Loss Mitigation Underwriter (Remote)

First American; Illinois; Remote; USD 60,000 - 80,000; Full time

Job summary

An established industry player seeks a dedicated professional to join their Loss Mitigation team. In this role, you will evaluate policy applications and educate homeowners on various loan options, ensuring compliance with all regulations. Your expertise in risk assessment and customer service will be crucial in providing high-quality support and enhancing the customer experience. This position offers a dynamic work environment where your contributions will directly impact the success of the organization. If you are organized, detail-oriented, and passionate about helping others, this is the perfect opportunity for you.

Benefits

Medical insurance

Dental insurance

Vision insurance

401k

Paid time off

Paid sick leave

Employee stock purchase plan

Qualifications

• 1-3 years of experience in Collections or Loss Mitigation.
• Knowledge of mortgage servicing practices and procedures.

Responsibilities

• Review policy applications and determine risk acceptability.
• Educate homeowners about loan modification programs.

Skills

Risk assessment skills

Organizational skills

Persuasive communication

Customer service skills

Attention to detail

Knowledge of CFPB guidelines

Knowledge of FDCPA guidelines

Education

High School diploma or equivalent

Some college preferred

Tools

Black Knight MSP system

Job description

Who We Are

ServiceMac is a new sub-servicing entity backed by some of the leading practitioners of the mortgage servicing industry. ServiceMac is focused on providing superior technology, products, and services for the mortgage and real estate industries backed by highly personalized service and support. Through continuous innovation and acquisition, our offerings comprise personalized solutions that span the mortgage continuum and enhance security, compliance, customer satisfaction, and profitability. Our inclusive, people-first culture has earned our company numerous accolades, including being named to the Fortune 100 Best Companies to Work For list for nine consecutive years. We have also earned awards as a best place to work for women, diversity, and LGBTQ+ employees, and have been included on more than 50 regional best places to work lists. First American will always strive to be a great place to work, for all.

What We Do

We view and evaluate applications, renewals, re-pricings, restrictions, and cancellations to determine risk acceptability and coverage. We calculate borrower's income and expenses to a high standard of accuracy. We manage a caseload of files including all steps necessary from application to modification. We update and notate system of record and investor portals. We operate according to standard operating procedures and all government and investor regulations. Our goal is to achieve high-quality service and improve the customer experience without causing unwarranted delays or defaults.

What You'll Do

1. Review and evaluate policy applications, renewals, re-pricings, restrictions, and cancellations to determine risk acceptability and coverage.
2. Review loss mitigation package documentation to determine homeowner qualification for loss mitigation options. Report information to the investor, client, and insurer.
3. Educate homeowners about loan modification programs, forbearance plans, repayment plans, short sales, and deeds in lieu options as applicable.
4. Calculate income, expenses, and escrow advances following departmental and investor/insurer/client guidelines.
5. Order and review title searches and BPO/AVM/appraisals as applicable.
6. Review and implement according to investor/client/insurer guidelines for loan modifications, forbearances, repayment terms, short sales, and deeds in lieu.
7. For short sales, review marketing strategies, listing history, offer activity, and resolve counter offers following departmental procedures and guidelines.
8. Request and follow up on foreclosure holds as necessary.
9. Submit loss mitigation requests to investor/client/MI for approval as required.
10. Decline files as directed according to departmental procedures and send appropriate denial letters if the homeowner does not qualify for a workout option.
11. Prepare and send trial period documents, forbearance plans, repayment agreements, short sale approval and closing letters, and decline letters as needed.
12. Monitor the status of repayment plans, forbearance plans, and trial periods; update MSP system and investor records accordingly.
13. Respond to inbound calls, return voicemails, handle escalations, and requests within 24 hours.
14. Contact homeowners and real estate agents to provide status updates on loss mitigation files.
15. Maintain a caseload of files as established by the department.
16. Manage written and verbal communication between homeowners, clients, investors, insurers, subordinate lien holders, real estate agents, credit counseling services, and attorneys.
17. Follow departmental processes, troubleshoot as needed, and suggest improvements for operations.
18. Contribute actively to team results and work towards achieving goals and objectives.

What You'll Bring

• High School diploma or equivalent
• Some college preferred
• 1-3 years of experience in Collections, Loss Mitigation, or related mortgage banking or real estate fields
• 1-3 years of mortgage servicing Loss Mitigation Underwriting experience strongly preferred
• Knowledge of fundamental concepts, practices, and procedures of the department/field
• Knowledge of Black Knight MSP system preferred
• Knowledge of CFPB and FDCPA guidelines preferred
• Risk assessment skills
• Organized, self-motivated, with ability to meet deadlines
• Persuasive, professional communication skills
• Strong customer service skills
• Excellent verbal and written communication skills
• Attention to detail and accuracy
• Ability to learn rules, regulations, and laws to meet guidelines
• Ability to establish effective relationships within the team

Salary Range: $23.80 - $31.80 Hourly

This hiring range is an estimate of the base pay at the time of posting. Pay depends on factors including knowledge, skills, experience, business needs, and location.

What We Offer

We embrace individuality and support diversity, equity, and inclusion as key to our success. Our People First Culture fosters an authentic, inclusive workplace where you are encouraged to bring your entire, unique self. First American is an equal opportunity employer. We offer a comprehensive benefits package including medical, dental, vision, 401k, PTO, paid sick leave, and other benefits such as an employee stock purchase plan.