Default Management Specialist

Department: Lending and Grant Operations

Location: Minneapolis with flexibility to be hybrid/remote

Position Summary

The Default Management Specialist performs Contract Loan Servicing Default Management Process under the direction of the Lending and Grant Operations. The position performs, continuously improves, and monitors asset management tasks for Contract Loan Servicing loans serviced by CRF. This position is essential for meeting CRF’s fiduciary responsibility and directly contributes to the overall growth, stability, and profitability of CRF.

Desired Qualities

  • Model and Support of CRF’s Mission, Vision and Values: Energized by the desire to deliver equal access to capital and level the economic playing field, providing opportunities for people to succeed, and develop creative financing solutions that transform lives and communities.
  • Belief in CRF’s Diversity, Equity, and Inclusion Philosophy: Modeling behavior that inspires dialogue, learning and cross-cultural exchange. Participation in and encouragement of the CRF DEI Committee’s learning plan, and promotion of intercultural competence and CRF Values.
  • Positive Presence and Self-Starter: Thrives in fast-paced working environment with a sense of urgency. Positive and energetic. Articulate. Respectful.
  • Quick Learner and Dedication to Knowledge Management: Ability and willingness to learn and apply new concepts. Ability to adapt strategy based on learnings and course-correct as necessary. Diligence in sharing knowledge with organization to keep others abreast of learnings and develop institutional knowledge.
  • Effective Communicator: Proficient written and oral communication skills, including the ability to speak in a wide variety of settings, to a wide variety of audiences. Focused on internal and external customer service. Translate data into simple, powerful messages to communicate impact and progress towards program goals with both internal and external stakeholders.
  • A Pulse for Program Evaluation: Ability to advocate for iterative evaluation when collaborating with internal and external partners. Guided by community voice to ensure impact metrics and overall program strategy never falters from mission.
  • Compliance Minded: Understanding of and adherence to the compliance requirements for the business line owned by this position.
  • Technology Proficiency: Must view technology as a critical part of the organization’s success and have a solid understanding of lending and financial software, and how these systems can be optimized to support organizational priorities.

Essential Duties and Responsibilities

Default and Portfolio Management

  • Collect payments for all delinquent accounts in accordance with all guidelines to prevent or financial losses.
  • Deliver superior customer service with firmness and professionalism, reflecting CRF’s mission.
  • Conduct interviews & obtains customer financial information. Ask difficult, probing (RFD) questions regarding delinquency and borrower performance.
  • Demonstrate working knowledge of default timelines, foreclosure and bankruptcy processes including filing of bankruptcy claims and reaffirmation agreements, monitoring legal actions in bankruptcy and recommendation of specific legal actions such as motions for relief as appropriate.
  • Prepare and send default letters and other communications in connection with loan servicing processes.
  • Assist in the analysis and completion of loan modification requests, initially consisting of financial historical analysis, leading to structuring solutions in compliance with CRF procedures and investor requirements; recommending and implementing approved modifications as directed.
  • Provide support as requested for default management activities such as foreclosures, bankruptcies, REO management.
  • Produce accurate, timely portfolio reports as required by CRF and investors.
  • Recommend repayment or loan modification plans according to investor and CRF guidelines.
  • Work with Managers and Lending Partners to capture and describe key information.
  • Determine whether proposed transactions meet guidelines and recommend acceptance, denial or alternatives investors as required.
  • Develop written analysis of the request and key credit factors.
  • Once approved, work with the appropriate parties, communicating progress and following up on questions and open items; implementing solutions as directed.
  • Manually track repayment plan payments, follow up on repayment problems and resolve as appropriate

Relationship Management

  • Develop and maintain effective working relationships with all internal and external customers and departments.
  • Ensure response times to inquiries or correction requests are completed within the allotted timeframe stated in the SLA.

Compliance

  • This position will must adhere to all compliance requirements of the Lending and Grant Operations department. Compliance requirements include adherence to applicable laws, regulations, obligations, and corporate policies. Each business line and shared service is responsible for documenting, monitoring, and reporting compliance requirements related internal controls that provide reasonable assurance regarding the achievement of objectives.

Qualifications

Education and Certification(s)

  • Associate or Bachelor’s degree in Business, Accounting, and Finance, or related field or a combination of education and experience.

Experience:

  • Five years in loan default management
  • Proven experience in residential default management is highly desirable
  • Knowledge of and experience working with Fannie Mae loans
  • Excellent customer service skills
  • Experience working with distressed loans including modifications and working with borrowers in bankruptcy highly preferred

The Company

Who We Are

Community Reinvestment Fund, USA (CRF) is a community development leader committed to bringing economic equity to communities across the country, in order to generate greater investment in the communities that need it most.

What We Do

Since 1988, CRF has helped reinvent the flow of capital, eliminate barriers to economic mobility and build community wealth. CRF forges a link between capital sources, local small business ecosystems and small business owners.

How We Help

Together with its partners – including community leaders, nonprofit lenders, financial institutions, foundations and more – CRF is creating new strategies and technologies that build stronger local economies, create jobs and support economic mobility.

CRF’s key product lines are:

  • Small business lending, including Small Business Administration 7(a) program loans and other lending products
  • Contract Loan Servicing, including single family mortgage, affordable housing, business loans and investor and fund reporting
  • Capital Markets, including New Markets Tax Credits and the CDFI Fund’s Bond Guarantee Program
  • Technology Services, including a loan origination system and an online loan marketplace

CRF has created measurable, transformative community impact since its inception in 1988.  Key accomplishments include:

  • $3 billion in financing
  • Over 4,000 loans to small businesses
  • Over 134,000 jobs created or retained
  • Serving close to 2 million people
  • Impacting over 1,000 communities

CRF believes in delivering equal access to level the economic playing field, providing opportunities for people to succeed, and development creative financing solutions that transform lives and communities.  CRF does this in three ways each connected and building upon the other –

  • supporting mission-driven organizations with capital to build capacity and increase efficiency,
  • strengthening communities by supporting the local finance ecosystems that empower individuals to thrive,
  • creating systems change by transforming the flow of capital so that access and opportunity are distributed more equitably in communities across the country.

CRF’s ten-year impact target strives to impact more than 1,000,000 lives with more than $1 billion in capital deployed annually by 2027.  CRF’s Fiscal 2018-2022 Strategic Plan, which launched in October 2017, sets us on an exciting path and lays out a set of intermediate term goals for achieving this vision.

What We Offer

A collaborative working environment comprised of driven and highly-engaged individuals committed to the mission, vision and values of CRF. CRF is proud to extend its employees a wide array of benefits including, but not limited to:

  • Most positions offer flexibility for remote work
  • Health and dental insurance
  • 403B and Roth IRA
  • Paid Time Off (PTO)
  • Wellness Program
  • Educational Assistance
  • Long-Term and Short-Term Disability
  • Life Insurance
  • 10 Federal Holidays plus 2 Floating Holidays

To apply for this position, please email your resume to recruiting@crfusa.com

CRF USA, Inc. requires all employees to be vaccinated for COVID-19. As a condition of hire with CRF USA, Inc. candidates must be able to show proof of vaccination for COVID-19 prior to an extension of an offer of employment. Accommodations will be considered for disabilities or sincerely held religious beliefs.

Candidates must reside in and be authorized to work in the United States without sponsorship

CRF is headquartered in Minneapolis, Minnesota. For further information, please visit www.crfusa.com.

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