Loss Mitigation Specialist -Mortgage

The purpose of this job is to assist customers that are in a loan default (or at risk of) situation to find solutions to maintain home ownership (retention) or, to identify and discuss property liquidation options when retention options are not appropriate/available. Reviews and coordinates routine to moderately complex workouts and/or coordinates short sale liquidations. May be assigned as (SPOC) Single Point of Contact for borrowers or underwriting responsibilities. Maintains compliance with established departmental, Federal and State guidelines and regulations. May work under general supervision.

Reviews routine to moderately complex workout requests to determine borrower eligibility based on established guidelines, coordinates submission for all appropriate approval levels, and coordinates contacts with borrowers and investors/insurers to finalize terms for approval or denial.
• Reviews routine to moderately complex workout requests and financial packages. Determines borrower eligibility for various workout options based on guidelines established by investors, insurers and management
• Initiates contact with borrower to discuss the initial review and determine their financial ability, intent, reason for default, and recommend the appropriate retention solution.
• Activates appropriate workout alternative on the loss mitigation module based on comparison to established guidelines.
• Prepare loan modification documents, review listing agreements, sales contracts, and HUD1/CD statements. Also securing legal advice when required, request appraisals, collect and process funds through loss mitigation process. Assist with internal and external audits, make appropriate decisions regarding property inspection condition reports.
• Coordinates all contacts with borrower and investors/insurers necessary to finalize the terms for approval of the workout.
• Documents analysis results of a workout approval/denial and forwards to appropriate party for final resolution.
• Submits loss mitigation scenarios to be evaluated by the Borrower or investor and executes against the decision provided.
• Perform additional duties as assigned.

• High school education with 2 to 3 years of mortgage servicing experience required

-OR-

• Two-year college education with at least 1 year of mortgage servicing
• An understanding of bank policies and financial regulations and including a working knowledge of privacy and fair debt collection regulations
• Good communication skills
• Computer skills
• Time management principles to prioritize workload
• Ability to work effectively within a team
• Detail-oriented individual
• Must be able to function without supervision, be well organized, flexible, be able to interact with diverse personalities in department and handle customers in a professional and courteous manner.
• Strong negotiation skills and strong organizational skills
• Ability to handle multiple tasks and meet related deadlines.
• Ability to maintain composure when interacting with more difficult customers.

Preferred:

• Preferred knowledge of different investor (FNMA, FHLMC, FHA, VA, USDA) requirements.
• Preferred knowledge of different mortgage loan types (Conv, FHA, VA, USDA)
• Preferred knowledge of loss mitigation alternatives

• Physical Requirements/Working Conditions: Must be able to sit for long periods of time and use computer keyboard and/or mouse, while viewing computer screens.