Job Title: Work from Home - Loss Mitigation Specialist
Duration: 720 Hours (18 Weeks)
Location: Burbank CA 91510
Pay Rate: $26.00 - $35.00 per hour depending on experience
- Responsible for providing the highest level of quality service to both members and co-workers. Reviews member requests for loan modifications, determines member need, and finalizes Modification Agreements or communicates the outcome based on the approval.
- Reviews delinquency reports bi-monthly to proactively stay ahead of trends and make member contact when applicable.
- Makes recommendations to the appropriate committee (Jr. Loan Committee or Sr. Loan committee) for foreclosure, workout loans, short sales, deed in lieu, and charge offs when appropriate.
- Serves as liaison with the mortgage subservicer (DMI). Maintains various tracking systems within the loan department.
- Maintains adequate third party relationships in order to facilitate activities (i.e. DMI, attorney’s, title, etc.).
ESSENTIAL DUTIES AND RESPONSIBILITIES:
- Subordinations, Modifications, Delinquency, Foreclosures and REOs
- Fulfills internal and external requests for subordinations.
- Reviews delinquency reports on First and Second Mortgages on a bi-monthly basis and makes member contact when applicable.
- Reviews real estate first and second mortgage loans that have filed bankruptcy and proceed with appropriate action.
- Reviews loans to determine whether PMI (collateral insurance) is on the loan.
- Prepares documents and makes recommendations to Jr. Loan Committee, or Sr. Loan committee (i.e. restructure, modification, repayment plan, forbearance, short sale, Deed in Lieu, foreclosure or charge offs).
- Maintains minutes of Jr. Loan Committee meetings; maintains records of Jr. Loan committee and Sr. Loan Committee actions for future review.
- Reviews Fannie Mae, Freddie Mac, FHLB procedures to maintain working knowledge of their loss mitigation procedures. Corresponds with Fannie Mae (MORNET) and Freddie Mac in writing to obtain their approval regarding loss mitigation decisions on investors loans.
- Corresponds with Mortgage Insurers to obtain their approval regarding loss mitigation decisions on loans where mortgage insurance is involved.
- Handles foreclosures on Home Equity Lines of Credit, submits required documents to trustee, obtains information from other lien holders, pays expenses.
- Liaison with sub-servicer (DMI) on 1st and 2nd mortgages throughout the foreclosure process.
- Audits Modification or Loss mitigation packages to ensure all required documentation is in order.
**Residential Loss Mitigation experience a plus!**
- 2+ years of recent Manager Loan Closing (Mortgage Manager, Closing Manager, Loss Mit Closing manager, etc.)
- Experience dealing with high volume closing
- 2 - 4 years experience in process and management specializing in foreclosure.
- 2+ year(s) recent experience in the mortgage industry.
- 2 year of Mortgage Default Experience.
- Demonstrate past success as a loss mitigation negotiator or late-stage collector as part of a team to ensure loans are serviced in a timely manner.
- Demonstrate a good working knowledge of the processes and procedures with the ability to identify and implement process improvement opportunities.
- Proficient in review of title commitments, validating closing conditions, reviewing/balancing HUD Statements, Closing Disclosures, and all aspects of closing document preparation
- Must maintain the highest standard of details
- Remote leadership experience preferred but not required
- Strong organizational, communication, and leadership skills
- Proven record of developing and coaching high performing service teams
- Exceptional analytical and problem solving skills with an ability to think quickly under pressure.
- Excellent overall computer skills.
- Must be proficient in MS Word, Excel, Outlook - Encompass a PLUS!
- Excellent customer service and communication skills