• The Conventional / Agency Claims team handles GSE or RFC mortgages which have gone through a disposition post delinquency. These dispositions (Foreclosure sale, Deed in lieu, Short sale, Third Part Take out or Charge off) are the triggers for an advance reimbursement claim to be filed with the investors - GSEs (Freddie Mac, Fannie Mae) or RFC.
• Advances are expenses incurred by the mortgage servicer post delinquency to maintain a property on behalf of the investor. These expenses include but are not limited to taxes, insurance premiums, HOA payments, mortgage insurance payments, property preservation and maintenance expenses, valuation expenses, foreclosure or bankruptcy expenses to name a few. Post disposition, GSEs require the servicers to file advance reimbursement claims for the aforementioned expenses advanced during the delinquency state of the loan. If these claims are not paid by the investor, the advance incurred would subsequently be a loss for the servicer, i.e. Ocwen.
• The team is therefore responsible for filing reimbursement claims to GSEs or RFC accurately and timely so that afore-mentioned advances are reimbursed to Ocwen and not turn into losses or write-offs. The scope of this organization also covers performing loan level GL (General Ledger) reconciliations, providing posting instructions for payments received from investors and prior servicers, as well as tracking denied claims.
JOB FUNCTIONS AND RESPONSIBILITIES:
• An Agency claims analyst handles advance reimbursement claims filing and all other associated activities to GSEs (Freddie Mac, Fannie Mae) and RFC on loans triggered through a disposition. These activities include but are not limited to:
• Construct escrow, corporate and NBB (Non Borrower Billable) advance history of the loan utilizing and researching data from REALServicing, Stage5, Vault documents, prior servicer applications or other sources as applicable
• Reconcile advance transaction history against outstanding advance balances in the applicable receivable GLs (General Ledger Accounts)
• Analyze and identify the advance transactions reimbursable by the investor according to GSE/RFC guidelines
• Source all required documentation from CIS, Vault, prior servicer systems or other sources available. If documentation is not received via any system, reach out to the BU and prior servicer where applicable, who incurred the expense to get the documentation
o Keep track of such documentation requests and escalate to management in cases of non-availability of documents and subsequent risk of claim denial
• File the claim on the investor portal with sufficient documentation and information as required by the GSE/RFC guidelines
• Process denied claims and submit supplemental claims to GSEs/RFC as applicable after researching the denial reason and investor guidelines with compelling reasons
• If no recourses remain to get reimbursed by the investor, prepare loss claims to be submitted to prior servicers and/or vendors for bill backs.
• B.Com / BBA/ B Tech / M.Com graduates
• Ability to reconcile complex advance histories and receivable accounts
• Analytical mindset to scrutinize advance transactions and identify claimable transactions per investor guidelines
• Excellent communication skills, especially written communication
• Proficiency in MS Excel, MS Word, MS Access etc.
Good to haves:
• Experience in or knowledge of SQL, VBA scripting, Data handling etc.
• Prior experience in Mortgage servicing industry; exposure to GSE (Freddie Mac / Fannie Mae) portfolios would be an added advantage
• Hands on experience in reconciling accounts or experience in claim filing processes
TRAINING / LICENSING REQUIREMENTS (only add if needed)
WORK SCHEDULE OR TRAVEL REQUIREMENTS (Only add if needed)
Mid shift (12- 9 PM), no travel.
Ocwen is intensely focused on hiring, developing and retaining the best talent in the industry! Our commitment to Diversity & Inclusion ensures that we are an organization that creates, promotes and sustains an inclusive work environment in which diversity, inclusiveness and respect are integral parts of our culture and work environment. Building the reputation as an outstanding place to work, a great business partner and a valued community member is our everyday endeavor.
Ocwen’s mission is to delight our customers through caring service and innovative lending solutions. We proudly serve over 1.3 million families with their mortgage needs by helping to find real solutions that benefit our customers and help to build stronger communities. Helping Homeowners is What We Do!®
Consider an opportunity to join our global team and put “Caring in Action” while growing your career.
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.