Loss Mitigation Specialist

Function

Coordinate all functions within Government (FNMA) loans including but not limited to loss mitigation process and procedures, foreclosure and bankruptcy; ensure all functions are performed in full compliance with Investor Guidelines; assist in minimizing non‑performing loan losses by managing distressed loans through different stages of the loss mitigation process, including identifying customer hardships, reviewing loss mitigation requests, and working with S&T and outside counsel.

• Maintain, stay current on changes in industry regulations, and update procedure manual to ensure internal procedures comply with investor and regulatory requirements with all Fannie Mae (FNMA) loans.
• Participates in activities and projects designed to improve business performance.
• Requests and gathers supporting documentation required in order to create complete loan workout packages within required time frames that comply with investor, insurer, state, federal and CFPB guidelines.
• Follow up on outstanding issues to ensure decision process is completed in a timely manner and in accordance with regulations and guidelines.
• Maintain regular communication with borrowers; explore, analyze, and respond to issues and concerns via phone, email and through written correspondence. With includes following up on outstanding issues to ensure decision process is completed in a timely manner and in accordance with regulations and guidelines.
• Responsible for ensuring the optimum efficiency and effectiveness of the area by:
• Ensuring all BVS and applicable external training are completed.
• Provide back‑up phone support to portfolio loans team during high volume periods to maintain service level.
• Review delinquencies: discuss repayment plans and options with customers in detail, discuss repayment plans with investors. Obtain credit reports, appraisals, inspections, surveys, and title work. Identify situations where foreclosure is recommended; determine if investor guidelines and the terms of the security instruments have been complied with. Creates FNMA trial payment and forbearance plan agreements.
• Manage the foreclosure process in conjunction with our approved Legal Counsel; ensure that foreclosures are processed in accordance with investor timelines. Resolve title issues to ensure a marketable title to the property if the property becomes an FNMA REO.
• Monitor repayment plans and determine corrective action on repayment plans in default. Recognize and identify problems, sorting through complex issues and make timely reliable decisions and effectively communicating in a timely manner with supervisor.
• Determine if customer qualifies for investor modification and determine which modification program would work best for the customer and upload documentation to investor to determine if customer qualifies. Also tracks receipt of FNMA signed loan modifications and explain loan modifications terms to borrowers.
• Prepare FNMA agreements and loan modification documentation to be sent for signatures by the customer. Upon completion of trial period payments, prepare permanent modification agreement and send to be recorded. Also ensure all modification agreements are notarized.
• Enter and upload documents to external FNMA system/website in order to obtain review and approval for loan modifications.
• Continuing research of investors website for changes in websites, applications, modifications, short sale documentation, foreclosure documentation etc. Read any newsletters or information emailed by investor on a bi‑weekly or monthly basis and implement the changes required.
• Assists with internal and external audit requests.
• Maintains a good working relationship with all bank employees. Demonstrates the ability to work independently. Works as a team player to contribute to the success of the department and in turn the organization.
• Performs additional duties as required.
• Be cognizant of UDAAP and any other regulations during contact with customers.

Requires high school degree plus two-year degree preferred.

Requires five to ten years general business experience with two to five years of specialized experience,…