Job Description
Position purpose Process the completion of a loss mitigation or foreclosure determination. Compile all relevant documentation, update systems, update/submit collateral, compile/submit claims, and process invoices. Monitor payment of claims including items that were not reimbursed and timing. Update appropriate workstations, default reporting, and other internal reporting mechanisms through each step of the process.
Ensure compliance with company policies, investor guidelines, and regulatory requirements.
General Responsibilities and Duties for Role: • Maintain workstation and notes to reflect the account status for proper internal communications.
• Monitor incoming communications through group inbox, personal inbox, tickets, tasks, and other workflow queues.
• Update monthly default reporting and review any exceptions that require system maintenance for FHA/SFDMS, USDA, VA/VALERI, FNMA, FHLMC, and PMI companies.
• Remain apprised of all investor, agency, and regulatory updates to available programs.
• Process updates to collateral and monitor/pay any associated invoices.
• Follow collateral custodian protocol with appropriate document request forms, file management, etc. as outlined in the PRMI Collateral Policy.
• Compile claim documentation and complete forms for submission:
o Escrow advances
o Delinquency arrears
o Advances (fees/costs)
o Property Inspections
o Property Valuations
o Origination documents
o Investor/Agency Claim form
• Timely submit claim documentation for reimbursement and monitor for errors/responses.
• Monitor open and unpaid claims and follow-up with agency/investor on payment.
• When funds are received, prepare posting instructions and general ledger updates for cash and accounting teams for processing.
• Monitor for investor reporting and cash reporting exceptions with PMSI.
• Draft collateral documents and update workstation/system for approved assumptions.
• Draft collateral documents and update workstation/system for approved recasts.
• Perform monthly reviews to validate workstation setup, default reporting, loan status, notes, etc. to ensure accuracy.
Qualifications • Strong communication, analytical, and problem-solving skills
• Excellent verbal and written communications skills
• Ability to multi-task efficiently
• Strong organizational skills and attention to detail
• Knowledge of Microsoft Office applications (i.e. Word, Excel, Outlook, PowerPoint, etc.)
Preferences • High School Diploma
Company Conformance Statements In the performance of assigned tasks and duties all employees are expected to conform to the following:
§ Review and adhere to policies and guidelines contained within the Employee Handbook, including privacy and information security guidelines.
§ Act within delegated authorities and adheres to applicable policy and procedures associated with such authorities.
§ Contribute to establishing a respectful workplace where diversity is critical to innovation and growth.
§ Ensure every action and decision is aligned with PRMI values.
§ Partner with your management team to understand performance expectations and measurements. Effectively utilize feedback and coaching opportunities while seeking to learn and develop within your role at PRMI.
§ Realize team synergies through networking and partnerships across PRMI.
§ Embrace change; act as advocate and role model, promoting an approach of continuous improvement.
§ Maintain a high standard of customer care while actively listening to customers in an effort to understand their views and needs. Take ownership of problems and issues, taking into consideration the breadth of PRMI competencies in providing solutions.
§ Work independently while understanding the necessity for communicating and coordinating work efforts with other employees and organizations.
§ Work effectively as a team contributor on all assignments.
§ Perform quality work within deadlines.
§ Respect client and employee privacy.
Work Requirements Each employee must be able to communicate clearly and effectively, utilize a computer, maintain a work schedule, and effectively perform in an office setting. To maintain and ensure secure privacy of borrower (and other protected) information, an essential function of this job may require physical attendance in a defined office space. (i.e. branch or corporate office location). Employment with PRMI requires compliance with and adherence to all applicable mortgage and fair lending laws and regulations as well as PRMI policies. The ability to work extended hours may be required.
Nothing in this job description restricts management's right to assign or reassign duties and responsibilities to this job at any time Equal Opportunity Employer
This employer is required to notify all applicants of their rights pursuant to federal employment laws. For further information, please review the Know Your Rights notice from the Department of Labor.
Job Tags
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