Default High Risk Specialist

Freedom Mortgage; United States; On-site; USD 70,000 - 100,000; Full time

Job summary

Freedom Mortgage is seeking a Specialist in Default Best Execution to manage day-to-day activities around optimizing financial strategy for defaulted loans and acquired properties.

You will review property risk, claims data, and projection of gains/losses, coordinate with Default teams, and contribute to charge-off decisions, high-risk recovery, and disposition strategy, while maintaining accurate records and timely communication.

Qualifications

• High School Diploma or GED required.
• 2–4 years of related experience.
• Familiarity with FHA/VA/GSE claims guidelines.
• Strong organizational and time management skills.
• Attention to detail with a high level of accuracy.
• Analytical and problem-solving skills.
• Proficient with Microsoft Office and advanced Excel.

Responsibilities

• Review vacant FHA and VA loans prior to foreclosure sale for disposition decisions.
• Recommend resolutions to recover maximum funds swiftly.
• Review investor/insurer claims paid on REO properties for QC.
• Provide feedback to update the Disposition Model.
• Research charge-off requests and develop written recommendations.
• Present charge-off and low-balance loan recommendations to Default leadership.
• Process charge-offs in the system and communicate with investors.
• Analyze high-risk circumstances and mitigation strategies.
• Ensure timely, regular attendance.

Skills

FHA guidelines

VA guidelines

GSE guidelines

Organizational skills

Time management

Attention to detail

Analytical skills

Excel

Microsoft Office

Education

High School Diploma or GED

Tools

Microsoft Office

Excel (Advanced)

Job description

Summary

The Spec, Default Best Exc. is responsible for performing all day-to-day activities related to recommending the best financial strategy on defaulted loans and acquired properties serviced by Freedom Mortgage. The Specialist (Spec) responsibilities include: Property Disposition Review – The Property Disposition staff are responsible for reviewing property risk scoring, financial and estimated claims data, and projected gains/losses on individual loans/properties for disposition decisions. The position is also responsible for updating all systems of record and coordinating with other Default departments once a management decision has been finalized. Best Execution (Exc) – Best Execution staff identify and manage high risk loans during the default process. High risk loans may be loans/properties with extensive damages, condemnation or violation notices, contested actions or litigation, or scenarios that could yield high loss to Freedom Mortgage. Best Execution management includes researching high risk circumstances, analyzing impacts of not remediating high risk circumstances, developing written chronologies and summaries of loan histories, formulating recommendations for review and approval of disposition strategy. Charge off –Primarily responsible for review and analysis of low balance loans and loans recommended for charge off, submission of charge off approvals to investors, processing charge offs in system of record and coordinating communication to internal impacted departments.

Summary

The Spec, Default Best Exc. is responsible for performing all day-to-day activities related to recommending the best financial strategy on defaulted loans and acquired properties serviced by Freedom Mortgage. The Specialist (Spec) responsibilities include: Property Disposition Review – The Property Disposition staff are responsible for reviewing property risk scoring, financial and estimated claims data, and projected gains/losses on individual loans/properties for disposition decisions. The position is also responsible for updating all systems of record and coordinating with other Default departments once a management decision has been finalized. Best Execution (Exc) – Best Execution staff identify and manage high risk loans during the default process. High risk loans may be loans/properties with extensive damages, condemnation or violation notices, contested actions or litigation, or scenarios that could yield high loss to Freedom Mortgage. Best Execution management includes researching high risk circumstances, analyzing impacts of not remediating high risk circumstances, developing written chronologies and summaries of loan histories, formulating recommendations for review and approval of disposition strategy. Charge off –Primarily responsible for review and analysis of low balance loans and loans recommended for charge off, submission of charge off approvals to investors, processing charge offs in system of record and coordinating communication to internal impacted departments.

Essential Job Functions

• Review vacant FHA and VA loans prior to foreclosure sale for advance disposition decisioning should property be acquired by Freedom at foreclosure sale. Also review newly vacant FHA post-sale properties managed through the conveyance process for same disposition determination. This entails gathering all information necessary for review and keying into a Disposition Model for estimation of financial gain or loss to Freedom Mortgage.
• Recommend resolutions which will enable Freedom to recover the max amount of funds in a swift manner.
• Review of investor/insurer claims paid on properties moved into REO as part of continued process to validate and QC model logic.
• Provide feedback on changes to Disposition Model as the result of corporate initiatives, investor/insurer guidelines or allowables, observed trends or other circumstances that warrant updates to the Model.
• Research the request and reason for charge off.
• Develop written recommendation for charge off.
• Present charge off/low balance loan recommendation to Default leadership team for approval.
• Submission of charge off recommendations to investors per guidelines.
• Systematic processing of charge off or approved outcome on all loans reviewed.
• Research and analysis of high-risk circumstances with understanding of how the risk impacts borrowers, Freedom Mortgage, investors/insurer, default timelines, etc.
• Timely management of high-risk circumstances to mitigate losses.
• If applicable, determine the most effective way to recover the max amount of funds in a swift manner and monitor execution.
• Formulate chronologies and recommendation for presentation to Default leadership.
• Maintain regular and punctual attendance.

Other Related Duties

Performs other related duties as assigned.

Supervisory Responsibilities

This position is an individual contributor.

Qualifications

• Strong understanding of FHA, VA and GSE claims guidelines.
• Excellent organizational and time management skills.
• Attention to detail with a high level of accuracy.
• Analytical and Problem-Solving skills.
• Microsoft Office experience and advanced Excel knowledge.

Education and/or Experience

• High School Graduate/GED required.
• Two (2) to four (4) years of related experience.

Licensing/Certification/Registration

None required.

Physical Demands

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. While performing the duties of this job, the employee is frequently required to sit and talk or hear. The employee is occasionally required to stand; walk; use hands to finger, handle, or feel; and reach with hands and arms. The employee must occasionally lift and/or move up to 25 pounds.

Work Environment

The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. The noise level in the work environment is usually moderate.

Equal Employment Opportunity

Freedom Mortgage is committed to providing equal employment opportunities to all employees and applicants without regard to race, ethnicity, color, sex, marital status, sexual orientation, gender identity or expression, pregnancy, religion, national origin, age (40 and over), disability, military status, genetic information or any other basis protected by applicable federal, state, or local laws.

Americans with Disabilities Act

Applicants as well as employees who are or become disabled must be able to satisfactorily perform the essential job functions of the position either with or without reasonable accommodation. Applicants as well as employees are encouraged to meet with Human Resources as the organization shall review reasonable accommodations on a case-by-case basis in accordance with applicable law.

Job Responsibilities

The statements reflect the general duties and responsibilities considered necessary to perform the essential functions of the job and should not be considered as an all-inclusive list of all the work requirements of the position. Freedom Mortgage Corporation may change the specific job duties with or without prior notice based on the needs of the organization.