Default Claim

4 days ago

Chennai Tamil Nadu, India QRight Solutions Full time

**Job Summary**:
**Primary Accountabilities**:
**Claims Management**: Accurately and promptly prepare, file, and handle default claims (FHA, VA, USDA, and conventional).
**Documentation Review**: To guarantee completeness and adherence to investor and insurance criteria, review and confirm all essential documentation for claim submissions.
**Default Occurs**: The borrower fails to make mortgage payments, leading to default on the loan.

**Foreclosure Process**: The lender initiates foreclosure proceedings to repossess the property and recover the outstanding debt.

**Evaluation of Loss**: The lender assesses the total amount of loss incurred due to the default, including unpaid principal balance, accrued interest, foreclosure costs, and any other applicable expenses.

**Claim Submission**: The lender submits a claim to the mortgage insurance company, providing documentation and evidence of the borrower's default and the resulting loss.

**Review and Approval**: The mortgage insurance company reviews the claim to verify that it meets the terms and conditions of the mortgage insurance policy. If the claim is approved, the mortgage insurance company will reimburse the lender for the covered portion of the loss.

**Recovery of Funds**: Upon approval of the claim, the mortgage insurance company pays the lender the agreed-upon amount, helping to offset the financial impact of the borrower's default.

**Education**: A bachelor's degree in business administration, finance, or a similar discipline is preferred.
**Experience**: Three years or more of minimum experience servicing mortgages, mostly handling default claims.
**Expertise**:Comprehensive understanding of FHA, VA, USDA, and traditional mortgage claim procedures and prerequisites.

**Skills**:

- Ability to think critically and solve problems is strong.
- Excellent communication skills both in writing and speaking.
- proficiency using Word, Excel, and Outlook from the Microsoft Office Suite.
- Familiarity with systems and software used in mortgage servicing.

**Attributes**:

- High attention to detail and accuracy.
- Ability to work independently and as part of a team.
- Strong organizational and time management skills.

Ability to handle multiple tasks and meet deadlines

**Job Type**: Permanent

Pay: ₹350,000.00 - ₹650,000.00 per year

**Benefits**:

- Health insurance
- Provident Fund

Schedule:

- Fixed shift
- Monday to Friday
- Night shift

**Experience**:

- total work: 3 years (required)

Work Location: In person

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