Loss Mitigation Specialist Job Description
Loss mitigation specialist
provides training on FDCPA, FCRA, FACTA, GLB, IRS 1099-C regulations, bankruptcy protection, state and federal collection laws and repossession requirements and procedures, collection techniques, deficiency balance collection, skip tracing techniques, litigation, deceased account management, credit bureau reporting, and credit bureau analysis.
Loss Mitigation Specialist Duties & Responsibilities
To write an effective loss mitigation specialist job description, begin by listing detailed duties, responsibilities and expectations. We have included loss mitigation specialist job description templates that you can modify and use.
Sample responsibilities for this position include:
Manage a portfolio of delinquent loans and loans serviced for others to maintain asset quality, full compliance and quality assurance with all Bank and regulatory (CFPB & OCC) guidelines regarding default administration, foreclosure, alternatives to foreclosure, resolution options, and recovery monitoring
Performs collateral evaluations and written analyses of equity position to recommend foreclosure, repossession, legal action
Responsible for the collections by way of settlement and/or repossession on all Charged-Off accounts within the Loss Mitigation Department
Conducts extensive and strategic skip tracing in order to locate collateral
At the direction of Supervisor or Director, will provide collections and/or skip tracing support on accounts within Loss Mitigation Department
Partners with external vendors
Employs loss mitigation techniques to discuss programs available for borrowers with imminent default or in default
Implements proactive charge-off recovery tactics to induce repayment and minimize losses
Provides administrative support duties including reporting, quality control, system coding and process changes, forms management
Delivers effective customer service and responsiveness to investors internal and external customers
Loss Mitigation Specialist Qualifications
Qualifications for a job description may include education, certification, and experience.
Education for Loss Mitigation Specialist
Typically a job would require a certain level of education.
Employers hiring for the loss mitigation specialist job most commonly would prefer for their future employee to have a relevant degree such as Bachelor's and Associate Degree in Business, Finance, Financial Services, Real Estate, Education, General Education, Continuing Education, Management, Accounting, Associates
Skills for Loss Mitigation Specialist
Desired skills for loss mitigation specialist include:
Fair Debt Collection Protection Act
CFPB
FCRA and FDCPA
Standard Operating Procedures
Compliance and regulatory requirements related to federal debt collection laws
Federal Bankruptcy Laws
Standards and requirements
Terminology
Foreclosure
Proper handling of other legal situations
Desired experience for loss mitigation specialist includes:
One to two years of experience in collections/loss mitigation activities
Consider unique situations and financial documents to determine customer hardship qualifications
Minimum one year of mortgage collection or consumer lending experience of two or more Years
Exposure to mortgage workouts including modifications, refinances, deeds in lieu, and short sales
Ability to deal with customers in difficult situations
Ability to work well independently and within deadlines
Loss Mitigation Specialist Examples
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Loss Mitigation Specialist Job Description
Job Description Example
Our growing company is looking to fill the role of loss mitigation specialist. We appreciate you taking the time to review the list of qualifications and to apply for the position. If you don’t fill all of the qualifications, you may still be considered depending on your level of experience.
Responsibilities for loss mitigation specialist
- Responsible for maintaining bad debt recovery projections
- Ensure regulatory compliance in all aspects of managing assigned accounts
- Processing of cash received, including documentation within the system of record, recommendation of cash adjustments, and any necessary fee waivers
- Understand and follow the Commercial Collection Policy
- Incredibly empathetic and understanding
- You will be an advocate for Xchange Leasing and are passionate about the leasing experience
- You have exceptional organizational skills, integrity, and great follow-through on tasks
- Assist the Short Sale organization with handling inbound calls to pipeline List Assist, Negotiators and Closers
- Facilitates processing of review of files from consumer loan services
- Determine liability
Qualifications for loss mitigation specialist
- Four-year college degree in Finance
- 1 year real estate loss mitigation experience
- Authorized to execute items such as deeds, security agreements, financing statements, assignments, releases, affidavits, and other instruments incident to those documents listed and necessary to carry out and effectuate the proper servicing and/or collection of loan debt to the bank
- Provides direction and answers questions as needed
- Provides technical guidance and assists staff with most complex aspects of work as necessary
- Resolves escalated issues and problems by conferring with staff, other internal departments, outside contacts and others as necessary
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Loss Mitigation Specialist Job Description
Job Description Example
Our company is growing rapidly and is looking to fill the role of loss mitigation specialist. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for loss mitigation specialist
- Performs clerical duties, such as executing payment batches, searching and investigating information contained in files, processing departmental documents requiring knowledge of functional operations and entering research results into MS Access databases
- Initiates contact with borrower to discuss the initial review and determine their financial ability, intent, reason for default, and recommend the appropriate retention solution
- Work with the Loss Mitigation Department in approving mortgage loan modifications by examining application and supporting documentation
- Review complex loan files, verifying accuracy of documents received and reviewing for missing documents, credit reports, appraisals, 1040’s, financial statements, W-2’s
- Ensure loan packages comply with MHA, the Company and Investor policies and procedures
- Maintain knowledge and compliance of all applicable state and federal mortgage laws
