Loan Counselor III - Mortgage Collections

SUMMARY

Collection of all loans in the foreclosure process from foreclosure referral to foreclosure sale date.  Handles inbound calls from customers on accounts in foreclosure and uses the Davox Predictive Dialer System to contact customers in foreclosure with the purpose of preventing foreclosures.  Accurately maintains all related documents or database information in accordance with company policies and regulatory guidelines (state, federal, investor, VA & FHA).

 

ESSENTIAL DUTIES AND RESPONSIBILITIES include the following:Maintains accurate and detailed collection records on the RADAR collection system of telephone customer contacts to collect monies due on mortgage loans in foreclosure.  Responsible for gathering information from mortgagors pertaining to reasons for delinquencies, including financial analysis of their income, monthly obligations, dependants and any other information which would enable collections to make necessary decisions to help cure the delinquency.Develops formal workout plans such as Repayment Plan Agreements, Stipulated Repayment Plan Agreements and Forbearance Plans to cure delinquency on loans in foreclosure.Coordinates workout plans with foreclosure attorneys, ensuring the correct legal process is followed for each respective state to maintain maximum efficiency.Counsels mortgagors on alternative programs (when workout plans are not viable options) that can be used to avoid foreclosure, such as deed in lieu of foreclosure, pre-foreclosure sales, loan modifications, partial claims (FHA loans) or selling of the property on a refinance or assumption basis.  When applicable refers the account to the Loss Mitigation department.Performs all routine support processes, following specific procedures and policies, including but not limited to: answers incoming telephone calls on foreclosures from customers, attorneys and others; responds or routes written correspondence as needed to Research, Foreclosure Department, or attorney handling the foreclosure process; approves application of delinquent payments for cash processing on a daily basis.Prepares e-mail communications to Bankruptcy, Loss Mitigation, Research and Cash Processing departments as necessary.Assures that all loans in foreclosure are contacted to determine if a workout plan can be arranged.Other duties as assigned.

 

SUPERVISORY RESPONSIBILITIES

· None

 

QUALIFICATIONS:  To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

· Strong oral communication skills

· Ability to correctly enter information into the RADAR system (i.e. accurate and complete, correct spelling and grammar, etc.)

· Detail oriented

· Maintaining a professional image for good customer relations during process of collection to minimize loss of goodwill.

· Knowledge of, and adherence to, the FCRA guidelines

· Knowledge of, and adherence to, the FDCPA guidelines

 

EDUCATION and/or EXPERIENCE

· High school diploma (or equivalent) is required. 

· Some college is preferred

· Five plus years prior collections or loss mitigation experience is required

· Previous experience in a mortgage banking or related financial institution dealing with residential mortgage loans collections is preferred

· Sub-prime loan collections is considered a plus

· Typing of at least 35 wpm

 

LANGUAGE SKILLS

· Bilingual (English and Spanish) considered a plus