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Become A Foreclosure Specialist

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Working As A Foreclosure Specialist

  • $74,000

    Average Salary

What Does A Foreclosure Specialist Do At Kforce

* Assist with creating and managing files from the list of previous day foreclosures
* Prepare bidding instructions handle legal documents manage a pipeline of loans ranging from 150 to 300
* Responsible for the completion of routine foreclosures, compliance with all state laws and investors, insurers, Agency and company time frames
* Major Job Duties and Responsibilities:
* Initiates and monitors the foreclosure of loans secured by real estate through designated law firms
* Makes presentations and recommends appropriate action to senior management related to foreclosure properties
* Receives recommendations for foreclosure from collections and reviews to confirm equity position, risk of loss and opportunity for Loss Mitigation work outs and/or foreclosure
* Coordinates all foreclosure activities with attorneys and/or vendors and updates Bank's systems timely and accurately
* Orders/recommends appraisals or inspections of properties, evaluates equity position and recommends bidding instructions for sheriff/foreclosure sales
* Ensures account balances are written down in accordance with bank policy
* Bachelor's degree or equivalent education/experience
* years' previous foreclosure and / or default related experience
* years of foreclosure experience Foreclosure experience has to be within the past 3 years Proficient in both MS Word & Excel
* Intermediate level Good Communication Good Time Management Ability to complete task within a fast pace environment

What Does A Foreclosure Specialist Do At Caliber Home Loans

* Responsible for timely processing of activities & responsiveness of alerts to ensure Foreclosure Timeline Management is met.
* Minimize losses through management of attorneys and third party vendors to ensure Foreclosure processes are consistently progressing.
* Handle special projects and reporting required by investors.
* Ensure accounts are properly documented with actions taken, correspondence, and explanation of delay, if any.
* Identify quality compliance issues as they arise and provide the appropriate feedback to management.
* Coach and provide on the job training for new hire peers within the bankruptcy/foreclosure unit while maintaining individual portfolio performance.
* Audit key data points to ensure proper creation of bid document.
* Respond to routing inquiries from customers, debtors and attorneys.
* Review and execution of documents relating to Bankruptcy, Foreclosure and REO presented for execution.
* Backup documentation to include but not limited to:
* Payment Histories
* Escrow Advances
* Recoverability of fees based on statutory and Caliber guidelines
* Factual accuracy of all statements throughout the body of document.
* Confirmation of correct signature verbiage based on capacity and authority

What Does A Foreclosure Specialist Do At National Bankruptcy Services, LLC

* Review open files as they are received, proof data entered against source documents; make appropriate corrections
* Interface with appropriate contacts to resolve questions, inconsistencies, or missing data
* Follow-up on missing items to receive according to the client required foreclosure timelines and internal foreclosure sale calendar
* Entry of data or documents into the internal case management system of items pertaining to the completion of the foreclosure file
* Preparation of post foreclosure conveyance packages and coordination of recording of documents
* Ensure the required notices and documents are prepared, received, mailed, and recorded in accordance with client, company, investor and, state and government agency guidelines
* Update client systems with documents or message detail per client work standards
* Promptly determine when attorney or management action is required
* Perform other duties as assigned

