The Loan Workout Specialist provides loan workout options to members who risk repossession, foreclosure, or charge off due to financial hardship by managing loss mitigation requests and documents, evaluating short sale offers, performing collateral value analysis, assessing member financial situation, making decisions on loss mitigation cases and adhering to state and federal guidelines for foreclosure prevention options. The Loan Workout Specialist will educate members about all foreclosure prevention options: modification programs, forbearance plans, repayment plans, trial re-age and short sales. The Loan Workout Specialist will also educate members on loss mitigation options for non real estate loans: loan extensions and re-age/trial re-age. Other responsibilities include communicating and negotiating with members, attorneys and real estate agents and collaborating with Credit Assistance and Risk Management on delinquent consumer and real estate loans.
What you will do here:
Determine suitability of work-out plans for members experiencing financial hardship in regards to their real estate, home equity or consumer loans. Use of underwriting skills to effectively evaluate temporary and permanent loss mitigation programs such as but not limited to forbearance plans, re-age, loan extensions, repayment plans, loan modifications and short sales.
Perform more complex duties including research and error resolution. Perform financial analysis, evaluates collateral and overall risk elements to mitigate losses utilizing loss mitigation programs.
Review and manage all deceased collateralized loans. Work closely with the executor of the estate to either transfer ownership under the Successor in Interest program or liquidate collateral.
Work effectively with State Housing Finance Agencies and to facilitate principal reduction and monthly payment assistance. Maintain compliance with CFPB, NCUA, and other federal, state, and local laws.
Negotiate and close short sales involving members, brokers, investors, other lenders, and attorneys. Effectively understand residential real estate contracts, addendum's, counter offers, short sale confirmation letters, etc.
Correspond with members, brokers, title companies, appraisers and attorneys to facilitate delinquency and problem resolution.
Perform other job-related duties as assigned.
What you will need:
High School Diploma or GED required.
3 years of Lending, Loan Processing, or Underwriting experience required.
2 years of Credit Union Collections and Loss Mitigation experience preferred.
Ability to manage available time to perform job functions as necessary; Strong negotiation skills; Clear and professional written and verbal communication skills appropriate to all levels of the organization required.
Strong problem solving skills and decision-making skills and process improvement skills. Strong multi-tasking abilities to meet organizational deadlines required.
Ability to build and maintain relationships via phone with a broad population; Maintain Confidentiality required.
Demonstrated competency using Microsoft Access, Microsoft Excel and Microsoft Word preferred.
Specific training courses in this field: Fair Debt Collection Practices Act (FDCPA), Underwriting Skills or Mortgage Lending preferred.
We are proud to be an EEO/AA employer M/F/D/V. We maintain a drug-free workplace and perform pre-employment substance abuse testing.
For additional information about our organization, careers, and benefits visit: http://www.desertfinancial.com/careers.
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