Loss Mitigation Specialist

This is a fully remote position, open to applicants in Illinois.

📋 Description

• Oversee loss mitigation loan file cases in accordance with specified timelines and protocols.

• Manage a moderate volume of cases while identifying more complex issues for escalation.

• Assess borrower application packages to evaluate their financial situations, capacity, and repayment ability.

• Reconcile income sources, tax returns, balance sheets/statements, and credit reports.

• Analyze property valuations and/or appraisals to ascertain the beneficiary’s equity position and ensure sufficient collateral is secured.

• Conduct title searches for liens, real estate tax details, or other impediments, and communicate necessary actions to relevant parties.

• Negotiate terms with mortgagors, real estate agents, attorneys, mortgage insurance companies, government entities, and clients.

• Execute modification and forbearance calculations for agreements or supply necessary information to the appropriate parties.

• Verify that documentation is accurate prior to submission for updates to the Loan Servicing System.

• Manage portfolio loans according to client-specific criteria and agency standards.

• Monitor loans for borrower payments and performance during trial, forbearance, or repayment arrangements.

• Comply with laws, regulations, and organizational procedures.

• Report to the Supervisor.

• Perform additional responsibilities as assigned.

⛳️ Requirements

• Bachelor's degree or a comparable combination of education and experience.

• A minimum of 1 year of experience in mortgage underwriting.

• Proficient in Microsoft applications, including Excel, as well as loan servicing platforms.

• Strong analytical and problem-solving abilities with a keen attention to detail.

• Capable of managing complex, multiple tasks concurrently in a dynamic environment.

• Ability to work independently with the initiative to complete all tasks on time.

• Excellent verbal and written communication skills, with a proven ability to interact positively and professionally with all levels of both internal and external stakeholders.

• Comprehensive knowledge of loss mitigation processes, bankruptcy, and foreclosure, along with various agency requirements and waterfall guidelines.

• Must possess the educational qualifications necessary to obtain a Loan Officer’s license.

• Ability to train others.

• Required to successfully complete annual regulatory compliance training.

• Must be able to remain in a stationary position and/or navigate within the organization or remote office.

• Occasionally may lift and/or move up to 25 lbs.

🏝️ Benefits

• Medical, Dental, Vision, Wellness, Flexible Spending Account, and Employee Assistance Program.

• Employer-sponsored Life Insurance, Short Term Disability, and Long-Term Disability.

• 401 (K) Plan with company matching contributions.

• Paid Vacation, Sick Leave, Personal Days, and Holidays.

• Options for an on-site office environment or a quiet, designated workspace from home.