What Does A Foreclosure Specialist Do At Carrington Mortgage Services

* The Foreclosure Specialist I is responsible for monitoring activities of foreclosure vendors relative to the accurate and timely handling of residential mortgage loans in foreclosure in accordance with applicable state foreclosure requirements.
* Provides assistance and training to on-site staff of foreclosure vendors.
* Identifies and refers eligible loans for alternative resolutions to the Home Retention and/or Loan Modification departments.
* Perform all duties in accordance with company policies and procedures and all state and federal regulations.
* Maintains, reviews, follows-up and ensures the timely and accurate completion of all regular scheduled steps including outstanding /late steps in the foreclosure tracking templates on a daily basis.
* Inputs the completion date on the date the action occurs.
* Obtains approval, and modifies the scheduled date to a date in the future when a step in the process cannot be completed.
* Communicates with attorney’s/trustees via Lenstar regarding delays and requests for information.
* Utilizes all department reports to manage pipeline.
* Completes/ensures all attorney requests for additional information or documentation are provided within 24 hours of the request.
* Accepts and approves vendors/attorney invoices for services rendered or costs incurred within 72 hours of receipt of the invoice.
* Ensures all attorney fees/costs and foreclosure costs charged are within Investor, Fannie Mae, FHA, VA, and PMI allowable fees schedules.
* Identifies “exception cases”/lien threats on a daily basis including but not limited to tax sales, drug seizures, and contested foreclosures.
* Notifies the manager and the investor/insurer as required.
* Notifies the investor the day following the sale of the sale results.
* Transfers files for conveyance/claim filing and/or to REO within 24 hours after the foreclosure sale or completion of the Ratification, Confirmation or Redemption period.
* Processes all reinstatement funds within 24 hours of receipt; ensures CAW and suspense reflects zero balances and removes the loan from the foreclosure workstation.
* Clears all reconciling items/out of balance conditions in the CAW payment clearing within 24 hours.
* Verifies taxes and insurance maintained and paid timely.
* Completes monthly, investor/client, PMI, VA, and FHA (SFDMS) reporting.
* Documents all servicing, action taken, delays, follow-up, and phone conversations in the system notes
* Compiles, maintains, and inputs all appropriate IRS 1099A/1099C information for each foreclosed loan in the same month that the foreclosure sale is held.
* Monitors vendor performance and notifies manager of any consistent problems (vendors inability/failure to comply with investor/insurer procedures and/or CMS requirements)
* Ensures all foreclosure procedural documents are imaged timely.
* Reviews future sales 14 days prior to foreclosure sale to ensure all requirements are met.
* Monitors third-party sale funds process, provides posting instructions, and properly closes out file.
* Monitors foreclosure Deeds and escalates any delays in obtaining the Deed that will exceed 30 days.
* Performs other duties and special projects as assigned

What Does A Foreclosure Specialist Do At Umpqua Bank

* Responsible for account management of Consumer loans related to borrowers who are in active bankruptcies.
* Responsible for the documentation and filing of bankruptcy materials with the courts including filing of proofs of claims, and reaffirmations.
* Coordinates with attorneys on all legal aspects of collection activities including obtaining stay relief, and asserting the bank’s proper treatment in a Plan.
* Ensures full compliance with bankruptcy regulations.
* Monitors and maintains accounts throughout the bankruptcy and foreclosure process to ensure accuracy of the bank’s records related to credit reporting, billing, and Trustee payments applications.
* Orders property inspections and would also be familiar with other services to secure the Bank’s collateral, including eviction processing.
* Familiar with standard concepts, practices, and procedures within the consumer collections arena including negotiations, workouts, foreclosures, repossessions, forbearances, litigation, loan modifications, short sales, and lien releases.
* Provides data to management as required.
* Keeps up to date on regulation changes.
* Demonstrates compliance with all bank regulations for assigned job function and applies to designated job responsibilities – knowledge may be gained through coursework and on-the-job training.
* Keeps up to date on regulation changes.
* Follows all Bank policies and procedures, compliance regulations, and completes all required annual required or job-specific training.
* Actively learns, demonstrates, and fosters the Umpqua corporate culture in all actions and words.
* Takes personal initiative and is a positive example for others to emulate.
* Embraces our vision to become "The World's Greatest Bank." Follows standard practices and procedures in analyzing situations or data from which answers can be readily obtained.
* May be asked to coach, mentor, or train others and teach coursework as subject matter expert.
* Responsible for other duties as assigned

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Foreclosure Specialist Career Paths

