Servicing Officer I

New Jersey Housing and Mortgage Finance Agency; Trenton (NJ); On-site; USD 60,000 - 80,000; Full time

Job summary

New Jersey Housing and Mortgage Finance Agency seeks a candidate to support Litigation Management and Mortgage Loss Mitigation, performing duties related to 108 claims, PMI, VA, FHA and RECD claims, and coordinating mortgage assumption requests.

Under supervision, you will review insurance settlements, establish servicing procedures, assist with REO listings, respond to inquiries, and monitor compliance with HMFA policies.

Qualifications

• Two (2) year degree; three (3) years of related experience or an equivalent combination of education and experience that meets the required knowledge, skills and abilities
• Knowledge of PMI, FHA, VA, FNMA, and FHLMC regulations and guidelines
• Knowledge of Single Family Guides and industry standards
• Knowledge of mortgage guidelines and time frames for execution of canceled documents
• Knowledge of foreclosure and bankruptcy litigation procedures
• Ability to communicate effectively orally, in writing and to listen actively
• Ability to establish and maintain effective working relationships with staff and the general public
• Ability to organize and accomplish multiple assignments simultaneously
• Ability to analyze financial/statistical information and draw conclusions
• Ability to maintain positive work atmosphere in an appropriate manner of behavior which ensures cooperation and effective communication with customers, clients, peers and management.

Responsibilities

• Assist with duties related to Litigation Management/Bankruptcy Pre-REO insurance Claims and Loss Mitigation; assist with preparation of 108 claims and PMI, VA, FHA and RECD claims; coordinate mortgage assumption requests; review insurance settlements; establish loss mitigation and servicing procedures and criteria.
• Evaluate recommendations for REO listings and acceptance of sales offers; respond to servicer and public inquiry regarding servicing matters; perform servicing audits as needed; market and sell HMFA REO’s; pay claims for losses and receive sale proceeds on REO properties.
• Monitor the disposition of REO’s for compliance with HMFA policies and procedures. Establish fair market price for REO’s based on market analysis, market and sell the properties. Prepare reports on status of REO’s. Generate program correspondence and reports; type internal and external correspondence to answer inquiries on servicing policies and procedures.
• Maintain contact with lenders, attorneys, title companies and borrowers to solve problems related to mortgage closings. Maintain ledgers by bond series on expenses for each REO account. Request inspections and follow up to ensure completion in a timely manner. Authorize pay expenses on REO’s and keep track of the disbursements.
• Perform related duties as requested.

Skills

Mortgage regulations

Foreclosure knowledge

Litigation procedures

Communication skills

Organizational skills

Education

Two-year degree

Three years related experience

Job description

Under supervision, perform duties related to Litigation Management/Bankruptcy Pre-REO insurance Claims and Loss Mitigation; assist with preparation of 108 claims and PMI, VA, FHA and RECD claims; coordinate mortgage assumption requests; review insurance settlements; establish loss mitigation and servicing procedures and criteria; evaluate recommendations for REO listings and acceptance of sales offers; respond to servicer and public inquiry regarding servicing matters; perform servicing audits as needed; market and sell HMFA REO’s; pay claims for losses and receive sale proceeds on REO properties. Perform related duties as requested.

Under supervision, assist with review of pre-and post-REO 108 claims and PMI, VA, FHA and RECD claims; prepare Subordination Agreements for Down Payment and Closing Cost Assistance loans; prepare Powers of Attorney for servicer discharges of mortgages, annually updates POA list; prepare paid in full Discharge of Mortgage if servicers do not have a POA. Coordinate mortgage assumption requests among servicing and underwriting staff; prepare documents as necessary. Review insurance settlements and processes joint checks for HMFA signature; review requests for release of mortgage and makes recommendations; prepare release documents as necessary. Perform related duties as requested. Monitor the disposition of REO’s for compliance with HMFA policies and procedures. Establish fair market price for REO’s based on market analysis, market and sell the properties. Prepare reports on status of REO’s. Generate program correspondence and reports; type internal and external correspondence to answer inquiries on servicing policies and procedures. Maintain contact with lenders, attorneys, title companies and borrowers to solve problems related to mortgage closings. Maintain ledgers by bond series on expenses for each REO account. Request inspections and follow up to ensure completion in a timely manner. Authorize pay expenses on REO’s and keep track of the disbursements. Perform related duties as requested.

Education and Experience Required

Two (2) year degree; three (3) years of related experience or an equivalent combination of education and experience that meets the required knowledge, skills and abilities

Physical Demands

Non physical

Working Conditions

General office environment

Certificates & Licenses Required

A valid driver's license in the state in which the person resides is required only if the operation of a vehicle, rather than employee mobility, is necessary to perform the essential duties of the position.

• Knowledge of general office procedures
• Knowledge of PMI, FHA, VA, FNMA, and FHLMC regulations and guidelines.
• Knowledge of Single Family Guides and industry standards.
• Knowledge of mortgage guidelines and time frames for execution of canceled documents.
• Knowledge of foreclosure and bankruptcy litigation procedures.
• Ability to communicate effectively orally, in writing and to listen actively.
• Ability to establish and maintain effective working relationships with staff and the general public.
• Ability to organize and accomplish multiple assignments simultaneously.
• Ability to analyze financial/statistical information and draw conclusions.
• Ability to maintain positive work atmosphere in an appropriate manner of behavior which ensures cooperation and effective communication with customers, clients, peers and management.