Default Loan Servicing Specialist

Default Loan Servicing Specialist at First American

Who We Are

ServiceMac, a new sub-servicing entity backed by leading mortgage servicing industry practitioners, focuses on providing superior technology, products, and services for the mortgage and real estate industries. We are committed to personalized service and support, with offerings that span the mortgage continuum and enhance security, compliance, customer satisfaction, and profitability through continuous innovation and acquisition. First American's inclusive, people-first culture has earned numerous accolades, including being named to the Fortune 100 Best Companies to Work For® list for ten consecutive years, and awards as a best place to work for women, diversity, and LGBTQ+ employees.

What We Do

As a Default Loan Servicing Specialist, you will service mortgage accounts to ensure all property preservation and default activities adhere to state and federal laws. This role involves performing a variety of default loan servicing tasks within established timelines and workflow processes, managing files in accordance with work rules, goals, and objectives to improve timeline and attorney performance.

Essential Functions

• Service mortgage accounts, ensuring all Default activities comply with state and federal laws, Investor, Insurer, Agency, and company guidelines.
• Conduct complete file reviews to verify all default timeframes, including underwriting where applicable, have been met.
• Manage default proceedings on assigned cases by interacting with various parties such as mortgagors, attorneys, investors, insurers, trustees, and appraisers.
• Monitor activities by reviewing all proceedings, records, and timeframes, while actively working all system/database activities throughout the default process.
• Diligently follow up on all outstanding requests and telephone calls from both internal and external partners.
• Audit accounts for expense compliance and ensure proper application to the system of record.
• Perform required research on loans with questionable items, including payment application, proper notification, and other arising situations.
• Manage exception reporting used as key controls for minimizing risk.

Job Complexities & Impact

This role requires strict adherence to departmental and business policies. Tasks may be complex, involving evaluation and judgment.

Supervision Received or Extended

The Default Loan Servicing Specialist works under general supervision, applying well-established techniques, procedures, or specific standards. While there is no formal supervisory responsibility, this role serves as a resource to less experienced team members and requires prioritizing allocated work to ensure timely and accurate resolution for all partners.

Knowledge And Skills/Technology Used

• Working knowledge of fundamental concepts, practices, and procedures of department/field.
• Good verbal and written communication skills.
• Extreme attention to detail and ability to adhere to strict guidelines and procedures.
• GSE and Government experience preferred.
• MSP and LoanSphere experience preferred.
• Working knowledge of computer software programs, including Windows, Microsoft Word and Excel, Internet, and Microsoft Outlook experience preferred.

Typical Education

High School diploma or equivalent

Typical Range Of Experience

3+ years of directly related experience

What We Offer

First American embraces individuality, supporting diversity, equity, and inclusion as keys to success. Our People First Culture fosters an authentic and inclusive workplace For All. Based on eligibility, First American offers a comprehensive benefits package including medical, dental, vision, 401k, PTO/paid sick leave, and an employee stock purchase plan.

Key skills/competency

• Default Servicing
• Mortgage Account Management
• Property Preservation
• Regulatory Compliance
• State & Federal Laws
• Loan Underwriting
• Risk Minimization
• Attention to Detail
• Communication Skills
• MSP/LoanSphere