LOSS MITIGATION SPECIALIST

Company: First Federal Lakewood
Location: Strongsville
Posted on: September 3, 2024

Job Description:

Description:Position Summary:The Loss Mitigation Specialist develops workout options for borrowers who are unable to pay their mortgage or consumer loan.Duties and Responsibilities:

• Mitigates risk related to default by recognizing potential residential and consumer loans that may need to be referred to workout; begins work-out process with borrowers through contacting and requesting required financial information; develops workout proposals with collectors or borrowers.
• Receives loss mitigation packets on portfolio and investor loans; ensures all documentation is present and performs timely follow up with the borrower on any missing items; completes checklist, reviews hardship letter and other documents related to income.
• Develops workout recommendation that fits customer such as repayment, short sale, modification, etc.; uses income and financial documents to underwrite potential workout options; makes recommendations to management on appropriate collections alternatives; if denied by management alternative options are developed; if approved the proposal is sent to borrower and fully executed once accepted.
• Performs file maintenance on loans in the core servicing system to ensure approved and executed workouts are accurately reflected on the loan and customer billing statements.
• Performs collection activity by contacting borrowers via phone and mail; communicates and maintains records on collection activity; receives collection information from all collectors and prepares collection report for management.
• Maintains current knowledge on available investor workout options and follows investor guidelines; provides reporting to investors regarding delinquent loans and bankruptcies; corresponds with investors to review, approve and deny workouts.
• Tracks loans with deferred balances; sends borrower correspondence regarding deferred balances on maturing loans; performs follow up with borrowers on letters sent and counsels borrowers through payment options.
• Responsible for the initial intake of Chapter 7 and Chater 13 bankruptcy notifications; maintains accurate bankruptcy coding on loans in the core servicing system to ensure the bank is compliant with applicable bankruptcy laws and regulations.
• Responds to VOM and other requests from government hardship programs; logs and tracks the status of loans receiving assistance and properly applies funds to the past due loans.
• Complies with all applicable banking laws and regulations, including but not limited to the Bank Secrecy Act, USA Patriot Act and related anti-money laundering statutes and federal consumer protection legislation and regulations.
• Other duties as required.The duties outlined above are a summary and may not be an exhaustive or comprehensive list of all possible responsibilities, tasks, and duties. All job descriptions may be amended at any time at the sole discretion of FMHC.Requirements:Skills and Qualifications:
• 3+ years experience in mortgage collections is required along with experience in lending laws, regulations, and guidelines.
• Experience in Loss Mitigation is preferred.
• Experience in finance services or banking is preferred.
• High School Diploma or equivalent is required; Bachelor's degree is preferred.
• Proficiency in MS Office [Outlook, Excel, Word] or similar software is required Encompass,er, Cleartouch, Nautilus, various government and investor software/web portals is preferred. Necessary competencies:
• Resilience
• Collaboration
• Communication
• Service Orientation
• Quality Focused
• Organizational Skills
• AccountabilityPhysical Environment

• While performing the duties of this job, the employee is regularly required to lift, walk, stand, sit, bend, reach with hands and arms, climb, push/pull, use hands, and see, hear and speak.
• The employee must occasionally lift and/or move up to 25 pounds.
• The noise level in the work environment is usually quiet to moderate.
• This position is performed in an office setting, five days a week with typical work hours being 8.30a through 5.15p.PIfc205e0b10c8-26289-35222801

Keywords: First Federal Lakewood, Strongsville , LOSS MITIGATION SPECIALIST, Other , Strongsville, Ohio