Loss Mitigation Specialist

Job Description

Job Summary:

The Loss Mitigation Specialist is responsible for assessing borrower situations to identify optimal solutions that align with investor guidelines to avoid foreclosure when possible, ensuring compliance throughout the decision-making process. By understanding each borrower's unique circumstances, the Specialist will recommend strategies to help borrowers retain homeownership and avoid future defaults. As a subject matter expert in loss mitigation techniques and regulations, the Specialist will make informed decisions within the waterfall of loss mitigation options, ensuring loan quality, and coordinating with both internal and external partners for timely resolution and successful outcomes. Compliance with agency, investor, and guarantor guidelines is a priority.

Core Competencies:

• Maintains highest level of professional behavior at all times even in stressful situations. Avoids behaviors, comments, and conversations that harm morale, productivity, customer satisfaction and teamwork.
• Meets confidentiality requirements related to company, customer and financial information.
• Communicates in writing, verbally and via email in a clear and positive way. Meets policy requirements governing communication content.
• Meets high-productivity requirements and constantly evaluates and prioritizes work throughout the day to meet frequent deadlines.
• Takes ownership of work and completes tasks projects accurately. Reviews and proofreads work thoroughly.
• Works well in a fast-paced team environment and communicates regularly with other team members to ensure deadlines are met.
• Remains up to date on best practices relevant to the position and uses work hours productively.

Essential Duties:

Aligned with our core pillars of Leadership, Raving Fans, Transparency, and High Performance, the Loss Mitigation Specialist is responsible for the following duties as assigned:

Leadership:

• Make informed loss mitigation decisions in accordance with investor, agency, and compliance guidelines, determining appropriate solutions to avoid foreclosure and protect homeownership.
• Stay up-to-date on regulations and investor guidelines to ensure decisions reflect current industry standards and best practices.
• Collaborate with internal and external partners to ensure efficient resolution of conditions and challenges throughout the process.

Raving Fans:

• Evaluate borrower circumstances to provide personalized solutions aimed at retaining homeownership and preventing future defaults.
• Clear loan conditions promptly by working closely with internal teams and external stakeholders to move the process forward and enhance the borrower experience.
• Conduct proactive follow-up with borrowers, ensuring timely return of documents and resolution of any outstanding items, enhancing the borrower’s experience.

Transparency:

• Review and verify borrower documentation, including income, assets, title work, appraisals, and required loss mitigation letters, ensuring data accuracy and compliance with investor rules.
• Input and update borrower data in the servicing system and waterfall engine, ensuring transparency and accuracy at every stage.
• Clearly communicate decisions and their rationale to borrowers and involved parties, fostering trust and maintaining transparency throughout the process.

High Performance:

• Ensure loan quality standards are met, adhering to all documentation and compliance requirements as part of a thorough review process.
• Perform timely analysis of borrower applications, verifying completeness and data integrity across multiple platforms.
• Conduct quality assurance (QA) on borrower documents, ensuring accuracy before sending, following up as necessary, and validating system changes before finalizing decisions.
• Submit documents for claims processing and ensure that all necessary paperwork is filed for recording in a timely manner.

By adhering to their subset of assigned duties, the Loss Mitigation Specialist ensures compliance, efficiency, and a customer-first approach, driving the success of both the borrower and the organization.

Education and Experience

• High school diploma or equivalent required; additional education in finance, business, or a related field is a plus.
• Knowledge of default loss mitigation servicing, with specific experience in FHA loans preferred.
• Experience working on a mortgage servicing platform is highly desirable.
• Prior experience in a mortgage servicing or loan servicing role is advantageous.

Computer and Equipment Skills

• Intermediate in Microsoft Office programs (Word, Excel, PowerPoint)
• Word processing (speed and accuracy)
• MSP or FICS’ Mortgage Servicer a plus
• Email
• Internet software
• Use typical office equipment (computers, fax, phones, copiers, scanners, projectors, etc.)

Physical Requirement:

• Vision (with or without correction) sufficient to read a computer screen and to operate office equipment
• Clear speaking voice on the telephone, in person, and recorded
• Hearing within normal ranges in noise environments typical of office
• Able to sit for long periods of time at computer or other work-station and in meetings
• Able to use computers and operate equipment
• Able to lift 10 pounds occasionally unassisted

EEO Statement: As part of our dedication to the diversity of our workforce, Essex Mortgage is committed to a policy of Equal Employment Opportunity and will not discriminate against an applicant or employee on the basis of race, color, religion, national origin or ancestry, sex, gender, gender identity, gender expression, sexual orientation, age, physical or mental disability, medical condition, marital/domestic partner status, military and veteran status, genetic information or any other legally recognized protected basis under federal, state or local laws, regulations or ordinances.

Qualifications