Loss Mitigation Specialist I
About The Position
Perform all duties in accordance with company guidelines, the Fair Debt Collections Practices Act, and applicable federal, state, and local regulations. Contact customers regarding loan collections and respond to inquiries about defaults and workout or loss mitigation options. Educate borrowers about home-retention and liquidation options, and act as a liaison between the mortgagor, counsel, and, when applicable, a realtor or third party. Work problem reports on non-performing loans and report as required to the Internal Asset Review Committee and Board of Directors. Monitor foreclosure and real estate-owned (REO) properties, including inspections and property-preservation duties. Gather documentation and process government and internal loan modifications, forbearance and repayment plans, reinstatements, short sales, deeds-in-lieu of foreclosure, short payoffs, and other possible workouts. Recover losses by filing investor claims and maintaining knowledge of claim systems. Monitor trial modifications and follow up with borrowers to support conversion. Assist the lending department with troubled debt restructuring and modifications as needed. Perform collection tasks related to the daily delinquent loan report, coordinate vendors for foreclosures, REO properties, and repossessions, obtain credit reports and property evaluations as needed, and prepare foreclosure packages for counsel and/or investors. Perform other related duties as assigned.
Requirements
- Perform duties in accordance with company guidelines, the Fair Debt Collections Practices Act, and applicable federal, state, and local regulations.
Responsibilities
- Contact customers regarding loan collections.
- Work problem reports on non-performing loans and report as required to the Internal Asset Review Committee and Board of Directors.
- Monitor foreclosure and REO properties, including inspections and property-preservation duties.
- Respond to customer inquiries about defaults and workout or loss mitigation options, request financial information, and maintain electronic customer contact collection logs.
- Educate borrowers about home-retention and liquidation options and liaise among the mortgagor, counsel, and, when applicable, a realtor or third party.
- Gather required documentation for government and internal loan modifications, forbearance plans, repayment plans, reinstatements, short sales, deeds-in-lieu of foreclosure, short payoffs, and other workouts.
- File claims with investors to recover losses and maintain knowledge of claim systems.
- Process forbearance plans, repayment plans, reinstatements, short sales, deeds-in-lieu of foreclosure, short payoffs, and other possible workouts.
- Monitor trial modifications and follow up frequently with borrowers to ensure conversion.
- Assist the lending department with troubled debt restructuring and modifications as needed.
- Monitor and perform collection tasks related to the daily delinquent loan report.
- Coordinate vendors used for foreclosures, REO properties, and repossessions.
- Obtain credit reports for collection purposes.
- Obtain appraisals or other property evaluations as needed.
- Prepare foreclosure packages to send to counsel and/or investors to initiate foreclosure.
- Perform other related duties as assigned.
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What This Job Offers
Job Type
Full-time
Career Level
Entry Level
Education Level
No Education Listed
