A Day in the Life of an FHA short Payoff Department

As a FHA Short Payoff Analyst, you will be expected to perform various processing, research, and collection functions with the FHA short Payoff Support and refinancing Department, including, but not limited to, collection of shortages or replacement funds due to FHA lender once a short payoff is received, researching and reporting on refinancing loan balances, posting various monetary transactions to FHA loans. Requires knowledge of FHA refinancing departmental and company operating procedures and policies. You must be capable of communicating with several outside agents for collection of large sums of money.

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  Research root cause of short payoff shortages.
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  Collect FHA refinancing payoff shortages and replacement funds on returned payoff checks.
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  Track shortages and check/wire amounts daily.
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  Ensure complete updates of all activity completed on the accounts.
  
• Accurately process FHA loan payoffs and various monetary loan transactions.
  
• Ensure workflow routes on previous issues are completed correctly and within the service level agreement.
  
• Research short refinancing balances on paid in full loans.
  
• Prepare and mail short refinacing checks and letters for FHA mortgage origination.
  
• Must maintain all back-up in house for 90 days, then boxed and labeled correctly for off-site
• shipping.
  
• Assist in cross training on all functions within the job.
  
• Complete daily aging report for all items still outstanding.
  
• Maintain all supporting documentation for easy access including FHA refinance requests.
  
• Any processing back-up and balancing is to be turned in on time.
  
• All refinance checks not returned or applied must be accounted for and locked in the appointed
• fireproof safe daily.
  
• Backup for FHA payoff requests and mail opening.
  
• Perform any other additional refinancing responsibilities assigned daily.