Loss Mitigation Specialist -Mortgage

Loss Mitigation Specialist – Mortgage Location

US-MS – Pearl

• Job :
• Category:
  Mortgage
• Type:
  Regular Full-Time
• Job Grade: 8
• FLSA Status:
  Non-Exempt
• Working Hours:
  
  8am – 5pm
• Job Location:
  
  Mortgage Servicing – 10145

The purpose of this job is to assist customers who are in or at risk of a loan default to find solutions to maintain home ownership (retention) or to identify and discuss property liquidation options when retention options are not appropriate or available. Reviews and coordinates routine to moderately complex workouts and/or short sale liquidations. May be assigned as Single Point of Contact (SPOC) for borrowers or underwriting responsibilities.

Maintains compliance with established departmental, federal and state guidelines and regulations. May work under general supervision.

• Review routine to moderately complex workout requests to determine borrower eligibility based on established guidelines, coordinate submission for all appropriate approval levels, and coordinate contacts with borrowers and investors/insurers to finalize terms for approval or denial.
• Review routine to moderately complex workout requests and financial packages. Determine borrower eligibility for various workout options based on guidelines established by investors, insurers and management.
• Initiate contact with borrower to discuss the initial review and determine their financial ability, intent, reason for default, and recommend the appropriate retention solution.
• Activate 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 secure legal advice when required, request appraisals, collect and process funds through the loss mitigation process.
• Assist with internal and external audits, make appropriate decisions regarding property inspection condition reports.
• Coordinate all contacts with borrower and investors/insurers necessary to finalize the terms for approval of the workout.
• Document analysis results of a workout approval/denial and forward to appropriate party for final resolution.
• Submit loss mitigation scenarios to be evaluated by the borrower or investor and execute against the decision provided.
• Perform additional duties as assigned.

• High school education with 2 to 3 years of mortgage servicing experience required.
• Two-year college education with at least 1 year of mortgage servicing experience.
• An understanding of bank policies and financial regulations, 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, and able to interact with diverse personalities 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 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.

• Must be able to sit for long periods of time and use computer keyboard and/or mouse while viewing computer screens.