Loss Mitigation Specialist ll

Dovenmuehle Mortgage, Inc. • Lake Zurich, IL

15h

About The Position

To mitigate potential losses on delinquent loans using various alternatives, including pre-foreclosure sales, modifications, stipulated repayment agreements, and deed-in-lieu of foreclosure. The primary responsibility of the Loss Mitigation department is to reduce losses to borrowers, investors, and clients by attempting to prevent a loan from going into foreclosure. Reports to Supervisor.

Requirements

• Bachelor’s degree or equivalent combination of education and experience.
• 2+ years’ experience mortgage underwriting.
• Proficient with Microsoft applications, including Excel, and loan servicing platforms.
• Strong analytical and problem-solving skills and attention to detail.
• Ability to handle complex, multiple tasks simultaneously in a fast-paced environment.
• Ability to work independently along with initiative to complete all assigned tasks timely.
• Effective verbal and written communication skills with demonstrated ability to always interact in a positive and professional manner with all levels of both internal and external audiences.

Nice To Haves

• Detailed knowledge of processes of loss mitigation, bankruptcy, and foreclosure, as well as various agency and insures requirements and waterfall guidelines.
• Have the educational requirements necessary to obtain Loan Officer’s license.
• Ability to train others.

Responsibilities

• Manage cases of loss mitigation loan files within required timelines and protocols. Required to handle a high volume of cases with the ability to identify more complex cases for escalation.
• Evaluate borrower application packages to determine financial circumstances, capacity, and ability to pay.
• Reconcile sources of income, tax returns, balance sheets/statements, and credit reports; evaluate property valuations and/or appraisals to determine beneficiary’s equity position and to ensure adequate collateral of security instruments is maintained. Review title searches for liens, real estate tax information, or other barriers and relay the required steps to the appropriate parties to resolve any issues.
• Negotiate terms with mortgagors, real estate brokers, attorneys, MI companies, government agencies, and clients.
• Complete modification/forbearance calculations for agreements or provide required information to appropriate parties.
• Ensure documentation is accurate prior to submission to appropriate departments for them to update the Loan Servicing System with modified terms.
• Manage portfolio loans that include client-specific criteria in addition to, but not limited to, no document and full document loans, based on agency guidelines.
• Monitor loans for borrower payment and performance during trial period, forbearance plans, or repayment plan arrangements.
• Demonstrate strong knowledge and adherence to all laws, regulations, and organizational processes.
• Client projects assigned by management could include but not limited to loan reviews or/and calls with clients.
• Sign up for Mortgage Loan Officer License training and take Exam.
• Assisting the staff as directed by management.
• Assisting on team reports
• Other special projects assigned tasks by management.
• Successfully complete annual regulatory compliance training.
• Additional duties as assigned.

Benefits

• Medical, Dental, Vision, Wellness, Flexible Spending Account, and Employee Assistance Program and more.
• Employer paid Life Insurance, Short Term Disability, and Long-Term Disability.
• 401 (K) Plan with company match
• Paid Vacation, Sick, Personal and Holidays

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level