Loss Mitigation Specialist

Full-time - Entry Level

Walla Walla, WA

About the position

As a Loss Mitigation Specialist, you will be responsible for loss mitigation efforts and bankruptcy file processing related to investor-owned loans or portfolio loans with private mortgage insurance within the Mortgage Servicing portfolio. Your role will involve ensuring timely and accurate administration, monitoring, and reporting of loss mitigation efforts and results to investors, private mortgage insurers, and regulatory agencies. You will assist with collection calls and correspondence with delinquent customers.

Responsibilities

• Place calls to customers regarding past due payments using assigned collection queues.
• Update loan records with customer profile information.
• Document attempts to contact and customer conversations.
• Send appropriate correspondence to customers based on delinquency and other loan characteristics.
• Answer customer inquiries related to past due payments and payment changes related to escrow, escrow analysis, and adjustable rates.
• Advise customers on retention or non-retention loss mitigation options based on loan type, state, and investor parameters.
• Establish payment plan options to maximize borrower success in retaining their home.
• Report loan status and/or process claims accurately and timely to investors, agencies, and/or PMI companies.
• Monitor bankruptcy court status, processes, and accounts for loan payments associated with bankruptcy plans.
• Prepare and file routine bankruptcy documents with the bankruptcy court.
• Modify or correct credit reporting and/or late charge assessments as situations require and research supports.
• Work with credit repositories to ensure accurate reporting in accordance with the FACT Act.
• Calculate income and review customer financial information, making recommendations in accordance with loss mitigation option hierarchy or foreclosure.
• Negotiate, calculate, draft, and monitor repayment, forbearance, or loan modifications for receipt of payments in accordance with the agreement.
• Obtain inspections, BPOs, and/or appraisals and review results for recommendations regarding risk rating, charge offs, property repairs, and securitization.
• Perform maintenance pertaining to charge-offs, non-accruals, and risk ratings.
• Comply with policies, procedures, security requirements, and government regulations.

Requirements

• H.S. Diploma required (an equivalent combination of education and experience may be considered).
• 4 or more years of customer service, collections, or mortgage servicing experience or legal experience pertaining to bankruptcy and/or foreclosures required.
• Knowledge of basic accounting principles.
• Solid understanding of residential lending programs, investor relationships, and mortgage insurance.

Nice-to-haves

• Ability to prioritize, multi-task, and meet deadlines.
• Ability to work independently and as part of a team.
• Ability to communicate in a positive and professional manner through telephone, e-mail, or written correspondence with customers and co-workers.
• Ability to understand and apply changes to regulations and requirements to daily work.
• Knowledge of investor, federal and state laws and regulations relating to mortgage servicing and collections.

Benefits

• Targeted starting salary range (based on experience): $20.00 - $24.00 hourly
• Incentive potential
• Comprehensive employee benefits, including: medical, dental, vision, LTD, STD and life insurance
• Paid vacation time, sick time and 11 company paid holidays
• 401k (with up to 4% match)
• Tuition reimbursement