The Claims Recovery Specialist is part of a team whose primary objectives are: to process and post recovery payments for Co. 3, Co. 4, Co. 7 and Co. 8; recognize, prepare and record legal documents; set up new collection accounts in the Recovery Management System and AS400; work with customers, debtors, attorneys, title companies and outside collection agencies on obtaining debt validation documentation; and resolving title issues to preserve the company’s recovery and litigation rights. In addition, this team is accountable for the receipt, approval, and entry of all monthly delegated and non-delegated modification data for system accuracy and management reporting purposes.
Arch MI is a new and growing mortgage insurance company with a strong and global parent – Arch Capital Group Ltd. If you’re interested in joining a dynamic company and working with a team of motivated, high caliber people, apply today and come grow with us!
Ensure all Recovery payments are accurately posted daily and that all checks, wires and drafts are properly imaged.
Accurately input loan modification data submitted by delegated and non-delegated lenders into AS400 or Simple Refi. Provide approvals for non-delegated lenders. Coordinate with the Recovery Support Manager for loan modification approvals as needed.
Draft and record legal documents with accuracy that will secure our interest in the property and follow state, county and litigation guidelines to ensure we are able to recover losses on paid claims.
Accurately set up new collection accounts in the Claims and Recoveries systems for 1st lien and 2nd lien accounts including 1st lien deficiencies.
Upload MILAR and Workout reports submitted by lenders into EDI Upload function of MI Guide. Review the milar-error folder in \\nasprod for reports submitted that failed. Correct the errors and upload reports into MI Guide.
Compile any other MILAR/workout reports monthly in a folder that couldn’t be uploaded for submission to Business Analytics. Business Analytics will prepare spreadsheets by lender of delegated modification to be entered into Simple Refi.
Research and produce original claim packages, recorded documents and foreclosure documents associated with deficiencies, to assist in debt validation and litigation effort.
Work with customers (the lenders and servicers filing claims), debtors (the consumers and/or borrowers), attorneys and title companies in correcting chain of title, locating missing documents for debt validation and/ or lien release.
Verify loan modification information for Claims in their review for possible curtailments due to unpaid premium as a result of a modification not being reported.
Prepare expense vouchers.
Process foreclosure and bankruptcy notices and distribute incoming mail.
Break down paid claim files and preparing documents for imaging.
Set up newly paid education loans in the recovery system.
Work REO and Equator mailboxes.
Special projects as assigned.
Position requires college degree or a minimum of two (2)- five (5) years experience in the mortgage and/ or financial services industry.
Notary Public is preferred.
Ability to work with speed and accuracy is a must.
General knowledge of banking and posting financial transactions
Mortgage, title searching and legal document drafting skills
Familiarity with loan documentation
General knowledge of Collections/Recoveries – involves understanding of FDCPA requirements
Excellent organizational and communications skills
Customer service orientation
Strong verbal and written communication skills
Proficiency in Microsoft Word, Excel, and Access
Ability to handle heavy volume and multi-task
About Our Company
Arch Mortgage Insurance Company is the flagship U.S.-based mortgage insurer of Arch Capital Group Ltd., a leading insurance and reinsurance company operating through its subsidiaries worldwide. Based in Greensboro, North Carolina, our company is committed to our employees and our customers. Our Total Rewards package offers competitive pay and valuable benefits. Plus you’ll have access to a variety of programs supporting your professional development and a culture that encourages innovation, collaboration and professional growth.