Loss Mitigation Specialist

University Bank; Michigan; Hybrid; USD 42,000 - 65,000; Full time

Job summary

University Bank seeks a Loss Mitigation Specialist to reduce foreclosure risk by working with delinquent borrowers to identify home retention or liquidation options. This role evaluates borrower finances, counsels borrowers on available options, and ensures loss mitigation reviews meet investor, insurer, and regulatory requirements.

You will evaluate borrower finances, counsel on available solutions, and ensure loss mitigation reviews meet applicable investor, insurer, and regulatory

Qualifications

• High school diploma or equivalent.
• Minimum 3 years of mortgage loss mitigation experience.
• Knowledge of Fannie Mae, Freddie Mac, FHA/HUD, VA and private investor guidelines.
• Certification in credit counseling or mortgage servicing is a plus.
• Strong attention to detail and regulatory compliance.
• Experience with ICE MSP/LMS or similar platforms preferred.
• Proficiency with Windows and Microsoft Office.

Responsibilities

• Review borrower financial packages for completeness, accuracy, and compliance with documentation standards prior to underwriting evaluation.
• Process, evaluate, and monitor all workout options in accordance with GSE and agency guidelines, ensuring timelines and eligibility criteria are met.
• Ensure full compliance with CFPB rules and Regulation X and Z throughout the underwriting review and decision making process.
• Monitor and respond promptly to departmental email queues, ensuring timely communication with borrowers, investors, and internal stakeholders.
• Communicate effectively with borrowers, lenders, insurers, attorneys, and investors to develop sustainable workout strategies.
• Report approved workout solutions to investors and designated systems, ensuring accuracy and compliance with reporting standards.
• Provide counseling and guidance to delinquent borrowers, including participation in mitigation calls with attorneys or authorized representatives.
• Coordinate with internal departments to ensure accurate system updates and timely placement/removal of foreclosure holds or cancellations.
• Maintain accurate servicing system records within ICE MSP and LoanSphere, including loss mitigation codes and status updates.
• Complete required updates in investor/insurer systems (FHA Connection, Fannie Mae SMDU, Freddie Mac Resolve, etc.).
• Ensure accuracy of payment posting and suspense management for loans under mitigation reviews.
• Manage departmental email inboxes and provide backup support during high volume periods.

Skills

Excellent communication

Detail oriented

Time management

Analytical thinking

Education

High school diploma or equivalent

Tools

MSP LMS

ICE Mortgage Technology

Microsoft Office

Job description

General Job Summary

The Loss Mitigation Specialist is responsible for reducing foreclosure risk by working directly with delinquent borrowers to identify sustainable home retention or liquidation solutions. This role evaluates borrower financials, counsels borrowers on available options, and ensures all loss mitigation reviews are completed accurately, timely, and in full compliance with investor, insurer, and regulatory requirements.

Summary of Essential Job Functions

• Review and validate borrower financial packages for completeness, accuracy, and compliance with required documentation standards prior to underwriting evaluation.
• Process, evaluate, and monitor all workout options in accordance with GSE (Fannie Mae, Freddie Mac), FHA/HUD, USDA, VA, FHLB, GNMA, and private investor/insurer guidelines, ensuring adherence to program specific timelines and eligibility criteria.
• Ensure full compliance with federal, state, investor, and insurer regulations, including CFPB mortgage servicing rules under Regulation X and Regulation Z, throughout the underwriting review and decision making process.
• Monitor and respond promptly to departmental email queues, ensuring timely communication and resolution of borrower, investor, and internal stakeholder inquiries.
• Communicate effectively with borrowers, credit unions, mortgage insurers, attorneys, and secondary market investors to develop appropriate and sustainable workout strategies tailored to borrower circumstances and investor requirements.
• Report approved workout solutions to investors, Treasury programs (as applicable), and designated investor/vendor systems, ensuring accuracy and compliance with reporting standards.
• Provide counseling and guidance to delinquent borrowers, including participation in scheduled mitigation calls with attorneys or authorized representatives to support resolution efforts.
• Collaborate with internal departments, including foreclosure, bankruptcy, customer service, and payment processing to ensure accurate system updates, correct payment application, and timely placement or removal of foreclosure holds or cancellations.
• Coordinate with State Housing Assistance Programs and Hardest Hit Fund programs, ensuring accurate submission, tracking, and application of approved assistance.
• Maintain accurate and compliant servicing system records within ICE MSP and LoanSphere, including application of correct loss mitigation codes, comments, and status updates.
• Complete required updates and actions in investor and insurer systems, including FHA Connection, Fannie Mae SMDU, Freddie Mac Resolve, USDA LINC, VA Valeri, and FHLB eMAQCS, ensuring all data is current and accurate.
• Ensure accuracy of payment posting and suspense management for loans undergoing loss mitigation review or active workout plans, preventing misapplication and ensuring compliance with investor and regulatory requirements.
• Manage individual and shared departmental email inboxes, responding promptly and professionally to internal and external inquiries.
• Provide backup support to team members during high volume periods or staffing shortages to ensure service level expectations are met.

