Tower Federal Credit Union
Real Estate Collection Specialist II
Tower Federal Credit Union, Laurel, Maryland, United States, 20724
Real Estate Collection Specialist II
– Tower Federal Credit Union
Signing Bonus: $1,000 effective 01/20/2024
Hiring Range: $31.66/hr – $39.57/hr
Summary of Position This position is responsible for the collection, maintenance, and resolution of real estate loans more than 30 days delinquent and assists with loss mitigation efforts for all real‑estate secured loans. The applicant will help manage the Tower Federal Credit Union real‑estate loan portfolio and related activities, including internal and external reporting, GL reconciliation, vendor/3rd‑party relationships, and requirements. They will monitor all delinquent real‑estate loans to protect the institution’s assets and take action to resolve them when possible.
Principal Accountabilities and Functions
Make effort to contact delinquent members and determine financial circumstances, including assets, indebtedness, and credit history.
Develop action plans to obtain payments on delinquent accounts and bring loans current within a reasonable period.
Monitor account activity to verify compliance with agreed‑upon arrangements and follow up as needed.
Maintain records of contacts and provide details to member circumstances.
Initiate hardship discussions with members when appropriate as a resolution to delinquent accounts.
Recommend and follow through with appropriate course of action to resolve the delinquency (legal action, foreclosure, mortgage insurance claim, forbearance, loan modification, etc.).
Make required monthly outbound collection efforts (calls, letters, e‑mails; skip tracing) and utilize available 3rd‑party resources.
Accurately prepare forms and ad‑hoc letters and notices as part of the delinquency real‑estate and loss‑mitigation process.
Submit timely and accurate reports to GSEs, PMI companies, and internal partners; prepare MI claims and monitor for payment.
Work with FNMA, foreclosure attorney, and MI company to provide appropriate documentation for foreclosure, short sale; obtain status reports from 3rd parties.
Help members, real‑estate agents, and others prepare and process short sale transactions, deeds‑in‑lieu of foreclosure, and other loss‑mitigation options.
Prepare detailed analysis and make appropriate recommendations on foreclosure, short sale, and modification requests.
Obtain and review complete loss‑mitigation packages from members and make appropriate recommendations.
Submit reimbursement requests to GSEs for reimbursable expenses paid by the institution for loss‑mitigation actions.
Review GSE reimbursements as posted and reconcile properly.
Keep track of attorney invoices for payment and identify eligible expenses for reimbursement.
Required Qualifications
Associate’s degree plus years of collections experience.
Knowledge of FNMA and/or real‑estate loan servicing/collections and short sales, foreclosures, loan modification, repossession, and bankruptcy laws and regulations; or equivalent combination of education and experience.
Knowledge, Skills, and Abilities
Basic arithmetic and reconciliation; apply accounting rules and procedures.
Operate Microsoft Office applications (Word, Excel, PowerPoint).
Read and comprehend instructions, correspondence, memos; interpret procedure manuals and related documents.
Write routine reports and correspondence, including e‑mail.
Provide clear explanation or instruction in one‑on‑one situations.
Identify cause and effect relationships; evaluate risk versus potential return.
Work under stress, meet deadlines, and arrive on time.
Resolve sensitive matters skillfully; persuade others to consider merits.
Provide constructive feedback.
Maintain sensitive and confidential information.
Work well with colleagues and supervisors.
Knowledge of Fannie Mae, Freddie Mac, FHA, and MI guidelines on real‑estate loans.
Knowledge of current market loss‑mitigation strategies.
Knowledge of GSE servicing tools and online functions.
Knowledge of basic real‑estate loan collections procedures; understand current property value, order inspections, perform foreclosure analysis.
Adherence to credit union policies, regulations, BSA, USA Patriot Act, and OFAC.
Working Conditions
Work the required hours, which may extend beyond the defined schedule when necessary.
Lift up to 15 lbs. with or without assistance per ADA compliance.
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– Tower Federal Credit Union
Signing Bonus: $1,000 effective 01/20/2024
Hiring Range: $31.66/hr – $39.57/hr
Summary of Position This position is responsible for the collection, maintenance, and resolution of real estate loans more than 30 days delinquent and assists with loss mitigation efforts for all real‑estate secured loans. The applicant will help manage the Tower Federal Credit Union real‑estate loan portfolio and related activities, including internal and external reporting, GL reconciliation, vendor/3rd‑party relationships, and requirements. They will monitor all delinquent real‑estate loans to protect the institution’s assets and take action to resolve them when possible.
Principal Accountabilities and Functions
Make effort to contact delinquent members and determine financial circumstances, including assets, indebtedness, and credit history.
Develop action plans to obtain payments on delinquent accounts and bring loans current within a reasonable period.
Monitor account activity to verify compliance with agreed‑upon arrangements and follow up as needed.
Maintain records of contacts and provide details to member circumstances.
Initiate hardship discussions with members when appropriate as a resolution to delinquent accounts.
Recommend and follow through with appropriate course of action to resolve the delinquency (legal action, foreclosure, mortgage insurance claim, forbearance, loan modification, etc.).
Make required monthly outbound collection efforts (calls, letters, e‑mails; skip tracing) and utilize available 3rd‑party resources.
Accurately prepare forms and ad‑hoc letters and notices as part of the delinquency real‑estate and loss‑mitigation process.
Submit timely and accurate reports to GSEs, PMI companies, and internal partners; prepare MI claims and monitor for payment.
Work with FNMA, foreclosure attorney, and MI company to provide appropriate documentation for foreclosure, short sale; obtain status reports from 3rd parties.
Help members, real‑estate agents, and others prepare and process short sale transactions, deeds‑in‑lieu of foreclosure, and other loss‑mitigation options.
Prepare detailed analysis and make appropriate recommendations on foreclosure, short sale, and modification requests.
Obtain and review complete loss‑mitigation packages from members and make appropriate recommendations.
Submit reimbursement requests to GSEs for reimbursable expenses paid by the institution for loss‑mitigation actions.
Review GSE reimbursements as posted and reconcile properly.
Keep track of attorney invoices for payment and identify eligible expenses for reimbursement.
Required Qualifications
Associate’s degree plus years of collections experience.
Knowledge of FNMA and/or real‑estate loan servicing/collections and short sales, foreclosures, loan modification, repossession, and bankruptcy laws and regulations; or equivalent combination of education and experience.
Knowledge, Skills, and Abilities
Basic arithmetic and reconciliation; apply accounting rules and procedures.
Operate Microsoft Office applications (Word, Excel, PowerPoint).
Read and comprehend instructions, correspondence, memos; interpret procedure manuals and related documents.
Write routine reports and correspondence, including e‑mail.
Provide clear explanation or instruction in one‑on‑one situations.
Identify cause and effect relationships; evaluate risk versus potential return.
Work under stress, meet deadlines, and arrive on time.
Resolve sensitive matters skillfully; persuade others to consider merits.
Provide constructive feedback.
Maintain sensitive and confidential information.
Work well with colleagues and supervisors.
Knowledge of Fannie Mae, Freddie Mac, FHA, and MI guidelines on real‑estate loans.
Knowledge of current market loss‑mitigation strategies.
Knowledge of GSE servicing tools and online functions.
Knowledge of basic real‑estate loan collections procedures; understand current property value, order inspections, perform foreclosure analysis.
Adherence to credit union policies, regulations, BSA, USA Patriot Act, and OFAC.
Working Conditions
Work the required hours, which may extend beyond the defined schedule when necessary.
Lift up to 15 lbs. with or without assistance per ADA compliance.
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