The Loss Mitigation Specialist processes loss mitigation financial packages on delinquent mortgagors or mortgagors facing risk of imminent default. Interact with Dollar Bank Servicing Center (DBSC), outside servicing companies, legal counsel, title companies and various lending/internal departments. Purpose is to provide proper customer service in conformance with federal laws and regulations.
Principle Activities and Duties:
*Process financial packages upon receipt, which includes but is not limited to updating the servicing system with the financial information, ordering and tracking appraisals/BPOs, ordering credit bureau reports, reviewing the provided data for inconsistencies, interviewing the borrowers and acquiring additional documentation if necessary.
*Determine a recommended loss mitigation option or denial, to present to management in memorandum format.
*Prepare loss mitigation documents, including but not limited to forbearance agreements and extensions, short sale approval letters and modification agreements subject to legal review/approval.
*Analyze recovery on borrowers selling their home vs. completing a foreclosure. Issue short sale approval letters and monitor progress of short sales until property is sold.
*Submit required documentation to PMI companies as needed for Loss Mitigation proposals.
*Attend mediation or conciliation hearings on behalf of the bank.
*Monitor loan portfolios and prepare monthly reports for Senior Management.
*Interact with contractors to perform required municipal testing and repairs on REO properties to ensure timely completion.
*Assist with high volumes of phone inquiries and act as back up for all staff members.
*Minimum of two years of experience required in the following: quality control, residential loan closings, residential loan underwriting, or loss mitigation.
*Knowledge of mortgage and/or title industry, specifically VA/FHA requirements, PMI, title insurance, foreclosure process and regulatory compliance, including CFPB (Consumer Finance Protection Bureau).
*Excellent written communication and verbal skills.
*Ability to work independently with minimal supervision.
*Detail oriented and ability to multi-task efficiently.
*Ability to prioritize a heavy workload.
*Possess strong math and analytical skills.
*Notary license and/or active Real Estate Sales License helpful.
*Associate's degree required. Will consider commensurate experience. Bachelor's degree preferred.