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Loss Mitigation Specialist I
ServiceLink
Jacksonville, FL, United States
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Review and implement loss mitigation workout options: short sale, loan modification, forbearance, repayment plan, Home Affordable Modifications, and deed in lieu.
ESSENTIAL DUTIES AND RESPONSIBILITIES
• Review loss mitigation package documentation in a timely manner to determine if the borrower qualifies for a loss mitigation option; report information to investor, client, insurer
• Educate borrowers about the Home Affordable Modification Program, loan modification program, forbearance plan, repayment plan, FHA partial claim, short sale, and deed in lieu options as applicable
• Order and review BPO/AVM/appraisal as applicable
• Calculate escrow advance calculations
• Accurately and timely update template steps on LMT3 and system notes on LMTN to reflect current status of file
• Order and review title searches as applicable
• Review and implement according to investor, client, insurer guidelines loan modification terms, forbearances and repayment terms, short sales, and deed in lieu’s
• For short sales- review marketing strategies, listing history, offer activity. Handle counter offers in accordance with departmental guidelines and investor/insurer/client guidelines.
• Request and follow up on foreclosure holds as necessary
• Submit loss mitigation requests to investor/client/MI for approval as required
• Implement workout options in accordance with departmental, investor, insurer, and client guidelines
• Decline files as directed in accordance with departmental guidelines as set forth by investor/client/investor/insurer guidelines and send appropriate denial letter if borrower does not qualify for a workout option
• Monitor status of repayment plans, forbearance plans, and trial period plans and update MSP system and investor system of record with payment records as needed
• Obtain and maintain state NMLS licenses as required
• Respond and return voicemails, escalations and all other requests within 24 hours from receipt
• Prepare and send trial period documents, forbearance plan documents, repayment plan agreements, short sale approval and closing letters and decline letters as needed
• Contact borrowers and real estate agents to provide status of loss mitigation files
• Maintain a caseload of 150 or more files
• Handle all written and verbal correspondence professionally between the borrowers, client, investor, insurer, subordinate lien holders, real estate agents, consumer credit counseling services, and foreclosure attorneys
• Able to react to change productively and handle other essential tasks as assigned
• All other duties as assigned
Qualifications
MINIMUM QUALIFICATIONS
• High School Diploma or equivalent
• Minimum of 3 years Collections, Loss Mitigation, or other mortgage banking, mortgage servicing or real estate related experience
• 1 year or more years of mortgage loan origination experience
• 2 or more years of telephone customer contact experience
• Proficient in MS Office Windows, MS Word, MS Excel, MS Outlook
• Prefer LPS experience
• Knowledge of Fair Debt Collection Protection Act
• Typing speed of 50 WPM
• Excellent written and verbal communication skills
• Ability to work in a fast-paced environment where priorities change frequently to meet business needs
• Demonstrated ability to provide attention to detail and concern for accuracy and consistency in results
• Ability to work independently as well as part of a team and focus on results
• Ability to multi-task
• Ability to learn rules, regulations, and laws in order to meet state, investor, client, and insurer guidelines
• Ability to structure a workout that serves the best interests of the borrower/investor/insurer/client
• Strong analytical and problem solving skills to be used in financial counseling and evaluation and interpretation of complex information