in the case file
• Review loan terms with members, coordinate activities with vendors to ensure smooth transition to newly agreed terms and record modification documents with appropriate county
• Track loans in the Bankruptcy system of record and monitor loans to ensure system of record is accurate and up-to-date
• Update tracking database and online system; provide required reporting to investors as well as specialized reports on loan modifications to management
• Work 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 taken

Qualifications – All required unless otherwise noted

• Ability to work independently and in a team environment
• Significant experience in administering first mortgage and equity loan collections, especially mortgage default processes such as foreclosure, Loss Mitigation, REO or Lien/Value
• Advanced knowledge of Fannie Mae, Freddie Mac, and/or VA mortgage servicing guidelines
• Advanced knowledge of mortgage default concept and/or practices
• Working knowledge of basic credit and collection regulations, e.g. Fair Debt Collection Practice Act and the Fair Credit Reporting Act
• Advanced skill following, interpreting and applying relevant data/instructions to guidelines, procedures, practices and regulations
• Advanced skill maintaining accuracy with attention to detail and meeting deadlines
• Advanced verbal and written communication skills
• Effective word processing and spreadsheet software skills

Desired

• Advanced knowledge of Navy Federal mortgage servicing system-of-record
• Advanced knowledge of Navy Federal products, services, programs, policies and procedures

Competencies

•  Action Oriented
•  Compassion
•  Composure
•  Customer Focus
•  Decision Quality
•  Functional/Technical Skills
•  Informing
•  Drive for Results
•  Time Management
•  Written Communications
•  Listening 2
•  Focusing on The Bottom Line
•  Keeping on Point
•  Attendance
•  Procedures

Hours: Monday - Friday; 7:00AM - 3:30PM

Location: 5550 Heritage Oaks Dr, Pensacola, FL 32526

*Due to COVID-19 and social distancing, this position will be temporarily working from home with plans to return to campus at the desired 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.

Equal Employment Opportunity

Navy 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/Disability


Disclaimer

Navy 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 Act

Remains cognizant of and adheres to Navy Federal policies and procedures, and regulations pertaining to the Bank Secrecy Act.