Loss Mitigation Analyst

US-NY-Long Island City
Category
Other

Overview

Ensure that mortgage workouts extended to members meet credit union and outside authorities’ standards while ensuring the integrity of UNFCU’s asset recovery process and the safety of the institution’s assets. Monitor foreclosure of UNFCU assets, including mortgage and participation loans. Maintain adequate logs of workouts, foreclosures, bankruptcy and other assets owned.

Responsibilities

• Interviews applicants for mortgage modifications, deeds-in-lieu and short-sales to determine qualifications and appropriate alternatives to offer members with delinquent mortgages. Gathers and analyzes documents and financial information for consideration of recasting current mortgage terms to restore the mortgage to current condition.
• Reviews modification applications for completeness. Reviews and analyzes personal and business tax returns to properly determine income to qualify the members for mortgage modifications. Reviews appraisals, AVM and BPOs for completeness and compliance with UNFCU and secondary market guidelines. Determines need for subordination of secondary mortgage liens.
• Underwrites all modification requests to ensure compliance with UNFCU and secondary market guidelines (ex: Federal, NCUA, State, etc.) and makes alternative recommendations. Prepares and presents recommendations and counter offers to the Loss Mitigation Committee for approval. Reviews and clears underwriting conditions and/or recommends alternative documents to satisfy the condition(s) for final approval and closing of the modification.
• Analyzes facts and circumstances on offers of short-sales and deeds in lieu. Prepares rationale and recommendations for management approval.
• Prepares mortgage modifications, deeds in lieu and short-sale requests for submission to PMI companies, and negotiates for approval. Files PMI claims and monitors the status and payment of such claims.
• Represents UNFCU’s interests in matters concerning bankruptcy settlements and challenges related to mortgage products, including the signing of proofs of claim and other legal documents.
• Attends court ordered foreclosure mediations.
• Monitors REO property maintenance, repairs, marketing and disposals.
• Maintains logs and records of foreclosures, bankruptcy, modifications, short-sales and deeds in lieu. Maintains and reports Secondary Market Investor (i.e. FNMA and FHLB) monthly statistics.
• Manages vacant properties for which UNFCU holds an active lien.
• Manages delinquent condo, HOA and co-op notices.

Qualifications

TYPE & AMOUNT OF EXPERIENCE:
• Bachelor’s degree, or equivalent experience, and 5 years experience in a mortgage-lending underwriting environment with a progression of responsibility

 

TECHNICAL COMPETENCIES:
• Strong knowledge of Loss Mitigation options: Repayment Plan, Forbearance, Loan Modification, Short Sale, Deed-in-Lieu of Foreclosure, etc.
• Knowledge and understanding of Fannie Mae’s Loss Mitigation options and compliance requirements
• Knowledge of state specific foreclosure laws (i.e. NY, NJ, CT)
• Ability to read and interpret appraisals, tax returns, financials, and credit reports
• Understanding of how bankruptcy affects foreclosure proceedings
• Proficiency in Microsoft Office, especially Excel

 

BEHAVIORAL COMPETENCIES:
• Ability to organize work and set priorities
• Ability to manage relationships at all levels throughout the organization and with credit union membership
• Sound problem solving and good judgment in decision-making

 

WORK ENVIRONMENT/CONDITIONS:
• Standard office conditions

 

In addition to any specific job requirements in connection with Bank Secrecy Act and/or OFAC (BSA), employee must (i) be aware of BSA matters commensurate with the position; (ii) report any suspicious activity to the manager or compliance department; and (iii) satisfactorily complete any required BSA training.

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