Loss Mitigation Specialist Jobs

SUMMARY:

Extensive administrative work involved in the Foreclosure and Loss Mitigation operations of the Servicing Department. Required knowledge and abilities in the coordination of various functions of foreclosure and loss mitigation including but not limited to loan modifications, repayment plans, forbearances, property inspections, judicial and non-judicial foreclosure, Bankruptcy and investor guidelines.

ESSENTIAL RESPONSIBILITIES & DUTIES:

Entry Level

• Know and understand investor/insurer guidelines specifically FHA, FNMA, GNMA, FHLMC, VA, FHLB, USDA.

Foreclosure

• Partnerclosely with outside attorneys/vendors to oversee foreclosure actions from referral to foreclosure sales and/or eviction while maintaining investor specific timelines.
• Monitor the attorneys' performance by reviewing all proceedings, records, and timeframes and updating activities throughout the foreclosure process in system.
• Ensure compliance with all state and investor requirements including maintaining investor metrics and protocols on all foreclosure sales.
• Prepare accurate judgment figures, payoffs, and reinstatements.
• Document communications with borrowers and attorneys; provide thorough explanations on delays.
• File foreclosure advance claims for reimbursement from investors timely.
• Ensure account actions, correspondence and process delays are thoroughly documented in servicing system.

Loss Mitigation

• Review and implement according to investor, client, insurer guidelines loan modification terms, forbearances and repayment terms, short sales, and deed in lieu's
• Contact borrowers and real estate agents to provide status of loss mitigation files.
• Approve or decline files as directed in accordance with departmental guidelines as set forth by investor/client/insurer guidelines.
• Respond and return voicemails, escalations and all other requests within 24 hours from receipt
• Submit loss mitigation requests to investor/client/MI for approval as required
• Monitor status of repayment plans, forbearance plans, and trial period plans; update servicing and investor system of record with payment information.

Bankruptcy

• Actively participate in quarterly performance meetings; meet or exceed all performance metrics.
• Handle all written and verbal correspondence professionally between the borrowers, client, investor, insurer, subordinate lien holders, real estate agents, consumer credit counseling services, and attorneys.
• Work with bankruptcy attorneys on mortgages that file bankruptcy so all steps are followed to ensure compliance.
• Perform timely follow up with attorneys and bankruptcy trustees, follow up timely for hearings, discharges and critical steps and request referrals on delinquent bankruptcies and status updates.

Senior Level II

• Meet with delinquent borrowers and determine appropriate resolution
• Process delinquency reporting to investors, mortgage insurers, and internal authorities.
• Manage credit bureau reporting and corrections.
• Execute account resolution according to investor and MI specifications
• Must be able to perform all responsibilities and functions listed for Level I with a high degree of efficiency and independence.
• Process delinquency reporting to investors, mortgage insurers, and internal authorities
• Coordinate the activities of outsourced partners and vendors to achieve loss mitigation goals. Serve as a resource for other Loss Mitigation Specialists regarding Loss Mitigation operations, policies or procedures.
• Attend seminars about loss mitigation or the mortgage industry to assist in personal growth within the industry and with the company.
• Responsible for the training of Loss Mitigation Specialists
• Manage credit bureau reporting and corrections

OTHER DUTIES, KNOWLEDGE, SKILLS, ABILITIES:

Required:

• Ability to define problems, collect data, establish facts and draw valid conclusions.
• Thorough knowledge of first mortgage real estate lending practices, including federal regulatory requirements, state regulations, agency, and Credit Union requirements.
• Reporting, letter preparation, group presentation and other related communications skills.
• Familiarity with AllRegs.
• Ability to attend meetings or perform other assignments at locations outside the office, if necessary.
• Basic MS Office skills.
• Proficiency in using and learning mortgage loan software.
• Basic MS Office skills.

Preferred:

• Experience with FNMA SMDU and FHLMC Workout Prospector
• Experience with VALERI, FHA Connection, PACER, and HomeTracker

REQUIRED QUALIFICATIONS:

• Education: High School Diploma. 24-year degree in business or a related field preferred.
• Licenses/Certifications: None
• Experience: 1-3 years in residential foreclosure and loss mitigation; 3-5 years for Sr level and must have knowledge of FHA/GNMA foreclosure process.

Job Type: Full-time

Pay: $20.50 - $24.00 per hour

Benefits:

• Referral program
• Life insurance
• Paid time off
• Health insurance
• Health savings account
• 401(k)
• Dental insurance
• Vision insurance
• 401(k) matching

Schedule:

• Day shift

Supplemental pay types:

• Bonus pay

Work Location: Hybrid remote in Saint Paul, MN 55112