SUMMARY: This position is responsible for providing quality customer service to our members and investors daily by actively managing borrower loans from conception to sale or refinance. This will be done through strategic project management efforts, while ensuring all servicing needs are met timely and excellent investor communication is a priority.
Role Responsibilities:
- Receives a property file when the loan has been closed, and conducts a welcome call with the borrower and their general contractor to highlight next steps and set expectations.
- Works with the onsite borrower team and their in-house project manager to ensure all necessary requirements and timelines are met throughout the rehab process.
- Works with the in-house construction project manager to ensure timely draw payments are made for draw line items that have been 100% completed.
- Addresses timeline issues or borrower delays immediately, enforcing Company regulations regarding delays swiftly.
- Helps guide borrowers through the rehab process.
- Works with property investors to keep them updated on property rehab statuses, alert them to potential issues, and offers viable solutions for remedy.
- As needed, work with in-house legal counsel to take the property back from the borrower as an REO. Lead the transition of default file to REO status; complete a marketing plan for the financial investor to approve regarding options for further management of the REO property; manage the rehab or resale of the property in REO status; manage marketing efforts when the property is ready for resale; and communicate with the investor to keep them apprised of progress, concerns, and solutions.
Transition of Default files to REO:
- Work with local vendors to take possession and secure the newly transferred property;
- Review file for taxes and other outstanding city/county issues that need to be addressed;
- Ensure utility accounts are established or addressed (if attached to title);
- Review inspections, valuation reports, existing and updated bids;
- Order updated reports/bids as needed;
- Complete Marketing Plan for Financial Investor Approval:
- Complete the financial analysis;
- Write up a summary and provide options;
- Make contact with the financial investor to discuss plans.
- Obtain written approval for the investor’s selection.
Manage Rehab:
- Obtain vendor contract for approved work;
- Weekly follow up with/contractors to ensure work is progressing as expected;
- Processing of Contractor draws as work is completed per agreement;
- Review of submission to ensure invoice and lien waiver meet requirements;
- Ordering required inspections/collection of video or photos needed to process the request;
- Deep review of before and after photos for each line item and approval/denial of draw requests;
- Enter approved amount as an ACH payment, record the payment in QC and submit to the Loan Servicing Manager for approval and processing
Manage Marketing:
- Once repairs are completed and/or the property is ready to list; obtain updated values and select the listing agent;
- Review values and establish the listing price (per Financial Investors marketing plan approval;
- Review/submit listing agreement for Loan Servicing Manager approval;
- Weekly follow up with agent to collect feedback from potential buyers; potential list price reductions and inspections (if needed);
- Negotiation of offers and terms per financial investors approval
- Working with local agents and closing offices to facilitate closing/payoff.
Financial Investor Reporting:
- Weekly communication with financial investors regarding activity and status of loans.
- Performs other duties as assigned by Loan Servicing Manager
Interesting in applying?
Contact us at careers@principlefundinggroup.com today!