Loss Mitigation

The Planet Group; United States; On-site; USD 52,000 - 68,000; Full time

Job summary

The Planet Group is seeking a Loss Mitigation Single Point of Contact (SPOC) to support borrowers experiencing financial hardship with FNMA, FHLMC, USDA, FHA, and VA loans. You will serve as the primary liaison, explain options, gather documents, and ensure accurate, compliant communications throughout the loss mitigation process.

Ideal candidates will have at least two years in mortgage loss mitigation, strong regulatory knowledge, and excellent communication and organizational skills to manage

Qualifications

• Minimum two years of experience working in a mortgage loss mitigation role.
• Strong working knowledge of conventional and government mortgage loan documents, including related processes and terminology.
• Familiarity with CFPB, FCRA, TCPA, and FDCPA SOPs and related regulatory requirements.
• Ability to work in a demanding role with patience and professionalism with distressed borrowers.
• Strong interpersonal, critical-thinking, and problem-solving skills.
• Highly organized and detail-oriented; able to manage a high volume of files.
• Experience in a fast-paced, metrics-driven environment.
• Proficiency with basic internet searches, data entry, Word, Excel and Outlook.
• Advanced math skills preferred.
• Bachelor's degree directly related to the position or equivalent preferred.
• Knowledge of document retention software.

Responsibilities

• Serve as a single point of contact for Loss Mitigation activities.
• Explain loss mitigation options and application processes to borrowers, documenting communications.
• Coordinate receipt of documents and notify borrowers of missing items.
• Manage assigned work queue to ensure timely borrower communications.
• Assist with borrower mediations, meetings, and calls; relay loss mitigation options and follow up on required information.
• Support internal and external audit preparations and post-audit findings communications.
• Educate successors on documentation requirements to establish successor-in-interest status.
• Review written communications for completeness and accuracy.
• Respond to escalated borrower calls with thorough explanations of denials/approvals, calculations, and criteria.
• Ensure compliance with applicable laws and regulations and complete compliance training.
• Identify changes in industry regulations and update internal policies as needed.
• Provide accurate information to resolve issues and follow up on commitments.
• Participate in Call Quality program and contribute to continuous improvement.
• Collaborate with default servicing team to prevent dual tracking.
• Demonstrate critical thinking and accountability, upholding company values.
• Monitor loan inventory and take action to keep processing times on track.
• Perform other duties as assigned.

Skills

Mortgage loss mitigation

Communication

Interpersonal skills

Critical thinking

Problem solving

Organizational skills

Teamwork

Attention to detail

Math skills

Document retention

Education

Bachelor's degree related to position

Tools

Microsoft Word

Excel

Outlook

Job description

The Loss Mitigation Single Point of Contact (SPOC) plays an important role in the organization by performing a variety of tasks related to the company’s Loss Mitigation functions. The role is responsible for acting as a single point of contact for Loss Mitigation activities. This role works directly with borrowers experiencing financial hardships to identify homeownership retention options for eligible FNMA, FHLMC, USDA, FHA, and VA loans. Activities include, but not limited to, 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.

Job Responsibilities:

• The SPOC will serve as a subject-matter expert 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, while maintaining a professional demeanor
• Coordinate the receipt of all necessary documents and notify the borrower of any required documents necessary to complete the Loss Mitigation application
• Effectively and independently 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 borrowers 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
• Ensures compliance with applicable federal, state, and local laws and regulations. Completes all required compliance training.
• Identify and stay current on changes in industry regulations, and recommend updates to internal policies, procedures, policies, and systems based on new/changed requirements
• Provide accurate and complete information to resolve issues and follow up on any outstanding issues or commitments promptly and when promised
• Actively participate in a Call Quality program to demonstrate commitment to continuous improvement
• Collaborate with other default servicing team members to ensure proper loan handling to prevent dual tracking
• Demonstrate critical thinking skills and sound judgment in all aspects of the role, while reinforcing cultural values and accountability for results
• 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

Job Qualifications:

• Minimum two years of experience working in a mortgage loss mitigation role
• Strong working knowledge of conventional and government mortgage loan documents
• Includes overall processes and interrelationships, standards and requirements, terminology, compliance, and regulatory requirements related to federal debt collection laws, federal bankruptcy laws, and proper handling of other legal situations
• 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 is required
• Proficiency with basic internet searches, data entry, Microsoft Word, Excel and Outlook required
• Advanced math skills preferred
• Bachelors Degree directly related to the position or equivalent, preferred
• Knowledge of Standard Operating Procedures associated with CFPB, FCRA, TCPA, and FDCPA preferred
• Familiarity with document retention software