Loss Mitigation Consultant

Northern Trust Corp; Chicago (IL); Hybrid; USD 74,200 - 126,200; Full time

Benefits offered by this job

Comprehensive benefits package

Job summary

Northern Trust in Chicago, IL is seeking a Loss Mitigation Consultant to help guide risk management and regulatory compliance in mortgage loss mitigation. The role emphasizes policy interpretation, collaboration with legal teams, and advising management on risk controls.

The ideal candidate brings extensive experience in mortgage regulations and loss mitigation, strong analytical and communication skills, and the ability to work in a hybrid environment.

Qualifications

• 7+ years of risk management or compliance experience.
• Experience with residential mortgages, loss mitigation, and/or foreclosure/bankruptcy.
• Strong knowledge of mortgage regulations at federal, state and local levels.
• Excellent communication and analytical skills to consult with partners/clients and analyze information.

Responsibilities

• Review and interpret mortgage loss mitigation policies and procedures.
• Provide risk management guidance to managers and staff.
• Coordinate with involved attorneys and regulators as needed.
• Prepare internal risk reports and assist with risk ratings and accrual recommendations.
• Communicate risk implications to partners and clients and advise on policy
• Identify high-risk situations and help management adjust policies.

Skills

Risk management

Regulatory knowledge

Mortgage regulations

Analytical skills

Job description

## Loss Mitigation ConsultantApplylocations: Chicago, ILtime type: Full timeposted on: Posted Todayjob requisition id: R157558**About Northern Trust** As a global leader in innovative wealth management, asset servicing, asset management and banking services, Northern Trust (Nasdaq: NTRS) is proud to guide the world’s most successful individuals, families, corporations and institutions. Since 1889, we have aligned our efforts with our three guiding Principles That Endure: Service, Expertise, and Integrity. Together, they reflect the three cornerstones of business conduct which we strive to instill in our employees, whom we call partners, and to provide to our clients and the communities we serve worldwide. With more than 135 years of financial experience and over 24,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service. The key responsibilities of the role include:* Reviews, disseminates, and interprets policies and procedures for mortgage related products.* Works to proactively establish and document related policies, procedures, and standards within the parameters of any relevant laws and regulations.* Verifies that activities meet any federal, state and/or local legal and regulatory requirements and regulations and monitors outcomes/risk levels for the organization or assigned area.* Communicates with distressed borrowers working through assistance requests or foreclosure process.* Coordinates with involved attorneys.* Further communicates and provides risk mitigation advice and requirements to managers and appropriate personnel.* Reviews Borrower Response Packages for assistance to determine if they are complete and assess and analyze for next steps.* Prepares internal reporting associated with mortgage loss mitigation. Assists in preparation of risk rating and accrual recommendations.* Consults with partners regarding daily decisions that could pose risk and conflict with existing policy and assist with client negotiations on various issues that may present elements of risk.* Identifies situations which pose significant risk and guides management in developing policies and/or procedures that create the proper balance between risk and reward.* Interacts with regulators, internal and external auditors on regulatory topics as needed and appropriate.The successful candidate will benefit from having:* Knowledge of risk management and strategic goals for the bank's business.* Strong knowledge of mortgage regulations, federal, state, and local laws and regulations that impact key activities.* Working knowledge of loan systems, operations, and researching payments.* Communication and analytical skills are necessary to consult with partners/clients and analyze information and to develop compliant policies and procedures.* 7 or more years of risk management or compliance experience. Experience with residential mortgages, loss mitigation, and/or foreclosure/bankruptcy.#LI-LK2, #LI-HybridSalary Range:$74,200 - 126,200 USD*Salary range is a good faith estimate of base pay. Northern Trust provides a comprehensive benefits package including retirement benefits (401k and pension), health and welfare benefits (medical, dental, vision, spending accounts and disability), paid time off, parental and caregiver leave, life & accident insurance, and other voluntary and well-being benefits. Northern Trust also provides a discretionary bonus program that may include an equity component.* **Work Authorization** Applicants must be authorized to work in the U.S. without the need for employment-based visa sponsorship now or in the future. Northern Trust will not sponsor applicants for U.S. work visa status for this opportunity (no sponsorship is available for H-1B, L-1, TN, O-1, E-3, H-1B1, F-1, J-1, OPT, CPT or any other employment-based visa).