The Collections Specialist & REO Agent is responsible for managing delinquent mortgage accounts, pursuing loss mitigation options, and coordinating the sale of real estate-owned (REO) properties on behalf of the mortgage lender/servicing department. This role requires a combination of collections expertise, real estate knowledge, and strong communication skills.

Responsibilities:

Collections:

• Contact delinquent borrowers to collect past due payments and negotiate payment arrangements.
• Evaluate borrowers' financial situations and determine appropriate loss mitigation options, such as loan modifications, forbearance agreements, or short sales.
• Prepare and submit loss mitigation documentation for investor approval.
• Monitor and manage delinquent accounts through the foreclosure process, if necessary.
• Maintain accurate and detailed records of all collection activities.

REO Management:

• Oversee the REO process, from property preservation to final disposition.
• Coordinate property inspections, repairs, and maintenance.
• Select and manage real estate agents for REO property listings.
• Review and negotiate offers on REO properties.
• Coordinate closings and ensure timely transfer of title.
• Manage property taxes, insurance, and other expenses related to REO properties.

Additional Responsibilities:

• Stay up-to-date on industry regulations and best practices.
• Provide excellent customer service to borrowers and internal stakeholders.
• Collaborate with other departments, such as loan servicing, underwriting, and legal, to ensure smooth and efficient processes.
• Prepare and submit regular reports on collection and REO activities.

Qualifications:

• Bachelor's degree in finance, real estate, or related field preferred (but not required with relevant experience).
• 2 years of experience in mortgage collections and/or REO management.
• Strong knowledge of foreclosure laws and regulations (or willingness to do thorough research)
• Excellent communication and negotiation skills.
• Ability to work independently and as part of a team.
• Proficiency in Microsoft Office Suite (must) and mortgage servicing software (a plus).

Skills:

• Analytical and problem-solving skills.
• Attention to detail.
• Ability to prioritize and manage multiple tasks simultaneously.
• Strong interpersonal and customer service skills.
• Excellent written and verbal communication skills.
• Proficiency in Microsoft Office Suite.

Please note that this job description is a general guideline and may be tailored to the specific needs and requirements of the hiring company.