Loss Mitigation Specialist

University Bank•Hancock, MI

About The Position

The Loss Mitigation Specialist reduces foreclosure risk by working directly with delinquent borrowers to identify sustainable home-retention or liquidation solutions. The role evaluates borrower financial information, counsels borrowers about available options, and ensures loss mitigation reviews are accurate, timely, and compliant with investor, insurer, and regulatory requirements. The specialist reviews borrower financial packages, processes and monitors workout options under applicable agency and investor guidelines, and ensures compliance with federal, state, investor, and insurer requirements. The position involves communicating with borrowers and business partners, reporting approved workout solutions, maintaining servicing and investor-system records, and coordinating with internal teams to support accurate payment application and timely foreclosure actions. The specialist also supports assistance programs, shared team inboxes, and other team members during high-volume periods. The work is performed primarily in an indoor, climate-controlled office and/or a private home office, or a combination of both at management’s discretion. The role may involve proximity to coworkers or work independently in a quiet setting. Physical requirements include sitting for extended periods, repetitive keyboard and mouse use, and occasionally lifting up to 20 pounds.

Requirements

High school diploma or equivalent.
At least 3 years of experience in mortgage loss mitigation and related default servicing.
Strong understanding of foreclosure prevention options and regulatory compliance.
Strong attention to detail and organizational skills.
Effective verbal and written communication abilities.
Proficiency with Windows and Microsoft Office applications, including Outlook, Word, Excel, and Teams.
Strong typing and data-entry skills.
Ability to maintain positive working relationships with customers, internal teams, and external business partners.
Excellent organizational, time-management, critical-thinking, and analytical skills.
Ability to prioritize tasks, meet deadlines, and maintain accuracy and adherence to procedures.
Ability to handle confidential and sensitive information responsibly.
Ability to build rapport and negotiate effectively, including providing business-oriented solutions for escalated issues and complex customer situations.
Effective problem-solving skills and a solutions-oriented mindset.
Dependability, reliability, and accountability.
Compliance with applicable regulations, internal controls, departmental procedures, and company policies.

Nice To Haves

Knowledge of investor and insurer loss mitigation guidelines, including Fannie Mae, Freddie Mac, FHA/HUD, VA, USDA, FHLB, and private investors.
Certification in credit counseling, collections, or mortgage servicing.
Experience with ICE Mortgage Technology platforms, including MSP and LMS, is highly preferred.

Responsibilities

Review and validate borrower financial packages for completeness, accuracy, and compliance with documentation standards before underwriting evaluation.
Process, evaluate, and monitor workout options in accordance with GSE, FHA/HUD, USDA, VA, FHLB, GNMA, and private investor or insurer guidelines, including applicable timelines and eligibility criteria.
Ensure compliance with federal, state, investor, and insurer regulations, including CFPB mortgage servicing rules under Regulation X and Regulation Z.
Monitor and respond promptly to departmental email queues and inquiries from borrowers, investors, and internal stakeholders.
Communicate with borrowers, credit unions, mortgage insurers, attorneys, and secondary market investors to develop appropriate workout strategies.
Report approved workout solutions to investors, Treasury programs where applicable, and designated investor/vendor systems.
Counsel delinquent borrowers, including participating in scheduled mitigation calls with attorneys or authorized representatives.
Collaborate with foreclosure, bankruptcy, customer service, and payment processing departments on system updates, payment application, and foreclosure holds or cancellations.
Coordinate with State Housing Assistance Programs and Hardest Hit Fund programs, including submission, tracking, and application of approved assistance.
Maintain accurate servicing system records in ICE MSP and LoanSphere, including loss mitigation codes, comments, and status updates.
Complete and maintain accurate updates in investor and insurer systems, including FHA Connection, Fannie Mae SMDU, Freddie Mac Resolve, USDA LINC, VA Valeri, and FHLB eMAQCS.
Ensure accurate payment posting and suspense management for loans under review or active workout plans.
Manage individual and shared departmental email inboxes and respond promptly and professionally to inquiries.
Provide backup support to team members during high-volume periods or staffing shortages.
Participate in required departmental and BAI training sessions.
Review updates to workout programs and state assistance initiatives and adopt new requirements and procedures in a timely manner.
Support continuous improvement by providing process feedback, identifying workflow gaps, and helping implement best practices.
Perform additional duties as assigned, including special projects, audits, quality-control initiatives, or cross-functional support.