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Loss Mitigation Underwriter

Description



The Loss Mitigation Underwriter will be responsible for underwriting loss mitigation requests for retention and liquidation workout options. This position will evaluate difficult and complex loan applications to ensure full compliance with the mortgage banking requirements as well as our investor guidelines and private mortgage insurers

Responsibilities:
  • Review and analyze borrower documentation to determine income and repayment ability, assess borrower's hardship, analyze housing expenses, and determine proper loan resolution
  • Analyze delinquency, escrow analysis, modification scenarios and proposals and recommend appropriate loan workout
  • Review liquidation contracts and HUD1 and negotiate for an acceptable offer based on investor guidelines
  • Correspond with title companies, realtors, attorneys and tax offices to negotiate balances and validate figures on estimated HUD1 statement
  • Prepare documents for Short Sale closing package
  • Understand and review appraisals and comps submitted to validate offer received
  • Prepare loss analysis and communicate recommendations to senior management
  • Manage assigned pipeline by working closely with loss mitigation team and other department staff to ensure that the loss mitigation process is completed accurately and timely
  • Regularly review compliance alerts and investor updates for underwriting changes
  • Maintain responsibility for timely and accurate system notes as well as updates and reporting in all related systems
  • Maintain up-to-date knowledge of relevant default practices effecting loss mitigation underwriting decisions


Requirements:
  • Must be able to work additional hours when needed. (Example: month end close)
  • Ability to accept and adjust to change
  • Excellent written and verbal communication skills
  • Must be able to work effectively and efficiently under pressure
  • Ability to communicate in English to locate, read, and report information
  • Ability to use a personal computer equipped with standard keyboard and mouse
  • Ability to sit at a standard desk for 8+ hours daily
  • This position requires regular attendance during regular business hours subject to in-person supervision during working hours and in-person interaction with coworkers and supervisors


This position offers a full range of benefits including Health, Dental, and 401k.

Equal Opportunity Employer

M/F/Disability/Vet.

Member FDIC | Equal Housing Lender | NMLS ID 401285

Requirements

 

Job Snapshot

Location US-TX-Fort Worth
Employment Type Full-Time
Pay Type Hour
Pay Rate N/A
Store Type Banking
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Company Overview

Colonial Savings

Colonial is a national provider of banking, home loans and insurance. Founded in 1952, the company has $1 Billion in assets and is privately held by choice to ensure our focus remains on our customers and not the expectations of Wall Street. Colonial is rated “Five Stars – Highly Recommended” as one of the strongest financial institutions in the country by Bauer Financial, a leading analyst, and has earned Fannie Mae’s Four STAR award for customer service and foreclosure prevention, as well as the highest achieving STAR Performer for best practices in General Servicing, Collections/Loss Mitigation and Neighborhood Stabilization in 2014. Learn More

Contact Information

US-TX-Fort Worth
Colonial Savings
Snapshot
Colonial Savings
Company:
US-TX-Fort Worth
Location:
Full-Time
Employment Type:
Hour
Pay Type:
N/A
Pay Rate:
Banking
Store Type:

Description



The Loss Mitigation Underwriter will be responsible for underwriting loss mitigation requests for retention and liquidation workout options. This position will evaluate difficult and complex loan applications to ensure full compliance with the mortgage banking requirements as well as our investor guidelines and private mortgage insurers

Responsibilities:
  • Review and analyze borrower documentation to determine income and repayment ability, assess borrower's hardship, analyze housing expenses, and determine proper loan resolution
  • Analyze delinquency, escrow analysis, modification scenarios and proposals and recommend appropriate loan workout
  • Review liquidation contracts and HUD1 and negotiate for an acceptable offer based on investor guidelines
  • Correspond with title companies, realtors, attorneys and tax offices to negotiate balances and validate figures on estimated HUD1 statement
  • Prepare documents for Short Sale closing package
  • Understand and review appraisals and comps submitted to validate offer received
  • Prepare loss analysis and communicate recommendations to senior management
  • Manage assigned pipeline by working closely with loss mitigation team and other department staff to ensure that the loss mitigation process is completed accurately and timely
  • Regularly review compliance alerts and investor updates for underwriting changes
  • Maintain responsibility for timely and accurate system notes as well as updates and reporting in all related systems
  • Maintain up-to-date knowledge of relevant default practices effecting loss mitigation underwriting decisions


Requirements:
  • Must be able to work additional hours when needed. (Example: month end close)
  • Ability to accept and adjust to change
  • Excellent written and verbal communication skills
  • Must be able to work effectively and efficiently under pressure
  • Ability to communicate in English to locate, read, and report information
  • Ability to use a personal computer equipped with standard keyboard and mouse
  • Ability to sit at a standard desk for 8+ hours daily
  • This position requires regular attendance during regular business hours subject to in-person supervision during working hours and in-person interaction with coworkers and supervisors


This position offers a full range of benefits including Health, Dental, and 401k.

Equal Opportunity Employer

M/F/Disability/Vet.

Member FDIC | Equal Housing Lender | NMLS ID 401285

Requirements

 
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Loss Mitigation Underwriter Apply now