Loss Mitigation

Loss Mitigation SPOC

Duration - 6 Months, Contract, W2

Location - Remote

Pay - $24/hr

Performing a variety of tasks related to the company's Loss Mitigation functions. Works directly with borrowers experiencing financial hardships to identify homeownership retention options for eligible FNMA, FHLMC, USDA, FHA, and VA loans. Performs missing document follow-up, communicating approval and/or denial decisions associated with the Loss Mitigation evaluation, monitoring trial payment plans, and educating borrowers on Loss Mitigation programs in accordance with established investor/insurer, state, and federal guidelines/regulations.

ESSENTIAL FUNCTIONS

• Serve as a SME for assigned loan product(s) to ensure compliance with investor/insurer and/or regulatory guidelines by communicating with borrowers to explain loss mitigation options and how to apply for assistance, while properly documenting communications within the servicing system.
• Effectively communicate Loss Mitigation workout evaluation outcomes (approval or denial), including modifications, payment deferrals/partial claims, forbearance, short-sale and DIL workouts in accordance with investor/insurer guidelines.
• Coordinate the receipt of all necessary documents and notify the borrower of any required documents necessary to complete the Loss Mitigation application.
• Manage an assigned work queue to ensure complete, accurate, and timely communications with the borrower.
• Assist with borrower mediations, meetings, and calls; provide loss mitigation options, communicate options, and follow up with borrows to obtain outstanding lien or judgment information.
• Assist with internal and external audit preparations, post-audit findings to investors, and any other exam activities, as assigned.
• Work with potential successors to educate them on documentation requirements to establish successor-in-interest status, including follow-up to communication to encourage the timely return of required documents.
• Review written communication prior to sending to borrowers' for completeness and accuracy.
• Respond to escalated borrower phone calls and provide detailed, thorough explanations of denials and approvals, calculations, and criteria.
• Collaborate with other default servicing team members to ensure proper loan handling to prevent dual tracking.
• Monitors inventory of assigned loans in-process to identify any deviation from standard processing time and take appropriate actions, including referring to management for alternatives to ensure timely resolution.
• Perform other duties as assigned.

Experience:

· Bachelors Degree directly related to the position or equivalent, preferred

· 2 years experience working in a mortgage loss mitigation role.

· Strong working knowledge of conventional and government mortgage loan documents, including overall processes and inter-relationships, standards and requirements, terminology, compliance, and regulatory requirements related to federal debt collection laws, Federal Bankruptcy Laws, and proper handling of other legal situations.

• Knowledge of Standard Operating Procedures associated with CFPB, FCRA, TCPA, and FDCPA preferred.
• Ability to work in a demanding role that requires patience and professionalism while interacting with consumers experiencing financial and emotional stress.
• Strong interpersonal, critical-thinking, and problem-solving skills.
• Highly organized and detail oriented; ability to manage a high volume of assigned files.
• Work in a fast-paced, department-metrics-driven environment required. Advanced math skills preferred.
• Proficiency with basic internet searches, data entry, Microsoft Word, Excel and Outlook required.
• Familiarity with document retention software.
• 10-key by touch strongly preferred.

All qualified applicants will receive consideration for employment without regard to race, color, national origin, age, ancestry, religion, sex, sexual orientation, gender identity, gender expression, marital status, disability, medical condition, genetic information, pregnancy, or military or veteran status. We consider all qualified applicants, including those with criminal histories, in a manner consistent with state and local laws, including the California Fair Chance Act, City of Los Angeles' Fair Chance Initiative for Hiring Ordinance, and Los Angeles County Fair Chance Ordinance.