Specialist II, Loss Mitigation, South Bend, IN

1st Source Bank•South Bend, IN

About The Position

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. The role administers home-retention options, foreclosure alternatives, and default-servicing activities in accordance with investor, insurer, regulatory, and company requirements, including applicable FHA, VA, USDA, Fannie Mae, Freddie Mac, Habitat, and CHC guidelines. The Specialist works with borrowers to maximize foreclosure-prevention opportunities and resolve delinquent mortgage loans in a timely manner. The position involves borrower outreach and interviews, assessing financial circumstances, collecting required documentation, evaluating eligibility, preparing and processing loss-mitigation solutions, and communicating application status and decisions. Solutions include repayment plans, forbearance agreements, payment deferrals, partial claims, loan modifications, Flex Modifications, FHA Recovery Modifications, pre-foreclosure sales, and deeds-in-lieu of foreclosure. The Specialist prepares borrower communications and servicing records, coordinates deed-in-lieu processes with borrowers, attorneys, investors, and other parties, and produces delinquency, loss-mitigation, foreclosure, and bankruptcy reports. The role also maintains loss-mitigation procedures and workflows and provides guidance to promote consistent servicing practices and regulatory compliance. Minimal or occasional travel may be needed for meetings, projects, or training.

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.
Strong organizational, analytical, communication, and problem-solving skills.

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 calls with borrowers regarding mortgage delinquency, financial hardship, and available loss-mitigation options.
Educate borrowers about loss-mitigation programs and application requirements and provide customer service.
Conduct borrower interviews, assess financial situations, and gather documentation needed to determine eligibility for workout options.
Follow up to obtain missing documentation, communicate application status, and discuss approved workout solutions.
Maintain accurate servicing notes documenting borrower interactions and account activity.
Prepare and deliver borrower communications concerning delinquency, breach letters, loss-mitigation acknowledgments, incomplete applications, decisions, foreclosure referrals, and other default-servicing activities.
Evaluate borrower eligibility and prepare, process, and submit home-retention options through investor, insurer, and government agency systems.
Evaluate and administer liquidation solutions, including pre-foreclosure sales and deeds-in-lieu of foreclosure.
Coordinate deed-in-lieu processes with borrowers, attorneys, investors, and other parties from approval through completion.
Prepare daily, monthly, and investor reporting 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.