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Open nowPosted 16 hours ago

Loss Mitigation OREO Specialist

Bellco Credit Union17 open roles

Where
Bellco Corporate Offices, 7600 E Orchard Rd, Greenwood Village, Colorado, United States of America
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Your applicationOpen nowLoss Mitigation OREO SpecialistBellco Credit Union · Bellco Corporate Offices, 7600 E Orchard Rd, Greenwood Village, Colorado, United States of America
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This job: posted 16 hours ago

The posting

Function Description: The Loss Mitigation OREO Specialist is responsible for managing and mitigating losses on real estate properties owned by the financial institution. This role involves overseeing the foreclosure process, managing REO properties, and working with borrowers to find solutions that minimize financial loss while maintaining compliance with relevant regulations.   A primary responsibility is to ensure the company’s professional image is maintained.   Reports to: Manager of Collections/Loss Mitigation   Supervisory or Managerial Responsibility: N/A   Contacts: Credit union members, credit union branch/department staff, auditors, regulators, partners, vendors, governmental agencies, and credit union executive staff. Attorneys regarding bankruptcies, court appearances, insurance companies, realtors, and property management companies.  

Minimum Qualifications

Education:

High School diploma

Work Experience:

3 years of real estate collection experience and/or foreclosure/loss mitigation or legal background experience, preferred.

Special Training, Certification or Licensure

 

Work Environment and Conditions:

Office Environment

                    Essential Responsibilities:

Demonstrates Bellco’s Act Nice Behaviors and Core Values in all interactions with members, prospective members, and personnel in other Bellco departments.

Examine and evaluate real estate loss mitigation requests on portfolio and investor loans, and decision what solutions are available to the member. Complete calls to members on real estate and investor accounts to resolve delinquencies or to obtain necessary information for loss mitigation solutions. Complete pre-foreclosure reviews to ensure loans are referred timely based on company and investor/portfolio guidelines. Prepare approved foreclosure referrals and all required supporting documentation to be sent to attorneys. Oversee the management, marketing, and sale of foreclosed properties, ensuring that all tasks are handled efficiently to minimize losses for the Credit Union. Review delinquent account and make the decision if foreclosure action is warranted. Review documents and affidavits from attorneys for accuracy, decision next steps and respond within required timeframes. Responsible for tracking all activities on mortgage loans in foreclosure so that reviews and bidding instructions are obtained within the time frame, including scheduled foreclosure sales results. Work closely with loan servicers, property management companies, real estate agents, and legal teams to ensure all REO properties are managed and disposed of effectively. Work with management and make decisions on REO property preservation. Ensure Bellco REO properties are properly maintained, securing vacant homes, conducting necessary repairs, and ensuring compliance with local regulations Make sure all activities comply with federal and state regulations, as well as the institution's policies and procedures. Performs other related duties as assigned by management.

Skills:

Familiarity with loan documents, Note, Deed of Trust, Credit Reports, and Property Evaluations. Experience working with investors such as Fannie Mae, Freddy Mac and understanding requirements. Ability to manage multiple accounts and prioritize tasks effectively. Ability to effectively present information and respond to questions from members, clients, and managers. Strong analytical skills to assess borrower financial situations and determine appropriate actions. Ability to manage multiple accounts and prioritize tasks effectively. Ability to effectively present information and respond to questions from members, clients, and managers. Strong analytical skills to assess borrower financial situations and determine appropriate actions. Bilingual (English and Spanish) preferred but not required.

    Core Responsibilities:

Be available to work as scheduled and report to work on time. Be willing to accept supervision and work well with others. Comply with all organizational policies, the Employee Handbook, Code of Conduct, and required annual training. Fosters an inclusive workplace where diversity and individual differences are valued and leveraged to achieve the vision and mission of the organization. Adheres to safe working practices and always follows all organizational safety policies and procedures. Demonstrates compliance with all state, federal and all other regulatory agency requirements. Ensure strict confidentiality of all records and PII.

  Core Values: BE ETHICAL AND DEMONSTRATE INTEGRITY: Treat others with respect, dignity and” tough love.” It’s about character and influence, not about a title. Be honest and direct. Challenge ourselves and each other to reach our full potential. BE ACCOUNTABLE: Lead by example. You are the reflection of how you show up. Set realistic expectations. Make good business decisions. Meet commitments. Learn from mistakes. EMBRACE CHANGE: Develop the individual, improve the team, grow the institution. Encourage and reward creative solutions. Ask impactful organizational questions. Identify the problem to be solved and the desired outcome. Engage others. Believe in what’s possible. APPRECIATE THE MEMBER: Achieve and retain trusted, valued relationships with members. Listen and identify needs. Prioritize the member experience. Maintain a high level of member satisfaction. Serve the member with pride. ACHIEVE SUCCESS TOGETHER: Strive for Flawless Execution. Not for the sake of numbers, but for a sense of pride in a job well done. Success favors the prepared. Consistently plan, coach and grow to master our roles. Celebrate our success. Act Nice Behaviors: Accept mutual accountability when things go wrong Acknowledge others’ efforts and thank them Avoid jumping to conclusions Be honest, direct, and civil with no hidden agendas Communicate with others face to face whenever possible Empathize with others by putting yourself in their shoes Establish and build relationships into trusted partnerships Forget the past and avoid holding grudges Hear individuals out by actively listening to them Protect and build up each other’s self-esteem Recognize and reinforce others’ positive actions Respect each other’s priorities and personal space      

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