As an established leader in the Reverse Mortgage Origination space, PHH is excited to be building a best in class Reverse Mortgage Servicing platform. This platform will service our own originated product and ultimately provide outstanding servicing to third-party clients. Over the coming months, we will be building out the Servicing platform and leveraging our existing infrastructure where ever possible. Come join our team and get in on the ground floor to be a part of this exciting opportunity. We are looking for motivated, talented individuals that thrive in a fast paced environment that are eager to be part of this new team.
The REO Oversight Representative position is responsible for oversight of vendor performance and compliance in regards to the liquidation of REO assets. This will be accomplished by effectuating the processes designed to audit, evaluate, monitor and test performance of the vendor; ensuring the mitigation of losses, vendor effectiveness, productivity and legal compliance.
JOB FUNCTIONS AND RESPONSIBILITIES:
- Review the dedicated Daily, Weekly or Monthly vendor reports in place to effectively monitor vendor production and adherence.
- Partner with internal and external business units to effectively manage off-market REO assets due to open litigation, title curative or troubled assets matters.
- Review monthly test samples of REO services provided by outsource vendors confirming timelines, pricing and quality of service are in compliance with documented SOW’s.
- Routinely review high value assets to ensure marketing strategies are focused on maximizing sales price and reducing market time.
- Track percentage, volume and cost of losses as a result of Asset Based Claims (ABC) due to the length of time needed to sell properties.
- Hold the vendor accountable for situations that could have been avoided through more diligent monitoring and marketing efforts.
- Ability to maintain successful Special Servicing relationships, which includes timely delivery of monthly reporting, timely response to asset level inquires and general account management functions.
- Assist or Lead department projects as needed.
- High School Diploma
- Minimum 2-3 years of Mortgage Default REO Servicing experience.
- Ability to communicate both orally and in writing with internal and external business partners.
- Ability to work in a very fast-paced transitioning environment; ability to manage multiple, competing priorities.
- Ability to work independently and use independent judgment to follow through on tasks.
- Analytical; strong problem solving and strategic planning skills.
- Knowledge of regulatory, risk, compliance and audit requirements.
- Excellent time management and organizational skills; detail oriented.
- Ability to follow complex processes/procedures in routine and non-routine tasks.
- Direct experience with vendor management and oversight, preferably related to Foreclosure or REO services
- Intermediate level knowledge of Mortgage Servicing platform
Company: PHH Mortgage
PHH Mortgage, a wholly owned subsidiary of Ocwen Financial Corporation, is one of the largest subservicers of residential mortgages in the United States. PHH Mortgage provides servicing solutions to companies who own mortgage servicing rights and offers portfolio retention services to extend and enhance customer relationships.
PHH has been providing mortgage lending and servicing solutions since 1984 and is dedicated to responsible and ethical practices while delivering an exceptional customer experience. We strictly focus on subservicing and portfolio retention allowing our diverse professional clients – representing some of the largest and most recognizable financial and wealth management institutions, investors of MSRs, regional and community banks, and credit unions – to concentrate on their core businesses, while providing borrowers with exceptional customer service throughout the life of their loans.
Adhering to the highest levels of risk and compliance, built to bank-like standards, we build relationships with our clients and their customers to promote a philosophy of retaining “customers for life.” We strive to be a natural extension of each client’s team, helping them to keep their expenses down, borrowers satisfied and service levels up while meeting today’s regulatory demands and changing market conditions.
Ocwen is proud to be an equal opportunity workplace and is an affirmative action employer. We are committed to equal employment opportunity regardless of race, color, ancestry, religion, sex, national origin, sexual orientation, age, citizenship, marital status, disability, gender identity or Veteran status. If you have a disability or special need that requires accommodation, please let us know.
This position is not eligible to be performed in the state of Colorado.