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Default Accounting Specialist I (Claim Fund Processing)

City: Ewing
State/Territory: US-NJ


Start something good. Empower your career. Become an employee owner at Cenlar.

Employee owners have made Cenlar the nation’s leading mortgage loan subservicer.  Our unique culture is defined by our core values of respect, trust, integrity and care. Company ownership, a promote-from-within philosophy, and opportunities for continuous professional growth make Cenlar a great place to launch or boost your career. Consider this opportunity to join our team as a Default Accounting Specialist I.

The Default Accounting Specialist is responsible for ensuring compliance with CFPB/ private investor/insurer/ GSE and Cenlar guidelines and time frames. Duties could include the application of Short Sales Settlements/Claim funds wires and manual checks, Charge offs, Re-class, Write Downs, REO balance removal, GNMA/FHLMB Pool liquidation, Third Party Sales proceed application and reconciliation, Third Party Vendor bill back processing and reconciliation, Vendor monthly incentive fee payment, HAMP Incentive fee application and reconciliation, Hardest Hit Fund application and reconciliation to avoid monetary losses and audit finding.  In addition, this position could work with internal departments as well as vendors on suspense items in order to post payments timely by queue as well as interface with Attorney and customer contacts in order to document payment processing.  The scope of decision-making authority is limited to documented investor/insurer guidelines and management directed procedures.  The position will train new staff members, prepare monthly reports, work directly with Default Accounting Management to develop and maintain Cenlar’s Quality Control plan with the objective of identifying internal control weaknesses as they relate to applicable standards and other duties assigned.

The primary focus of this role below:

This default accounting position will be part of the fund claims processing unit within the default accounting department.  This position will focused mostly on the processing of past due payments related to specialty loans such as VA, HUD and FHA loans.  

Primary Responsibilities include:

  • Working knowledge of accounting. You will be reconciling and processing claim funds (recoverable accounts).
  • Working knowledge of general ledger reconciliations accounting.  You will be reconciling a general ledger account to balance debit and credit entries
  • Reviewing of fund applications to ensure accuracy
  • Basic knowledge of Excel software
  • 1-3 years' experience

Other Responsibilities:

  • Responsible for timely application, of Client/FHA/VA/FHLMC/FNMA Short Sales settlements wires and manual checks. FHA/VA claims funds application, MI Claim fund application, Charge offs, Re-class, Write Downs, REO balance removal, FHLMC 104 and FNMA 571 claim funds and incentive fee application, GNMA/FHLB pool buy out or Principal Curtailment process, client Investor/Man code, Zone changes change
  • Processes and reconciles Third Party Sales checks, wire application, third party vendor bill back processing, and HAMP Incentive fee application
  • Handles Vendor monthly incentive fee payment
  • Reconciles Hardest Hit Fund applications and tracks the removal of balances on PIF / Zero balance loans with outstanding balances
  • Updates management score card report
  • Completes assigned tasks within allotted timeframe
  • Pays manual invoices
  • Handles projects and special assignments relating to Default Accounting as directed by the department manager
  • Meets departmental standard for processing time and accuracy

Suspense Administrator

  • Monitors suspense reports on a daily/weekly/monthly basis in order to effectively manage suspense keeping Cenlar within investor/insurer guidelines, reducing potential loss and risk
  • Reviews and processes all applicable funds in designated Default related Suspense Queues 
  • Completes daily sample review of  all exclusion default related suspense queues to ensure funds are being held in suspense in accordance to the work rules/guidelines
  • Tracks, balances  and reconciles all  suspense funds applied to the loan through black knight  which includes the reconcilement of batch balancing end of day processing
  • Reviews and reconciles previous day suspense rejects via cash management daily error/ edits reports 
  • Updates management weekly dash board report
  • Maintains up-to-date knowledge with respect to GSE payment plan and posting requirements and guidelines as well as other investor’s and client work rules
  • Updates LPS system to reflect current suspense application and payment information on applicable screens and document the loan as required
  • Generates appropriate letters and work tasks assigned, as required
  • Creates and updates managerial detail reports and/or spread sheet(s) pertinent to the workout function and/or progress of the loan(s) on a daily, weekly or monthly basis, as required
  • Interact with all areas of default servicing relative to the handling and posting of suspense application
  • During review of suspense, audit should also be conducted on loan to ensure that the servicing of the loan is within standard.  If not, agent should documents and notifies unit manager of compliance out of standard with proper follow up and alert management of any trends
  • If needed, agents will work with foreclosure attorney and foreclosure agent in order to cancel or postpone sheriff sales or foreclosure as a whole
  • Completes a daily re-cap report to management of queue handling by department, amount and queue standard.  Ability to keep to the queue standards assigned and report to risk
  • Works and audits suspense risk reports monthly and report back to management with findings and overall areas for improvement.  If needed, conducts training with default agents in order to have suspense lessened
  • Performs other related duties as required and assigned by management
  • Demonstrates adherence to all FDCPA guidelines when contacting customers regarding their delinquency. Displays a professional, firm but fair demeanor during all customer contact as well as with outside counsel
  • Demonstrates good written and verbal skills with customers, vendors and attorneys and the ability to handle difficult situations
  • Consistently complies with all company guidelines and policies
  • Meets departmental standard for processing time and accuracy


  • Bachelor’s degree or equivalent work experience in default administration preferred
  • 0 to 3 years combined financial services, mortgage servicing or mortgage banking experience
  • 0 to 3 years accounting or similar experience (preferred)
  • Strong communication skills
  • Excellent organization skills
  • Strong math aptitude essential
  • Demonstrated analytical and problem solving skills
  • Ability to meet strict deadlines
  • Default experience with compliance, regulatory authorities, FHA, VA, FNMA, FHLMC guidelines (preferred)
  • Experience working independently
  • Alltel/Fidelity experience (preferred)
  • Ability to use and/or learn industry related software specific to Cenlar and the department.

Total Rewards:

As an employee-owner at Cenlar, you’ll receive an outstanding benefits package that includes paid medical, dental, and life insurance, 401(k), and tuition assistance as well as opportunities for training and professional advancement.

Cenlar is a drug-free workplace and an equal employment opportunity/affirmative action employer M/F/D/V/SO.


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