Loss Mitigation Specialist I
|Title:||Loss Mitigation Specialist I|
Loss Mitigation Specialist I will be responsible for establishing contact, communicating and negotiating with borrowers, investors, and real estate agents, via verbal and written means, in an attempt to resolve at-risk mortgages.
· Handles multiple mortgage products that are 60+ days delinquent, as governed by investor, departmental and legal guidelines
· Keeps servicing files up-to-date so borrowers can receive the best assistance
· Minimizes loss due to foreclosure through the use of loss mitigation options, such as pre-foreclosure sales, loan modifications and repayment plans.
· Arranges for contractual services relating to property inspections, appraisers, real estate agents, etc., who may be involved in the inspection or evaluation of the property.
· Reviews title searches to ensure that no title issues threaten the standing of our investor’s lien on the property
· Makes calls to borrowers, borrowers’ authorized representatives, and brokers
· Analyzes financial statements, tax returns, credit reports, and the value of the collateral in order to determine and recommend the most feasible and appropriate workout to the customer
· Accurately underwrites the borrower’s income, through the review of paystubs, tax documents, benefit statements, business profit and loss statements, etc.
· Addresses any borrower question or concern. Handles escalated files appropriately by providing an articulate and complete response
· Contributes to the progress of the department by understanding the measurements used to define success and how they can positively impact those measurements
· Certifies that all required actions have taken place prior to completing a foreclosure sale
· Ensures compliance with company policies and procedures
· Performs other duties as assigned
· Minimum 1+ years of Loss Mitigation, collections or related mortgage servicing experience
· Proficient in Microsoft Word and Excel.
· Excellence in consulting and advising customers via telephone and written communication
· High School Diploma required, college degree preferred but not required
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