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Maintain knowledge of collection policies, manuals, Freddie Mac and Fannie Mae regulations and guidelines, the legalities that apply to collections, mortgage loan documents (including terms and covenants that affect collections) and the collateral security of the loan. Retrieve delinquency reports. Make initial contact (telephone, letter or face-to-face) with mortgage loan customers whose accounts are delinquent in accordance with Company policy, Fair Credit Collection laws and secondary market guidelines. Work with customers to establish a repayment arrangement to cure delinquency. Maintain the servicing system by documenting the dates contacted, reason for delinquency, action requested and promises made by the customer. Follow-up as needed. Request financial statements from the borrower when necessary to evaluate potential repayment and/or forbearance plans. Review information with the borrower. Counsel delinquent borrowers with credit problems and assist them in reducing their indebtedness and making full repayment to creditors thus re-establishing a satisfactory credit rating or refer them to an appropriate credit counseling organization. Obtain and provide information to credit reporting agencies regarding payment records of borrowers and use credit bureau services as needed to collect accounts. Skip-trace customers using information obtained from loan files and credit bureaus. Maintain an acceptable level of delinquency percentages. Research lost and misapplied payments. Collect funds due from insufficient funds checks. Complete general ledger entries when applicable. Review unapplied reports to determine the receipt of delinquent payments. Review and collect payments from the Return Resolution report (ACH returns) that are returned for various reasons (i.e. insufficient funds, closed accounts, etc.) Prepare documentation for attorneys on the delinquent mortgage loan accounts that are referred for breach/right-to-cure letters. Other duties as assigned.
Knowledge, skill and mental development equivalent to the completion of high school and some college courses which includes specific courses in business and math. One year collections experience or mortgage lending, processing or servicing experience preferred. Knowledge of mortgage debt collection procedures and policies preferred. Knowledge of secondary market collections requirements preferred. Strong verbal communication skills as evidenced by the ability to interact both face-to-face and over the telephone with customers and co-workers. Demonstrated ability to use tact, diplomacy and a professional personal appearance when dealing with customers and co-workers. Ability to initiate work activities with minimal supervision and exercise independent judgment when accepting repayment arrangements or taking further collection action. Accuracy and attention to detail. Good math and statistical aptitude. Strong customer service and relations skills. Ability to manage multiple tasks simultaneously in a fast paced environment. Ability to establish and meet deadlines. Analytical, organizational, time management, and problem-solving abilities. Good typing, word processing and written communication skills. Good proof reading and editing skills. Ability to learn and understand computer systems utilized to evaluate/process transactions. Knowledge should include use of reports as it applies to accomplishment of their duties. Ability to learn and understand regulatory and compliance issues as it applies to their area of responsibility. Ability to apply such knowledge in day-to-day operations and the ability to disseminate such knowledge in an appropriate manner. Ability to learn and understand applicable statutes and procedures affecting the collection or recovery of payments/debts, foreclosure of collateral, and applicable bankruptcy statutes relating to mortgaged property. Ability to locate borrowers who have abandoned property or ceased making mortgage loan payments.
