REO Specialist Project Manager
Principle Funding Group3.8
Remote
Job description

Job Description

SUMMARY: This position is responsible for providing quality customer service to our members and investors daily by actively managing borrower loans from conception to sale or refinance. This will be done through strategic project management efforts, while ensuring all servicing needs are met timely and excellent investor communication is a priority.

Role Responsibilities:

  • Receives a property file when the loan has been closed, and conducts a welcome call with the borrower and their general contractor to highlight next steps and set expectations.
  • Works with the onsite borrower team and their in-house project manager to ensure all necessary requirements and timelines are met throughout the rehab process.
  • Works with the in-house construction project manager to ensure timely draw payments are made for draw line items that have been 100% completed.
  • Addresses timeline issues or borrower delays immediately, enforcing Company regulations regarding delays swiftly.
  • Helps guide borrowers through the rehab process.
  • Works with property investors to keep them updated on property rehab statuses, alert them to potential issues, and offers viable solutions for remedy.
  • As needed, work with in-house legal counsel to take the property back from the borrower as an REO. Lead the transition of default file to REO status; complete a marketing plan for the financial investor to approve regarding options for further management of the REO property; manage the rehab or resale of the property in REO status; manage marketing efforts when the property is ready for resale; and communicate with the investor to keep them apprised of progress, concerns, and solutions.

Transition of Default files to REO:

  • Work with local vendors to take possession and secure the newly transferred property;
  • Review file for taxes and other outstanding city/county issues that need to be addressed;
  • Ensure utility accounts are established or addressed (if attached to title);
  • Review inspections, valuation reports, existing and updated bids;
  • Order updated reports/bids as needed;
  • Complete Marketing Plan for Financial Investor Approval:
  • Complete the financial analysis;
  • Write up a summary and provide options;
  • Make contact with the financial investor to discuss plans.
  • Obtain written approval for the investor’s selection.

Manage Rehab:

  • Obtain vendor contract for approved work;
  • Weekly follow up with/contractors to ensure work is progressing as expected;
  • Processing of Contractor draws as work is completed per agreement;
  • Review of submission to ensure invoice and lien waiver meet requirements;
  • Ordering required inspections/collection of video or photos needed to process the request;
  • Deep review of before and after photos for each line item and approval/denial of draw requests;
  • Enter approved amount as an ACH payment, record the payment in QC and submit to the Loan Servicing Manager for approval and processing

Manage Marketing:

  • Once repairs are completed and/or the property is ready to list; obtain updated values and select the listing agent;
  • Review values and establish the listing price (per Financial Investors marketing plan approval;
  • Review/submit listing agreement for Loan Servicing Manager approval;
  • Weekly follow up with agent to collect feedback from potential buyers; potential list price reductions and inspections (if needed);
  • Negotiation of offers and terms per financial investors approval
  • Working with local agents and closing offices to facilitate closing/payoff.

Financial Investor Reporting:

  • Weekly communication with financial investors regarding activity and status of loans.
  • Performs other duties as assigned by Loan Servicing Manager

Job Type: Full-time

Pay: $18.00 - $22.00 per hour

Benefits:

  • 401(k)
  • 401(k) matching
  • Flexible schedule
  • Health insurance
  • Paid time off
  • Parental leave

Schedule:

  • 8 hour shift
  • Monday to Friday

Supplemental Pay:

  • Bonus pay

Application Question(s):

  • What is your target hourly rate or salary?

Work Location: Remote

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Company details

Headquarters

West Jordan, UT

Employee

11 to 50

Revenue

$5M to $25M (USD)

Industry

Real Estate

Company Description
About PFG Private Loans with Principle FundingSince making our private funds available to real estate investors over six years ago, Principle Funding Group has carved out and nurtured a high-demand niche market in the real estate investing industry. Private Loans for Investors Primarily, we provide private money loans and other funding options for up-and-coming real estate investors. These funds are backed by our portfolio of private finance partners. We’ve designed our loan programs to meet the needs of new real estate investors who, without our help, would not be able to finance their deals any other way. In addition to offering truly rare 100% financing options, investors also enjoy initial loan payments that sit in escrow until their real estate deal is complete. We owe much of our success to this unique service that we provide and take pride in making it possible for others to build life-long wealth through real estate investing. Real Estate Education Real Estate FundingWith brand new real estate investors as our core customer sample, we quickly discovered their urgent need for additional support in the investing process. To meet this need, we developed comprehensive real estate training and coaching programs that walk new investors through each stage of the house flipping process — from finding the right properties all the way to selling them for a profit. Part of what makes our education programs unique is that they come with the implicit perspective of a private lender who is also experienced in house flipping (We have been a part of over 500 real estate transactions). This special combination of experience teaches investors not only the mechanics of how to flip a house, but how to do it in such a way that will attract lenders who will provide the crucial funding that makes fix and flips possible. Our education products have met with great success and overwhelmingly positive feedback from investors. Here’s what one investor had to say about our programs: “They tell you how their program works, and then they follow that program to a ‘T.’ I couldn’t have done it without them. This property will make me $50,000 net profit.” – Jesse Jayne A Winning Team Principle Funding Group is dedicated to constant improvement of our products and services, and, with our firm foothold, we anticipate continued success in the industry. As our company grows, we believe that recruiting the right individuals to work with us will be key to our future success. Learn about open positions with our company by clicking here. Company Structure Principle Funding Group is the parent company of DoHardMoney, RealEstateMillions, FundThisFlip and several other real estate funding brands and products.
Company ratings
  • Overall
    3.8
  • Company & Benefits
    3.3 / 5
  • Culture & Values
    3.5 / 5
  • Career Opportunities
    3.5 / 5
  • Work/Life Balance
    4.5 / 5
  • Senior Management
    3.5 / 5
Company reviews
"Awesome management! Teamwork! Amazing culture! Lots of fun games, prizes, free lunches, pot lucks, activities, free fancy soda & coffee machines!"
Current EmployeeExecutive Assistant
From Day 1, this has been the best company I have ever worked for! The management team really cares about their employees, and shows them they care in so many ways. Communication between management and staff is on-going, and welcomed. The teamwork within and between departments is amazing. Managers have hired employees who are hard working and dedicated, do not have to be babysat, and who just come in and do their jobs whether their manager is present or not. Everyone always has a smile on their face, and a willingness to help wherever needed. The monotony of being on the phone all day with clients or investors, is broken up by fun activities to keep the momentum going and attitudes at a high. We are treated to free lunches when daily goals are met, pot luck luncheons on a monthly basis, weekly minute-to-win it games and rewards, Topgolf passes, and many other rewarding activities. As I said in the beginning, the best company I have ever worked for!
Pros:
Cons:

"Relaxed work environment, seemingly no direction from management"
Former EmployeeInvestment Consultant
Office is new with state-of-the-art equipment and stand-up/sit-down desks, and while the management team are all very nice people, there seems to be little to no vision of the future and they suffer from very high turn-over. The business model is a great idea but with poor fulfillment. They offer zero paid time off or health insurance for any of the sales people - they treat you like a W-2 employee but offer 1099 benefits. They promise the moon in leads and salary, but fail to deliver on the launch pad.
Pros:
Cons:

"Funding solution"
Former EmployeeDirector of Information Technology
in the time that I worked there I saw them fund real estate transactions. I have seen these guys do 100% financing. I have personally seen the HUDs.