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JOB BRIEF (PURPOSE):
This position is responsible for examining, evaluating and underwriting mortgage loss mitigation applications such as extension, re-age, repayment plan, forbearance plans, modifications, short sale, deed-in-lieu, and settlement for both portfolio and investor loans. This position comes with the authority to disposition Loss Mitigation applications through approval or denial decision based on investor/insurer guidelines.
ESSENTIAL JOB FUNCTIONS:
•Review facially “complete” applications to determine if additional documents are required in order to evaluate customer for all available Loss Mitigation options.
•Analyze borrower financial information including financial statements, hardship letter, tax returns, paystubs, HUD1, etc. and input data accurately in order to determine the best possible workout solution.
•Evaluate title reports for exceptions, impediments, and identify solutions to resolve title defects.
•Prepare and send Loss Mitigation Letters at critical milestones (Approval, Denial, Missing Items, etc.) of the review process.
•Calculate modification final terms and then prepare and send out final modification documents.
•Evaluate variance between purchase offers and property valuations to minimize loss due to foreclosure through use of liquidation based options such as Short Sale and Deed In lieu
•Partner with the Single Point of Contact team to gather required documentation and ensure that accurate information is communicated to the customer at critical Loss Mitigation milestones through final account resolution.
•Understand and follow the appropriate investor or insurer guidelines when reviewing and making decisions on Loss Mitigation applications on their behalf.
•Submit requests on investor or insurer backed loans as necessary for approval or denial of a loss mitigation options in situations where the servicer is not granted delegation authority.
•Fully underwrite and provide a determination of program eligibility within 30 days of receipt of the completed Loss Mitigation application.
•Accountable for managing a portfolio of accounts active in various Loss Mitigation Statuses
Review and understand daily pipeline and exception reporting in order to ensure 100% compliance with all RESPA and internal processing requirements.
•Review and respond appropriately to quality testing that may include any necessary remediation.
Assist in the preparation for, and attendance of foreclosure mediation/settlement conferences
•Maintain extensive working knowledge of investor and insurer guidelines and timeframes, including but not limited to: Fannie Mae, Freddie Mac, FHA, VA and CHFA guidelines.
•Maintain knowledge and adhere to applicable Company, State and Federal lending/servicing regulations such as RESPA, OCC 2010, etc.
•Complete ad-hoc projects as assigned by management
MARGINAL OR PERIPHERAL FUNCTIONS:
Navigation in internal lending systems.
2 to 4 year degree or equivalent training and/or work experience in a related role
Default Mortgage servicing or underwriting experience
Thrives in changing business environment, flexible and committed
Strong time management and organization skills, fast learner, self-motivated, and comfortable taking initiative and handling several priorities simultaneously
Excellent oral and written communication skills
Excellent analytical skills, attention to detail and ability to work within time constraints
Demonstrated problem-solving skills
Bachelor’s Degree or higher is preferred or equivalent training and/or work experience in a related role
4 years Default Mortgage servicing experience
1 years Loss Mitigation underwriting experience
Experience with SMDU, HSSN, WP2, FHA Connection, and Valeri
Investor (Fannie May, Freddie Mac, etc.) knowledge is preferred.
Knowledge of RESPA is preferred.
Strong PC skills including Microsoft Word, Excel, PowerPoint and Outlook
Ability to analyze title reports, credit reports, residential appraisals or broker price opinions, financial statements and tax returns.
Ability to rapidly acquire detailed knowledge of departmental policies, practices and procedures
Yes on internal systems
Company is an Equal Opportunity and Affirmative Action Employer committed to engaging a diverse workforce and sustaining an inclusive culture. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or veteran status.
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