- Retrieval and audit of “trailing” recorded instruments required for closed residential mortgage loans (Mortgages, Deeds of Trust, Assignments of Mortgage, Consolidation Agreements (CEMAs), Modification Agreements, UCC Financing Statements, Final Title Policies) securing corrections to all of aforesaid documents where required
- Daily contact with Settlement Agents, Correspondents, title companies (via phone primarily via fax or email) to request outstanding documents and/or correction
- Confirm payment or negotiate payment arrangements
- For short sales- review marketing strategies, listing history, offer activity
Qualifications for loss mitigation specialist
- Participates in the development of operating policies and procedures
- Areas assigned are of higher complexity
- Works with Customers or agents of Customers to resolve delinquency and continued legal action or adverse action
- Coordinates with attorneys, trustees, debtors and others to research estates in bankruptcy, probate or workout in various states to minimize losses and maximize recoveries
- Coordinates subsequent asset sales and other collection and recovery activities to secure maximum payback for Company owned property
- Completes necessary account documentation, involving inside and outside personnel as needed
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Loss Mitigation Specialist Job Description
Job Description Example
Our innovative and growing company is looking for a loss mitigation specialist. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for loss mitigation specialist
- Review loss mitigation package documentation in accordance with Regulation X (30 calendar days) to determine if the homeowner qualifies for a loss mitigation option
- Meet required monthly metric standards as set by the business
- Project completion -- Timeliness and Accuracy
- Compliance and Quality results
- Adherence to all Work Place Behaviors and HR Policies
- Compose and complete various forms of correspondence including letters, contracts, titles, hold harmless documents
- Work schedule includes an 8 hour shift between 7AM to 7PM, five days per week, Monday-Saturday
- Preparing affidavits
- Work may be complex and requires organizational skills to accomplish tasks
- Written and verbal correspondence with various departments within the company, , several external vendors, public agencies, and corporations
Qualifications for loss mitigation specialist
- Knowledge of real estate investor and insurer guidelines
- Detailed knowledge of bankruptcy law, including Chapters 13 and 7, probate and/or workout law
- Knowledge of bankruptcy legal procedures, including Relief from Stay, property abandonment, Proofs of Claim, conversion of Chapter 13 to 7 and Chapter 13 repayment plans
- Knowledge of workout options
- Knowledge of specific regulations in various states in which Company does business
- Deep knowledge of transportation process or supply chain management
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Loss Mitigation Specialist Job Description
Job Description Example
Our growing company is looking for a loss mitigation specialist. We appreciate you taking the time to review the list of qualifications and to apply for the position. If you don’t fill all of the qualifications, you may still be considered depending on your level of experience.
Responsibilities for loss mitigation specialist
- Utilizing Skip Trace tools
- Ability to service high risk
- Building relationships with clients and repossession agents alike
- Work schedule includes an 8 hour shift between 7AM and 7PM, Monday-Friday
- Educate customers on the total loss process the adverse effect of credit furnishing
- Work schedule includes an 8 hour shift between 7AM and 7PM
- Ensure supporting documents are complete and accurate to submit for Underwrite and/or Quality Assurance
- Work schedule includes an 8 hour shift between 7AM to 7PM Monday-Friday, and one late night per week from 10AM-7PM, or an option to work a 10 hour shift 4 days per week, Monday-Friday
- Inbound and outbound calling and follow-up
- Take direction from the Collections/Loss Mitigation Manager as to what accounts to collect each month
Qualifications for loss mitigation specialist
- AutoIMS & RDN experience
- Area (s) assigned are more complex in size
- May meet with Customers in person to discuss repossession redemption possibilities
- Works with Customers or agents of Customers to resolve delinquency and avoid default or adverse action
- Assists Customers in processing insurance claims and requests for contractual rebates
- May initiate processing and resolution of assigned accounts negotiating workout solutions and ensuring prompt resolution of legal matters
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Loss Mitigation Specialist Job Description
Job Description Example
Our innovative and growing company is looking to fill the role of loss mitigation specialist. If you are looking for an exciting place to work, please take a look at the list of qualifications below.
Responsibilities for loss mitigation specialist
- Communicate in a timely manner with the customer to provide status updates, follow up for missing items, verbally offer loss mitigation option/denial
- Gather “hardship package”, evaluate borrower for options based on available assistance programs specific to investor/insurer taking care to follow the appropriate “waterfall” of options
- Negotiate and arrange appropriate resolution of defaulted loans
- Resolve assigned accounts through direct contact with customers, realtors, brokers, attorneys and title companies
- Document accounts with summaries explaining reason for default and resolution possibilities
- Review and complete default status and reason codes for monthly delinquency reporting to all agencies
- Cross train and coverage backup of the other loss mitigation specialists when necessary
- Update investor default reports for each investor
- Provides reinstatement and payoff quotes
- Obtains, reviews and analyzes property value opinions
Qualifications for loss mitigation specialist
- Reviews accounts for adherence to department policies state and federal laws and regulations
- Completes necessary account documentation, involving inside and outside personnel as needed, and recommends accounts to be reviewed for repossession, charge off, and or litigation
- May initiate loss mitigation activities after approval of repossession
- Recommends negotiated settlements to maximize recovery and minimize losses
- Processes and collects insurance claims and refundable contract premiums including primary insurance, Gap insurance, service contracts, and other source of revenue available on assigned accounts
- Analyzes Customers’ financial situation and recommends appropriate forbearance action