Other Job Functions

• Participate in all required departmental training sessions and BAI trainings.
• Regularly review and monitor updates to workout programs, including GSE (Fannie Mae, Freddie Mac), FHA/HUD, VA, FHLB, USDA, and state assistance initiatives, ensuring timely adoption of new requirements and procedural changes.
• Support continuous improvement efforts by providing feedback on processes, identifying workflow gaps, and assisting with implementation of best practices.
• Perform additional duties and responsibilities as assigned by leadership, including special projects, audits, quality control initiatives, or cross functional support as business needs evolve.

Requirements

Education, Training and Work Experience

• High school diploma (or equivalent) required.
• Minimum 3 years of experience in mortgage loss mitigation and related default servicing.
• Knowledge of investor and insurer loss mitigation guidelines (Fannie Mae, Freddie Mac, FHA/HUD, VA, USDA, FHLB and private investors) preferred.
• Certification in credit counseling, collections, or mortgage servicing is a plus but not required.
• Strong understanding of foreclosure prevention options and regulatory compliance.
• Experience with ICE Mortgage Technology platforms, including MSP, LMS is highly preferred.
• Strong attention to detail and organizational skills.
• Highly effective verbal and written communication abilities.
• Proficiency with Windows operating systems and Microsoft Office applications (Outlook, Word, Excel, Teams) required, along with strong typing and data entry skills.

Knowledge, Skills and Abilities

• Maintain and foster strong, positive working relationships with customers, internal teams, and external business partners.
• Communicate professionally and effectively in both verbal and written formats, ensuring clarity, and accuracy.
• Demonstrate excellent organizational, time management, critical thinking & analytical skills.
• Exhibit a high degree of accuracy and attention to detail.
• Prioritize tasks effectively and meet deadlines, while maintaining consistent precision and adherence to established procedures.
• Handle confidential and sensitive information responsibly, in accordance with company policies and regulatory requirements
• Build rapport and negotiate effectively, providing business oriented solutions for escalated issues and complex customer situations.
• Effective problem-solving skills, and a solutions oriented mindset.
• Demonstrate a high level of dependability, reliability, and accountability in daily responsibilities.
• Compliance with all applicable regulations, internal controls, departmental procedures, and company policies.

Working Environment

Primary work is performed in an indoor, climate-controlled office environment and/or a private home office, or a combination of both, at management’s discretion. The employee may be exposed to fluorescent lighting, dust, and other normal indoor allergens. Work may occur in close proximity to coworkers or independently in a quiet setting.

Physical Requirements

• Ability to sit for extended periods.
• Ability to perform repetitive tasks (keyboard/mouse use).
• Ability to lift up to 20 pounds occasionally.

Disclaimer

The above statements are intended to describe the general nature and level of work being performed by people assigned to this classification. They are not to be construed as an exhaustive list of all responsibilities, duties, and skills required of personnel so classified. All personnel may be required to perform duties outside of their normal responsibilities from time to time, as needed.

The salary range for this role takes into consideration a wide range of factors including but not limited to the duties of the role, experience, location, and certificates and/or education.

**University Bank is an Equal Opportunity / Aff...**