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Default Accounting Specialist

City: Ewing
State/Territory: US-NJ


Who is Cenlar?


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Employee-owners have made Cenlar one of the nation’s largest mortgage subservicers. We have achieved success by empowering people with company ownership, real programs that provide avenues for advancement, and a great atmosphere that makes everyone look forward to the workday. Get your share of our success by considering the opportunity to join our team as a Default Accounting Specialist.


Job Summary:

The position 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.  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.



  • Timely application of default accounting processes, including:

    • Client/FHA/VA/GSE short sale settlement/claim fund wires and manual checks.

    • FHA/VA/MI claim fund applications.

    • GSE claim fund and incentive fee applications; GSE and Federal Home Loan Banks (FHLB) pool liquidation/buy-out or principal curtailment process.

    • Home Affordable Modification Program (HAMP) incentive fee applications and reconciliation.

    • Hardest Hit Fund applications and reconciliation; tracking and removal of balances on paid-in-full or zero balance loans with outstanding balances.

    • Third party sales checks, wire applications, proceeds applications and reconciliation: third party vendor bill back processing and reconciliation; vendor monthly incentive fee payment.

    • Charge-offs, re-classes and write-downs.

    • REO balance removal.

    • Client investor/man code and zone code changes.  

  • Ensure compliance with Consumer Financial Protection Bureau (CFPB), investor, insurer, GSE and company guidelines and timeframes, to avoid monetary losses and audit findings.
  • Work with department management to develop and maintain quality control plan, with the objective of identifying internal control weaknesses as they relate to applicable standards.

  • Prepare monthly reports and update management score card report.

  • Process and pay manual invoices.

  • Train new staff members.

  • Complete assigned tasks in accordance with departmental standard for processing time and accuracy.

  • Handle projects and special assignments relating to default accounting, as directed.

  • Other duties as assigned.



  • College degree or equivalent work experience in default administration

  • 5+ years combined financial services, mortgage servicing or mortgage banking experience

  • 3+ years accounting or similar experience preferred

  • Default experience with compliance, regulatory authorities, FHA, VA and GSE guidelines preferred

  • Mortgage servicing system (MSP/Black Knight) experience preferred

  • Strong communication, analytical and math skills

  • Excellent organizational skills

  • Experience working independently


Total Rewards:

Cenlar FSB offers outstanding benefits which may include paid medical/dental/life insurance, 401k, employee ownership, tuition assistance, a supportive work environment, and genuine opportunities for advancement. Cenlar is a Drug Free Workplace and an Equal Employment Opportunity/Affirmative Action Employer -- M/F/D/V/SO.


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