Foreclosure Specialist
Underwriter Mortgage Underwriter
Senior Underwriter
8 Yearsyrs
Underwriter Account Manager
Business Development Manager
9 Yearsyrs
Underwriter Account Manager Operations Manager
Branch Manager
6 Yearsyrs
Team Leader Manager Office Manager
Accounting Manager
7 Yearsyrs
Team Leader Office Manager Accounting Manager
Controller
9 Yearsyrs
Team Leader Manager Vice President
Vice President And Manager
10 Yearsyrs
Bankruptcy Specialist Analyst Manager
Assistant Vice President
7 Yearsyrs
Bankruptcy Specialist Analyst Office Manager
Business Office Manager
7 Yearsyrs
Bankruptcy Specialist Analyst Account Manager
Client Services Manager
7 Yearsyrs
Quality Assurance Analyst Project Manager Assistant Vice President
Manager, Assistant Vice President
7 Yearsyrs
Quality Assurance Analyst Business Analyst Project Manager
Portfolio Manager
7 Yearsyrs
Quality Assurance Analyst Supervisor Branch Manager
Relationship Manager
6 Yearsyrs
Mortgage Loan Processor Loan Officer
Senior Loan Processor
6 Yearsyrs
Mortgage Loan Processor Senior Loan Processor
Processing Manager
7 Yearsyrs
Mortgage Loan Processor Loan Officer Executive Assistant
Administrative Manager
6 Yearsyrs
Claim Specialist Account Executive Regional Manager
Asset Manager
7 Yearsyrs
Claim Specialist Account Executive Relationship Manager
Business Relationship Manager
9 Yearsyrs
Claim Specialist Claims Adjuster Attorney
Compliance Manager
9 Yearsyrs
Auditor Specialist Operations Specialist
Operations, Senior Specialist
6 Yearsyrs
Auditor Senior Consultant Operations Director
Assistant Vice President Operations
8 Yearsyrs
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Top Skills for A Foreclosure Specialist

  1. Foreclosure
  2. Foreclosure Sale Bids
  3. Loss Mitigation
You can check out examples of real life uses of top skills on resumes here:
  • Compiled necessary data to file complaints in mortgage foreclosure following the guidelines of different Pennsylvania counties.
  • Calculated and provided figures related to foreclosure sale bids requested by legal counsel.
  • Demonstrated extensive understanding of loss mitigation philosophy, alternatives, and limitations.
  • Created electronic files to expedite bankruptcy and foreclosure proceedings using MS Office applications and Default.net.
  • Communicate with attorneys via LPS regarding foreclosure delays and request for information.

Foreclosure Specialist Resume Examples And Tips

The average resume reviewer spends between 5 to 7 seconds looking at a single resume, which leaves the average job applier with roughly six seconds to make a killer first impression. Thanks to this, a single typo or error on your resume can disqualify you right out of the gate. At Zippia, we went through over 5,083 Foreclosure Specialist resumes and compiled some information about how best to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

Learn How To Create A Top Notch Foreclosure Specialist Resume

View Resume Examples

Foreclosure Specialist Demographics

Gender

Female

63.6%

Male

28.8%

Unknown

7.6%
Ethnicity

White

57.5%

Hispanic or Latino

20.3%

Black or African American

11.4%

Asian

7.3%

Unknown

3.6%
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Foreign Languages Spoken

Spanish

71.9%

French

5.6%

Armenian

3.8%

Chinese

2.5%

Mandarin

2.5%

German

1.9%

Japanese

1.9%

Portuguese

1.3%

Turkish

1.3%

Russian

1.3%

Serbian

0.6%

Dakota

0.6%

Greek

0.6%

Bosnian

0.6%

Tahitian

0.6%

Tagalog

0.6%

Cantonese

0.6%

Polish

0.6%

Arabic

0.6%

Korean

0.6%
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Foreclosure Specialist Education

Schools

University of Phoenix

23.4%

University of North Texas

9.1%

Florida State College at Jacksonville

6.7%

Kaplan University

6.2%

Arizona State University

5.4%

Strayer University

5.1%

University of Texas at Arlington

5.1%

California State University - Northridge

5.1%

Moorpark College

3.6%

University of South Florida

3.4%

Ashford University

3.4%

Tarrant County College District

3.1%

University of North Florida

2.9%

North Lake College

2.7%

Brookhaven College

2.5%

Texas Tech University

2.5%

Liberty University

2.5%

Hillsborough Community College

2.5%

Mountain View College

2.4%

American InterContinental University

2.4%
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Majors

Business

34.1%

Legal Support Services

9.0%

Accounting

6.3%

Finance

5.8%

Criminal Justice

5.4%

Psychology

3.7%

General Studies

3.6%

Law

3.6%

Marketing

3.3%

Real Estate

3.2%

Health Care Administration

3.0%

Communication

2.8%

Political Science

2.7%

Management

2.7%

Liberal Arts

2.2%

Human Resources Management

2.2%

Medical Assisting Services

1.7%

Nursing

1.7%

English

1.6%

Education

1.5%
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Degrees

Bachelors

38.0%

Other

27.1%

Associate

14.9%

Masters

9.0%

Certificate

5.9%

Doctorate

2.3%

Diploma

1.7%

License

0.9%
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