Foreclosure Specialist

Duration - 3 Months, Contract, W2

Location - Onsite in San Diego, CA

Pay - $25

Position Summary

The Foreclosure Specialist plays a critical role in carrying out various activities related to the organization's foreclosure functions. Under general supervision, this position is primarily responsible for processing foreclosures on properties when buyers default, according to their assigned area(s) of specialization (VA, Conventional/FHA, Fannie Mae, or Freddie Mac).

The Foreclosure Specialist monitors and processes judicial and non-judicial foreclosure proceedings after loans are approved or referred for foreclosure. Key responsibilities include initiating first legal actions per investor guidelines, preparing documents and deeds for execution, creating judgment figures for judicial cases, and completing all post-sale tasks in accordance with investor requirements. These tasks include property preservation, eviction monitoring, conveyance processes, claims preparation, and coordination with Quality Control. The specialist also ensures accurate tracking of foreclosure steps, deadlines, notices, regulatory compliance, and updates to internal systems.

Essential Functions

• Provide default notices to investors and mortgage insurance carriers.
• Monitor files within required notification periods and issue notices of sale once timelines are met.
• Prepare documents and deeds for execution; create judgment figures for judicial foreclosures.
• Refer borrowers to loan counseling when short sale, loss mitigation, or payment assistance is requested.
• Process postponements, reinstatements, and judgments.
• Prepare bid instructions and obtain necessary approvals to initiate sale of the property.
• Report sale information to investors and mortgage insurance carriers; verify assignment or cancellation of insurance.
• Conduct internet research to identify utilities and HOAs; make payments and transfer accounts as needed.
• Review and approve invoices and request checks to reimburse foreclosure fees and costs.
• Prepare, review, copy, and electronically file documents; provide document copies upon request.
• Refer eviction files to attorneys; monitor occupied properties post-sale until eviction or vacancy. Ensure eviction actions comply with investor guidelines.
• Work with property preservation vendors to ensure vacant properties reach "In Conveyance Condition (ICC)" and confirm deed recording.
• Request Tax Certifications for ICC properties.
• Prepare conveyance and title packages and submit them to Quality Control for approval and FHA submission.
• Submit curtailment requests when property preservation vendors are responsible for delays.
• Review, monitor, and adjust escrow accounts.
• Gather receipts for preservation work, foreclosure costs, escrow advances, and refunds to prepare claims for Quality Control.
• Ensure all claims and supporting documents are uploaded to the document retention system.
• Process insurance refunds and submit for deposit.
• Prepare supplemental claims for items omitted from the original claim; request reimbursement of estimated insurance refunds if necessary.
• Complete loan-level reconciliations and follow up until claim status is finalized.
• Ensure loans are liquidated to a zero principal balance within 24 hours of receiving finalized claim proceeds.
• Notify supervisor of reconveyances, conveyance condition issues, and title problems.
• Review and respond to HUD Demand Letters, Non-Compliance notices, and other notifications; remit funds to FHA when required.
• Update internal systems with accurate status notes, servicing actions, delays, follow-ups, and conversation logs. Adjust scheduled dates as needed and obtain approvals for changes that impact timelines.
• Accurately prepare all HUD CWCOT claims.
• Review and process all third-party sale files.
• Perform other duties as assigned.

Education & Experience

• High School Diploma or equivalent required.
• Minimum of 3 years of experience in roles involving mortgage foreclosure processing, associated documents, and timelines.
• At least 1 year of experience with FHA foreclosures.

Additional Qualifications

• Highly organized and detail-oriented; able to work in a fast-paced, deadline-driven environment.
• Experience using the internet for research and information gathering.
• Experience with document retention software; Blitzdoc preferred.

Company Required Skills

• Excellent verbal and written communication skills.
• Strong organizational skills and attention to detail.
• Ability to work in a fast-paced, metrics-driven environment.
• Proficiency in Microsoft Office Suite (Word, Excel), Wiki, cloud-based collaborative tools, and third-party applications.
• Commitment to company values:
  • Customer Service - Proactive attention to people
  • Integrity - Do and say what's right
  • Respect - Treat others with dignity
  • Collaboration - Listen and work together
  • Learning - Seek knowledge and improvement
  • Excellence - Deliver the unexpected

All qualified applicants will receive consideration for employment without regard to race, color, national origin, age, ancestry, religion, sex, sexual orientation, gender identity, gender expression, marital status, disability, medical condition, genetic information, pregnancy, or military or veteran status. We consider all qualified applicants, including those with criminal histories, in a manner consistent with state and local laws, including the California Fair Chance Act, City of Los Angeles' Fair Chance Initiative for Hiring Ordinance, and Los Angeles County Fair Chance Ordinance.