Real Estate Foreclosure Specialist

Job Details

Description

Position Purpose and Objectives:

The Real Estate Foreclosure Specialist is responsible for managing and overseeing the foreclosure process for delinquent real estate loans and REO (Real Estate Owned) properties at the credit union. The role requires strong administrative skills, knowledge of real estate regulations, and a deep understanding of foreclosure processes, particularly in Texas. This position coordinates all REO activities and is tasked with ensuring that the credit union maximizes its return on investment from foreclosed properties.

Major Duties And Essential Functions

• Foreclosure Management:
• Oversee the foreclosure process for delinquent real estate loans, ensuring compliance with Texas state laws and regulations.
• Collaborate with attorneys, real estate agents, and title companies to ensure timely completion of foreclosure proceedings.
• Track and manage foreclosure timelines, ensuring deadlines are met for all notices, filings, and required legal actions.
• REO Coordination:
• Manage all activities related to REO properties, including securing properties, maintenance, and preparing them for sale.
• Ensure that all REO properties are properly listed, marketed, and sold to obtain the highest possible return on investment for the credit union.
• Monitor and report on the status of REO assets, including market analysis, appraisals, and property conditions.
• Compliance and Legal Requirements:
• Maintain up-to-date knowledge of Texas real estate regulations, foreclosure processes, and federal mortgage servicing requirements.
• Ensure compliance with all state and federal laws, including the Fair Debt Collection Practices Act (FDCPA), and work with legal counsel as necessary.
• Prepare and review all foreclosure and REO-related documents for accuracy and compliance.
  
  

• Administrative Duties:
• Maintain detailed records of foreclosure and REO activities in the credit union’s loan servicing and document management systems.
• Prepare regular reports for management on the status of foreclosures, REO properties, and financial outcomes.
• Assist with member communications regarding delinquent loans and foreclosure actions when needed.
• Financial Analysis:
• Conduct property evaluations, market assessments, and financial analyses to ensure the credit union is achieving the best possible financial outcomes on REO sales.
• Work closely with the collections department to minimize losses on real estate loans.
• Vendor and Stakeholder Coordination:
• Liaise with external vendors such as real estate agents, appraisers, inspectors, and attorneys to facilitate the sale or management of REO properties.
• Negotiate contracts and manage relationships with vendors to ensure cost-effective and efficient foreclosure and REO processes.
  

Positions directly supervised: N/A

Specific Knowledge, Skills, And Abilities Required For This Position:

• Education:
• Associate’s or Bachelor’s degree in Business, Real Estate, Finance, or a related field preferred.
• Experience:
• 2-4 years of experience in real estate, foreclosure, loan servicing, or a related administrative role, preferably within a financial institution or credit union.
• Familiarity with Texas real estate and foreclosure laws is required.
• Experience with REO property management is a plus.
• Knowledge, Skills, and Abilities:
• Strong understanding of real estate foreclosure processes, including knowledge of Texas-specific foreclosure laws and regulations.
• Excellent organizational, administrative, and time-management skills with a strong attention to detail.
• Ability to analyze real estate markets and perform financial evaluations of properties.
• Proficiency with loan servicing systems, Microsoft Office (Excel, Word, Outlook), and real estate management software.
• Strong written and verbal communication skills.
• Ability to work independently and collaboratively with cross-functional teams.
• Certifications/Licenses:
• Real Estate License or relevant certification preferred, but not required.
  

Physical Activities And Requirements Of This Position

CATEGORY

DESCRIPTION

Finger Dexterity

Using primarily just the fingers to make small movements such as typing, picking up small objects, or pinching fingers together.

Grasping

Using fingers and palm on an object.

Talking

Especially where one must frequently convey detailed or important instructions or ideas accurately, loudly, or quickly.

Repetitive Motions

Movements frequently and regularly required using the wrists, hands, and/or fingers.

Average Hearing

Able to hear average or normal conversations and receive ordinary information.

Average Visual Abilities

Average, ordinary, visual acuity necessary to prepare or inspect documents or products, or operate machinery.

Sedentary Work

Sitting part of the time. Exerts up to 10 lbs. of force occasionally.

Working Conditions of this Position

DESCRIPTION

Few. No hazardous or significantly unpleasant conditions except during construction wearing a hard hat is required.

Mental Activities And Requirements Of This Position

Reasoning Ability: The ability to use common sense or logic.

CATEGORY

DESCRIPTION

Detailed

Ability to apply common sense understanding to carry out detailed instructions and to deal with problems involving many variables.

Mathematical Ability:

Basic

Ability to perform basic math skills including adding, subtracting, multiplying, and dividing two digit numbers; operations with units such as inch, foot, yard; ounce, pound (or their metric counterparts), and square footage; ability to understand appraisals, compute rent rates and lease expiration times.

Language Ability: The level of ability required to communicate and understand written and oral language.

Typical

Ability to use passive vocabulary of 5,000-6,000 words; read at a moderate rate; and define unfamiliar words in dictionaries for meaning, spelling, and pronunciation. Ability to write complex sentences, using proper punctuation, and using adjectives and adverbs. Ability to communicate in complex sentences, using normal word order with present and past tenses and good vocabulary. Ability to read, analyze and interpret general business periodicals, professional journals, correspondence, and procedure manuals. Ability to effectively present information and respond to questions from groups of managers, guests, vendors and the general public.

Compliance requirement

The responsibilities contained within this job description remains compliant with Bank Secrecy Act / Anti-Money Laundering, Office of Foreign Assets Control and USA PATRIOT Act as they apply to the duties of the position

Disclaimer

The information in this job description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities and qualifications required of employees assigned to this job, which may vary on the department or the assignment. The actual essential duties, responsibilities and qualifications may vary by department, reporting structure and other business needs. No inference should be drawn that a specific job duty, responsibility or qualification is non-essential by its absence from this description.