Mortgage Loss Mitigation & REO Strategist

Municipal Credit Union; United States; Hybrid; USD 66,000 - 87,000; Full time

Job summary

Municipal Credit Union is seeking a Loss Mitigation & Foreclosure Specialist to independently manage a portfolio of late-stage delinquent and defaulted residential loans through foreclosure review, loss mitigation, and REO disposition. The role requires coordinating with counsel, partners, and investors to keep files progressing toward resolution.

Responsibilities include reviewing loss mitigation applications, maintaining audit-ready documentation, and overseeing REO properties from acquisition

Qualifications

• 3 to 5 years of experience in mortgage loss mitigation, foreclosure, default servicing, REO asset management, or a closely related area.
• Demonstrated experience evaluating loan modifications, repayment plans, forbearance options, short sales, deeds in lieu of foreclosure, and other foreclosure alternatives.
• Hands-on experience managing REO assets and reviewing property valuations, listing agreements, marketing plans, purchase offers, contracts of sale, closing documents, repair proposals, and settlement statements.
• Strong knowledge of mortgage servicing, foreclosure processes and timelines, and applicable investor, insurer, state, and federal requirements.

Responsibilities

• Review and evaluate loss mitigation files for retention options, including loan modifications, repayment plans, forbearance, short sales, and deeds in lieu of foreclosure.
• Analyze borrower financial information, hardship documentation, property information, lien position, title concerns, and estimated recovery to develop a recommended resolution strategy.
• Coordinate with collections, servicing, escrow, legal, underwriting, bankruptcy, and other internal partners to resolve discrepancies and move files toward timely resolution.
• Review assigned foreclosure cases to ensure all prerequisites are satisfied before initiating foreclosure referral and monitor cases through judgment, sale, or other resolution.
• Manage REO assets through acquisition, marketing, sale preparation, and final disposition, including property valuations and market conditions.
• Evaluate short sale and deed in lieu requests from intake through closing, including financial review and title analysis.
• Maintain audit-ready electronic and system files across loss mitigation, foreclosure, REO, and disposition actions.
• Support internal and external audits by gathering documentation and responding to findings.

Skills

Mortgage loss mitigation

Foreclosure

REO management

Analytical skills

Tools

Microsoft Word

Excel

Outlook

Finastra Mortgage Servicing Director

Job description

Municipal Credit Union is seeking a Loss Mitigation & Foreclosure Specialist to independently manage a portfolio of late-stage delinquent and defaulted residential loans through foreclosure review, loss mitigation, and REO disposition. The role requires coordinating with counsel, partners, and investors to keep files progressing toward resolution.

Responsibilities include reviewing loss mitigation applications, maintaining audit-ready documentation, and overseeing REO properties from acquisition