Loss Mitigation Specialist

Dayton, Ohio

Post Date: 10/23/2017 Job ID: 25884 Industry: Accounting & Finance

Kavaliro is seeking experienced Loss Mitigation Specialist  to review and implement loss mitigation workout options: short sale, loan modification, forbearance, repayment plan, Home Affordable Modifications, and deed in lieu. The Loss Mitigation Specialist (SPOC) is the central point of contact for borrowers who have applied for an alternative to foreclosure program or who are in the foreclosure process. Responsible for communication with the borrower. Responsible for monitoring retention plans and coordinating efforts of Collections, Foreclosure, and the Consumer Collections.

 

Essential Duties And Responsibilities

 
  • Review loss mitigation package documentation in accordance with Regulation X (30 calendar days) to determine if the homeowner qualifies for a loss mitigation option; report information to investor, client, insurer
  • Educate homeowners about all loan modification programs, forbearance plans, repayment plans, short sales, and deeds in lieu options as applicable
  • Order and review BPO/AVM/appraisal as applicable
  • Calculate income, expenses and escrow advances in accordance with departmental and investor/insurer/client guidelines.
  • Accurately and timely update template steps on LMT3 and system notes on LMTN to reflect current status of file
  • Order and review title searches as applicable
  • Review and implement according to investor, client, insurer guidelines for loan modifications, forbearances and repayment terms, short sales, and deeds in lieu
  • Submit loss mitigation requests to investor/client/MI for approval as required
  • Decline files as directed in accordance with departmental procedures as set forth by investor/client/investor/insurer guidelines and send appropriate denial letter if homeowner does not qualify for a workout option
  • Prepare and send trial period documents, forbearance plan documents, repayment plan agreements, short sale approval and closing letters and decline letters as needed
  • Monitor status of repayment plans, forbearance plans, and trial period plans and update MSP system and investor system of record with payment records as needed
  • Obtain a Mortgage Loan Originator (MLO) license within the first 120 days of employment and maintain licensure throughout employment*
  • Answer inbound phone calls, return voicemails, escalations, and all other requests within 24 hours from receipt.
  • Contact homeowners and real estate agents to provide status of loss mitigation files
  • Maintain a caseload of 100 or more files
  • Handle all written and verbal correspondence professionally between the homeowners, client, investor, insurer, subordinate lien holders, real estate agents, consumer credit counseling services, and foreclosure attorneys
  • Able to react to change productively and handle other essential tasks as assigned
  • Must be in compliance of established timelines and quality decisions for each file assigned.
  • Mortgage underwriting experience preferred but will consider those who have underwriting experience in areas of finance or insurance
  • Must be familiar with mortgage documents.
  • Must be familiar with financial documents.
  • Knowledge and understanding of mortgage and title documents, credit reports, appraisals, default servicing, loan default legal process and legal terminology.
  • Initiates outbound contact with borrowers to determine " reason for default", borrower intent, financial ability to repay debt, and to identify potential loss mitigation options/solutions.
  • Access information in multiple systems to inform borrowers of loan workout terms, important dates and deadlines. Follow-up with borrower to get loan modification agreements signed and closed.
  • Become a " subject matter expert" (SME) on Real-estate secured and unsecured loss mitigation options and qualification requirements.
  • Adhere to all Government Regulations, Investor Guidelines and Credit Union policies.

 

Qualifications

 
  • High School Diploma or equivalent
  • Minimum of 3 years Collections, Loss Mitigation, or other mortgage banking, mortgage servicing or real estate related experience
  • 1 year or more years of mortgage loan origination experience
  • Proficient in MS Office Windows, MS Word, MS Excel, MS Outlook
  • LPS experience
  • Knowledge of Fair Debt Collection Protection Act
  • Typing speed of 50 WPM
  • Excellent written and verbal communication skills
  • Ability to work in a fast-paced environment where priorities change frequently to meet business needs
  • Ability to work independently as well as part of a team and focus on results
  • Ability to multi-task
  • Ability to learn rules, regulations, and laws in order to meet state, investor, client, and insurer guidelines
  • Ability to structure a workout that serves the best interests of the homeowner/investor/insurer/client
  • Strong analytical and problem solving skills to be used in financial counseling and evaluation and interpretation of complex information

 

 

 

 
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