Loss Mitigation Specialist

University Bank; Michigan; Ibrido; USD 50.000 - 70.000; Tempo pieno

Descrizione del lavoro

University Bank is seeking a Loss Mitigation Specialist to help reduce foreclosure risk by working directly with delinquent borrowers and evaluating financials for sustainable home retention or liquidation options.

The role involves counseling borrowers, aligning with investor and insurer guidelines, and ensuring all loss mitigation reviews meet regulatory requirements. Collaboration with mortgage operations and other departments is essential.

Competenze

• Minimum 3 years of mortgage loss mitigation or default servicing experience.
• Knowledge of investor and insurer loss mitigation guidelines.
• Strong attention to detail and organizational skills.
• Excellent verbal and written communication abilities.

Mansioni

• Review and validate borrower financial packages for completeness and accuracy.
• Process and monitor workout options in accordance with governing guidelines.
• Ensure compliance with federal and state regulations in underwriting reviews.
• Communicate with borrowers, investors, and stakeholders to develop mitigation strategies.
• Collaborate with internal teams to ensure accurate system updates and reporting.
• Provide counseling to delinquent borrowers and participate in mitigation calls.

Conoscenze

Mortgage loss mitigation

Regulatory compliance

Communication skills

Detail orientation

Time management

Problem solving

Team collaboration

Formazione

High school diploma

Mortgage servicing certification (preferred)

Strumenti

ICE MSP

MSP

LMS

FHA Connection

Microsoft Office

Descrizione del lavoro

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.

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