Loss Mitigation Counselor at Logix Federal Credit Union in Burbank, California

Job Description:

Loss Mitigation Counselor is responsible for providing the highest level of quality service to both members and
co-workers. Reviews member requests for loan modifications, determines member need, and finalizes Modification Agreements or communicates the outcome based on the approval. Reviews delinquency reports bi-monthly to proactively stay ahead of trends and make member contact when applicable. Makes recommendations to appropriate committee (Jr. Loan Committee or Sr. Loan committee) for foreclosure, workout loans, short sales, deed in lieu, and charge offs when appropriate. Serves as liaison with the mortgage sub-servicer (DMI). Maintains various tracking systems within the loan department. Maintains adequate third party
relationships in order to facilitate activities (i.e. DMI, attorney's, title, etc.).

ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Other duties may be assigned.

- Fulfills internal and external requests for subordinations.

- Reviews delinquency reports on First and Second Mortgages on a bi-monthly basis and makes member contact when applicable.

- Reviews real estate first and second mortgage loans that have filed bankruptcy and proceed with appropriate action.

- Reviews loans to determine whether PMI (collateral insurance) is on the loan.

- Prepares documents and makes recommendations to Jr. Loan Committee, or Sr. Loan committee (i.e. restructure, modification, repayment plan, forbearance, short sale, Deed in Lieu, foreclosure or charge offs).

- Maintains minutes of Jr. Loan Committee meetings; maintains records of Jr. Loan committee and Sr. Loan Committee actions for future review.

- Reviews Fannie Mae, Freddie Mac, FHLB procedures to maintain working knowledge of their loss mitigation procedures. Corresponds with Fannie Mae (MORNET) and Freddie Mac in writing to obtain their approval regarding loss mitigation decisions on investors loans.

- Corresponds with Mortgage Insurers to obtain their approval regarding loss mitigation decisions on loans where mortgage insurance is involved.

- Handles foreclosures on Home Equity Lines of Credit, submits required documents to trustee, obtains information from other lien holders, pays expenses.

- Liaison with sub-servicer (DMI) on 1st and 2nd mortgages throughout the foreclosure process.

- Audits Modification or Loss mitigation packages to ensure all required documentation is obtained from member.

- Ensures all requests are completed within compliance and regulation time frames

- Ensures system of record accurately reflects loan terms of original loan or modified terms.

- Works directly with sub-servicer and/or brokers on selling property, setting list price, ensuring properties are secure, and ensuring that the credit union receives optimum recovery at time of sale.

- Prepares Potential Foreclosure watch list and Impaired Loan Reports on a monthly basis.

- Acts as liaison with outside legal counsel on civil actions relating to servicing issues. Assist in providing documents for answers to discovery requests, subpoenas, trial preparation, etc.

- Prepares 1099 C forms required by IRS regarding forgiven debt on Home Equity Lines of Credit losses.

- Works directly with government assistance programs such as Keep Your Home California. Reviews applications, financials, payments and reports, etc.

Home Equity Lines of Credit

- Follows up with members on HELOC maturing loan report to either have the member refinance or pay off the remaining balance.

- Reviews LSI Tax Service Reporting regarding delinquent property taxes on HELOCs in 1st position; prepares letters to members and follows up to ensure taxes are paid.

Credit Union Variable Tax Rate Index

- Prepares monthly variable rate index report for IT to set monthly rates.

Report Management

- Develops/maintains a report management system for daily/monthly reports.

- Develops and designs new custom reports as required.

Member/Internal Customer Service Duties

- Answers member and internal customer calls. Provides customer assistance and resolves issues.

- Serves as a liaison with DMI for release issues, reconveyance issues, credit bureau disputes, loan adjustment issues and system problems.

- Processes rate change for Employee Mortgage Discount Program loans.

Fannie Mae, Freddie Mac and FHLB

- Responds on behalf of LFCU to requests for copies of files from Fannie Mae, Freddie Mac and FHLB.

- Processes payments to Fannie Mae for re-purchases of a loan.

QUALIFICATIONS To perform this job successfully, an individual must be able to perform each
essential duty satisfactorily. The requirements listed below are representative of the knowledge,
skill, and/or ability required. Reasonable accommodations may be made to enable individuals
with disabilities to perform the essential functions.

Education and/or Experience Must have:

- High School or equivalent with three years of real estate loan servicing, including handling of foreclosures and REOs.

- 2-3 years Default Servicing and mortgage underwriting experience preferred.

- Associate's degree (A.A) in Business or related discipline is preferred.

- Working knowledge of MS Word and Excel.

- Strong oral and written communication skills.

- Ability to meet deadlines in a fast-paced environment.

- Strong organizational skills and attention to detail.

Ability to read, analyze, and interpret common technical journals, financial reports, and legal - Loan Servicesdocuments. Ability to respond to common inquires or complaints from customers, regulatory agencies, or members of the business community. Ability to write business reports and correspondence. Ability to effectively present information to top management and/or public groups.

Must also demonstrate conduct consistent with our Corporate Values:

- Practice open Communication with all levels;

- Be Accountable by taking ownership of customer issues and responsibility for one's actions;

- Foster Teamwork by cooperating and collaborating with other employees;

- Seek ways to make the workplace Fun for oneself & others;

- Conduct oneself with Integrity by being honest, trustworthy and ethical in all work activities and interactions;

- Work with a Service Orientation by having a genuine concern for the needs of one's customers and by being friendly, professional and following through on commitments; and

- Demonstrate Humility in all interactions and remember to leave one's ego at the door when one arrives to work.

Logix Federal Credit Union is an equal opportunity employer that does not discriminate in employment opportunities or practices on the basis of race, religion, color, sex, sexual orientation, gender identity, national origin, protected veteran or disability status, or any other status protected by law.

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