Position Description: Loss Mitigation Specialist
Reports to: Loss mitigation Supervisor
Education/Experience:
High school diploma required. Three or more years’ experience in residential mortgage loss mitigation or mortgage collections preferred. Knowledge of applicable regulations including Fair Debt Collections Standards required. Knowledge of FHA, Fannie Mae, VA & USDA workout plans preferred.
Purpose of Position: Develop mortgage workout plans for customers in all stages of delinquency or at imminent risk of default. Ensure plans meet investor/insurer guidelines, monitoring accounts to ensure adherence.
Duties & Responsibilities:
· Obtain complete financial information packages from customers/counseling agencies and analyze financial situation for available loss mitigation options, both retention and disposition options, based on investor/insurer and delinquency status (forbearance and special forbearance plans, partial claim, loan modification, pre-foreclosure sale, Deed-in-lieu of Foreclosure, EMAP, EHLP)
· Document all account activity in loan servicing system to ensure accurately updates to investors/insurers.
· Process Modifications and Partial Claims.
· Maintain a complete loss mitigation paper file. Document files rejected from loss mitigation & notify the legal representative of this action.
· Provide information for court mandated mediation sessions expediting resolution at earliest possibility as well as being available for your borrowers mediation call
· Monitor special forbearance plans, repayment plan ensuring payments are maintained and accounts are reviewed promptly upon completion. If plans are failed or terminated, taking appropriate next steps in timely manner
· Update investors/insurers periodically and obtain exceptions, variances and approvals as needed.
· Communicate with Property & Preservation staff to ensure that vacant properties are secured and maintained.
· Acquire and maintain high level of knowledge of loss mitigation options for investors and insurers.
· Other duties as assigned.
· Contact and monitor delinquent accounts by telephone and in writing
· Must be comfortable delivering good or bad news to the borrowers when reviewing their mortgage assistance relief form
· Determine delinquency reason and make appropriate counseling referrals.
· Send financial review packages as needed.
· Document all account activity using Amos Comments
· Complete monthly Investor and Insurer Delinquency Reporting as assigned
· Communicate with Property and Preservation staff to insure that vacant properties are secured and maintained
· Provide support as needed to all collections categories including your assigned portfolio
· Ensure title endorsements and title bring downs are received in a timely manner to ensure accurately to investors/insurers
· Ensure to order title reports and communicate the liens to the borrowers
· Ensure to requests subordination agreements to clear title
· Update the mediation report on a weekly bases
· Return all borrower/ 3rd parties phone calls and emails in a 24-48 hour time frame
· Ensure all check request are logged on the closing drive spreadsheet and passed to finance in the proper time frame
· Ensure filing is done on a weekly bases
· Recite the mini Miranda and verify borrowers information on all calls, (the exception to reciting the mini miranda are on discharged bankruptcy)
· Other duties as assigned by Loss Mitigation Manager
Office Conditions: Normal Office Environment. Ability to access all areas of the office to get supplies performs filing, use files and work with customers. Work hours are Monday through Friday 7.5 hours per day, 5 days per week. Current office hours are 9:00 am – 5:00 pm. On occasion, night or weekend hours maybe required. Working from home is not available with this position.
Direction of Others: None.
Knowledge and Skills: Positive, organized professional with excellent communication skills sought to work with seriously delinquent accounts. Candidates must have working knowledge of Microsoft Office applications (WORD, EXCEL and OUTLOOK). Experience with a PC based Collections Tracking software tool, investor/ insurer specific servicing requirements and reporting applications such as FHA Connection, CMAX, VALERI, etc, is preferred.
Physical Exertion: Some bending and stretching for loan related filing.
Anyone interested in this position should contact Enith Piscatelli x 426
Rev 10/15/14