A foreclosure specialist makes sure that foreclosures are carried out correctly and efficiently. They work with the account services and legal departments, as well as process documents from home owners, courts, lawyers, and other involved parties. Basic computer skills are important, as maintaining a database to track the foreclosure process for all accounts is needed in this position. If new accounts are acquired, the foreclosure specialist needs to enter their information; when an account makes progress in the foreclosure process, the specialist is responsible for logging updates. When documents are missing, the foreclosure specialist may be responsible for obtaining them, and they may make phone calls to make collections.
The foreclosure specialist meet with various teams in the company to report progress on accounts. Some positions may require the foreclosure specialist to be the party responsible for determining if accounts are eligible for foreclosure. The foreclosure specialist needs to make sure that invoices, breach and collection letters, inspections, and other foreclosure processes are completed in a timely manner.
This position requires following company guidelines and the law; therefore, some knowledge of mortgage law is helpful. The minimum education requirement for many of these positions is a high school diploma or equivalent, along with experience in a related position. Attention to time constraints and strong people skills are required for this position. Basic mathematical skills are necessary as well.
Foreclosure Specialist Tasks
Enter data, identify gaps, and seek title or other information to complete files.
Perform calculations and estimates for internal, legal, governmental, client and other audiences.
Update and maintain documentation and status of ongoing foreclosures.
Write and send notices, correspondence and updates to clients, banks, lawyers, and the government.