Associate, Mortgage Servicing (Claims)

Oriental Bank

San Juan, PR 00918

Posted 1 month ago

Job Description

The Associate, Mortgage Servicing (Claims Officer) is responsible for completing the claim process on foreclosed cases that have mortgage insurance or that are guaranteed by Agencies/Investors. Is also responsible for the completion of the conveyance of foreclosed properties to investors, where applicable, and the claim of related escrow advances and acquisition costs. Is also responsible for the claim of proceeds of 3rd party adjudicated public auction for guaranteed and non-guaranteed loans.


MAJOR DUTIES & RESPONSIBILITIES:


+ To submit Claims using the applicable form and/or online platform for the corresponding Agency/Guarantor/Investor (i.e., HUD FHA, MGIC, USDA Rural, “Banco de La Vivienda”, FHLMC, FNMA, and VA among others).


+ To follow up with foreclosure lawyers and other Bank’s suppliers to gather all necessary documentation for the completion of the claim (e.g., plot plan, title studies, copy of title policy, legal chronology, etc.).


+ To request and review evidence of payment of taxes and insurances, condo fees, HOA as well as property preservation costs if applicable.


+ To request the Agency approval for Pre-Conveyance and Title Package, where applicable.


+ To request Agency approval for over allowable expenses as per applicable servicing guidelines.


+ To ensure that properties that are conveyed to Guarantors/Investors, where applicable, following established preservation and conservation guidelines.


+ To provide any post claim documentation requested by Guarantors/Investors.


+ To document the monitoring of outstanding claims and 3rd party foreclosure sales (guaranteed and non-guaranteed) by way of notes in the Bank’s Claim tracking system (i.e., Akcelerant or Mortgage Foreclosure).


+ To complete reports to Investors/Guarantors reflecting accurately the status of claims in process/complete.


+ To notify Finance/Investor Accounting when funds from Claims and or 3rd party foreclosure auctions are received for its due accounting recognition and processing.


+ To complete final loss determinations for each applicable case.


+ To keep and complete audit files.


+ To assist retail branches, as well as Collections and Customer Service departments in any general request related to loans in foreclosure and bankruptcy including but not limited to loan payment authorizations, loan reinstatements, loan status information, payoff balances, and referral for loss mitigation alternatives. This might include direct contact by phone or in presence with mortgage customers.


EDUCATION AND EXPERIENCE:


+ Bachelor’s degree in Business Administration or Paralegal or equivalent experience.


+ Minimum education and experience required can be substituted with the equivalent combination of education, training and experience that provides the required knowledge skills and abilities.


+ Three (3) or more years mortgage experience required,


+ At least one (1) year experience in a similar position as a mortgage claims officer highly desirable.


+ Proficient in the use of MS Office, particularly Excel and Word, and the use of Internet and Investors/Agencies online platforms (e.g., FHA Connection, Yardi, Valeri, Fannie, Freddie, Farmer, MGIC).


+ Excellent written and verbal communication skills in English and Spanish with a demonstrated ability to write communications clearly, concisely and effectively.


+ Communicates effectively and clearly with a broad range of employees across the organization, as well as external counterparts.


Oriental is an Equal Opportunity Employer ( EEO Employer / Affirmative Action for Females / Disabled / Veterans )


Oriental Bank requires evidence of COVID-19 vaccination as an employment requirement. Religious and medical exemptions may be provided in accordance with applicable federal and state laws and regulations.



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