THE EXECUTIVE DIRECTOR OF THE NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY INVITES APPLICATIONS FROM QUALIFIED CANDIDATES FOR THE FOLLOWING:
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.
JOB DUTIES AND RESPONSIBILITIES
- Under supervision, track files after foreclosure authorization is given; review progress of each file; review counsel fees; prepare and update a report on each servicer’s litigation activities; analyze bankruptcy and motion practice; and set and enforce time lines for foreclosure and bankruptcy dispositions.
- Pre-REO PMI, VA, FHA claims management: ensure that claims are being made timely and that premiums are being paid; Pre-REO 108 preparation and approvals; and communicate servicer 108 payment information to appropriate servicing staff, as necessary.
- Serve as primary Single Family Servicer Audit Representative; represent Single Family at servicing audits; and establish audit standards. Ensure that servicers are aware of and in compliance with the HMFA’s standards for property maintenance and delivery of required documents including title policies and Certificate of Regularity.
- Educate servicers on all aspects of HMFA serving litigation requirements and HMFA loss mitigation programs.
- Assist in preparing and updating HMFA guidelines and materials for servicer work out and other actions that can be delegated to servicers and that require HMFA pre-approval; monitor and audit delegated loan work outs for quality and conformity to HMFA, MI, FHA requirements, as applicable; approve servicer’s non-delegated loan workout or foreclosure recommendations; monitor servicer’s response times and handling of early delinquencies; recommend updates and refinements to the HMFA’s Servicing Guide and loss mitigation materials.
- Keep up to date on industry practices on loss mitigation.
- 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.
Two (2) year degree; five (5) years of related experience; or an equivalent combination of education and experience that meets the required knowledge, skills and abilities.
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.
HMFA provides a comprehensive benefit program which includes the following: health, dental and prescription drug plans; vision care; deferred compensation plans; Public Employees’ Retirement System (PERS); personal, sick and vacation days; tuition reimbursement and paid holidays.
Residency in the State of New Jersey is required of all employees with an agency of the State in accordance with the New Jersey First Act, N.J.S.A. 52:14-7 (L. 2011, Chapter 70). Employees must comply with the “New Jersey First Act” which requires employees hired after September 1, 2011 to reside in New Jersey. Non-New Jersey resident employees must relocate to New Jersey within one year of their date of hire and provide proof of residency to Human Resources.
Per Executive Order 253, all state employees are required to be vaccinated by October 18, 2021 or undergo weekly testing. Please do not submit your vaccine card at this time.
The NJHMFA is an Equal Opportunity Employer in compliance with all Federal, State and Local Regulations. NJHMFA provides equal employment opportunity to both individuals with veteran status and individuals with disabilities.
Must complete an Outside Activity Questionnaire (disclosure of outside office or employment) on an annual basis.