Senior Mortgage Loss Mitigation Specialist

Senior Mortgage Loss Mitigation Specialist

At VyStar, we offer competitive pay, an excellent benefit package that includes a 401(k) Plan, an extensive paid technical and on-the-job training program, and tuition reimbursement available to all full and part time employees. Part time positions start at a minimum of 30 hours per week. We encourage you to become a part of VyStar Credit Union's family of employees.

The Senior Mortgage Loss Mitigation Specialist is responsible for safeguarding VyStar's interest in residential real estate assets from potential losses due to foreclosure, bankruptcy, short sales, or other legal proceedings. This role requires comprehensive knowledge of both state and federal regulations related to mortgage loss mitigation, including but not limited to Fair Debt Collection Practices, bankruptcy and foreclosure laws. In addition, the incumbent must be well versed in secondary market investors and private mortgage insurance providers concerning all aspects of loss mitigation and collections. The incumbent will thoroughly review all legal documentation regarding mortgage loan and HELOC accounts to protect VyStar's interests, as well as those of the secondary market investors for loans sold with servicing retained. Regular reporting to the Mortgage Loss Mitigation Supervisor, Mortgage Loss Mitigation AVP and / or Vice President Mortgage Servicing & Loss Mitigation is expected, covering standard filings, unusual filing trends, and data on volume and filing demographics.

Essential responsibilities include :

• Protect residential real estate in the event of a legal action filed by VyStar in relation to loss mitigation efforts including but not limited to foreclosure actions, bankruptcy filings which include surrender of collateral, short sales and deed-in-lieu of foreclosure.
• Work with members on payment plans, forbearance agreements, modifications, or other action plans necessary to facilitate the timely payment of mortgage / HELOC payments. Includes maintaining and updating loans in the core system of record to ensure data integrity and reporting.
• Work collaboratively with members and pertinent interested third parties (i.e. Realtor, first lien holder), and third-party vendors (i.e. appraiser, title company, attorney, secondary market investors, and private mortgage insurance companies) on a member request for VyStar's approval and acceptance of a short sale.
• Review and monitor bankruptcy filings and related documentation received from the court. Carefully evaluate all bankruptcy plans, with particular attention to Chapter 7 plans for accuracy and Chapter 13 plans to ensure VyStar recovers all post and pre-petition amounts owed. Ensure timely filing of Proof of Claims with the appropriate jurisdiction of the court, adequate protection requests, and other filings necessary to protect VyStar's lien interest.
• Process foreclosure demands and referrals to ensure timely initiation of foreclosure proceedings by legal counsel.
• Maintain and review distressed mortgage loan reports, including foreclosure and bankruptcy to ensure data integrity and accurate reporting data is communicated to senior leadership regarding non-performing mortgage / HELOC loans.
• Monitor and track all payments made by the bankruptcy trustee throughout the duration of plan to ensure accurate and timely posting of all payments to the mortgage loan.
• Proactively identify opportunities for process improvement, enhanced quality for member service, and increased operational efficiency within the Loss Mitigation unit. Provide recommendations to the Mortgage Loss Mitigation Supervisor, AVP of Mortgage Loss Mitigation, and Department VP for consideration and implementation.
• Provide monthly updates to Supervisor / AVP regarding severely delinquent accounts, including foreclosure and / or bankruptcy updates.
• Stay abreast of all changes in state and federal regulations to ensure any / all filing dates and timelines are followed correctly to protect VyStar's interest. Additionally, responsible for implementing updates and changes required by secondary market investors and private mortgage insurance providers, specifically as they relate to loss mitigation, bankruptcy, foreclosure and collections processes Contact and follow up with members, attorneys, trustees, and judges on a consistent, regular basis via telephone communications and written correspondence.
• Contact, follow-up, and report delinquent and / or defaulted first mortgage loans to secondary market investors and private mortgage insurance companies within defined timelines.
• Consistently adheres to VyStar core values and Code of Ethics and acts in accordance with those values.
• Performs the activities and projects as assigned and requested by the Mortgage Servicing Manager and Vice President of Mortgage Lending.
• All employees and business units, as first line of defense, are expected to proactively help identify, assess, manage, and report risks within their domain of work. To enhance a healthy risk culture and support our growth for good pillar, employees will maintain vigilance in safeguarding our operations while ensuring compliance with regulatory mandates. The Risk team serves as the second line of defense by providing risk oversight and credible challenge whereas the Audit team serves as the third line of defense by providing risk assurance.

The incumbent is expected to demonstrate each of the following VyStar Excellence behaviors in performing the duties and responsibilities of their job :

Job qualifications include :

Experience required :

Job knowledge, skills & abilities :

Disclaimers and work environment :

Nothing in this position description is an implied contract for employment. The position description is intended to be an accurate account of the essential functions. The functions are not all encompassing and are subject to change at any time by management.

The work environment characteristics described are representative of those that an employee encounters while performing the essential functions of this job. Reasonable accommodation may be made to enable individuals with disabilities to perform the essential functions.

As required or requested, the incumbent may exert up to 20 pounds of force occasionally and / or a negligible amount of force constantly to lift, carry, push, pull or otherwise move objects.

VyStar Credit Union is not seeking outside assistance or accepting unsolicited resumes from staffing agencies or search firms for employment or contractor opportunities. Any resumes submitted by an outside vendor to any employee at VyStar via e-mail, internet, or directly to hiring managers without a valid written search agreement with the Talent Acquisition / HR department will be deemed the sole property of VyStar Credit Union.

No placement fee will be paid if a candidate is hired as a result of the referral, or through other means. Thank you for your inquiry regarding our current job opening. Your resume will be carefully reviewed against the position requirements. Should your experience and skills match, you will be contacted by one of our Human Resources department staff members.

Thank you again for your interest in this position!