Specialist II, Loss Mitigation, South Bend, IN

1st Source•South Bend, IN

4d•Onsite

About The Position

Responsible for all aspects of mortgage servicing loss mitigation. The Loss Mitigation Specialist II manages delinquent mortgage accounts and assists borrowers experiencing financial hardship by evaluating, recommending, and implementing home retention and liquidation solutions in accordance with investor, insurer, regulatory, and company guidelines. The role administers home retention options, foreclosure alternatives, and default servicing activities while ensuring compliance with applicable FHA, VA, USDA, Fannie Mae, Freddie Mac, Habitat, CHC, and other servicing requirements. The Specialist works with borrowers to maximize foreclosure prevention opportunities and resolve delinquent mortgage loans in a timely manner. The position involves communicating with borrowers about delinquency, hardship, and available options; assessing borrowers’ financial situations and gathering documentation; processing home retention and liquidation solutions; preparing borrower communications; and maintaining accurate servicing records. It also includes coordinating deed-in-lieu cases, preparing reports, maintaining loss mitigation procedures and workflows, and providing guidance on mortgage servicing and loss mitigation practices. The role requires managing multiple priorities in a highly regulated mortgage servicing environment. Minimal or occasional travel may be needed for meetings, projects, or training. The work involves sitting, standing, walking, operating a keyboard and other office equipment, reaching, and communicating. Occasional stooping or kneeling and lifting or moving up to 10 pounds may be required. Reasonable accommodations may be made to enable individuals to perform the essential functions.

Requirements

Good verbal and written communication skills.
Good PC skills; proficiency with Microsoft products, especially Excel, is essential.
Good organizational and time-management skills.
Ability to multitask in a fast-paced environment.
Minimal or occasional travel as needed for meetings, projects, or training.
Ability to sit, stand, and walk; use hands and fingers to operate a keyboard and other office equipment; reach with hands and arms; and talk or hear.
Occasional ability to stoop or kneel and lift or move up to 10 pounds.

Nice To Haves

One to three or more years of mortgage servicing loss mitigation experience preferred.
One to three years of college preferred.

Responsibilities

Manage delinquent mortgage accounts and assist borrowers experiencing financial hardship.
Make and receive inbound and outbound calls to discuss mortgage delinquency, financial hardship, and available loss mitigation options.
Educate borrowers on loss mitigation programs and application requirements while providing customer service.
Interview borrowers to assess their financial situations and gather documentation needed to determine eligibility for workout options.
Follow up to obtain missing documents, communicate application status, and discuss approved workout solutions.
Maintain accurate, detailed servicing notes documenting borrower interactions and account activity.
Prepare and deliver borrower communications, including delinquency and breach letters, loss mitigation acknowledgments, incomplete application notices, decision letters, and foreclosure referrals.
Evaluate borrower eligibility and prepare, process, and submit home retention solutions through investor, insurer, and government agency systems.
Administer retention solutions such as repayment plans, forbearance agreements, payment deferrals, partial claims, loan modifications, Flex Modifications, and FHA Recovery Modifications.
Evaluate and administer liquidation solutions, including pre-foreclosure sales and deeds-in-lieu of foreclosure.
Coordinate with borrowers, attorneys, investors, and other parties to manage deeds-in-lieu from approval through completion and ensure compliance.
Prepare daily, monthly, and investor reports related to mortgage delinquency, loss mitigation, foreclosure, and bankruptcy activities.
Maintain, update, and implement loss mitigation procedures and workflows in accordance with applicable guidelines.
Share knowledge and provide guidance on mortgage servicing and loss mitigation matters to promote consistent servicing practices and regulatory compliance.
Perform other duties as assigned.