Loss Mitigation Job Description
Loss mitigation
provides workout alternatives while reviewing bank, investor and regulatory guidelines to ensure the account is serviced according to policy.
Loss Mitigation Duties & Responsibilities
To write an effective loss mitigation job description, begin by listing detailed duties, responsibilities and expectations. We have included loss mitigation job description templates that you can modify and use.
Sample responsibilities for this position include:
Analyzes borrower documentation to determine borrower eligibility and compliance with investor guidelines
Maintains understanding of Investor guidelines for loss mitigation
Contacting customers by phone and written correspondence to secure a payment in compliance with FDCPA guidelines
Skip tracing to search for alternative customer contact information
Maintain set calls per hour, promise kept and abandoned call performance objectives
Maintain current and thorough knowledge of all bank policies, procedures, regulations, systems, products and services as they apply to collections activities
Communicate with Loan Servicing team to maintain account restrictions, process settlements and request account closures
Log and track customer complaints
Review and monitor established performance objectives for all loss mitigation business functions
Manageinbound/outbound Recovery inquiries and disputes in a prompt, professional and courteous manner to ensure customer satisfaction
Loss Mitigation Qualifications
Qualifications for a job description may include education, certification, and experience.
Licensing or Certifications for Loss Mitigation
List any licenses or certifications required by the position: DE
Education for Loss Mitigation
Typically a job would require a certain level of education.
Employers hiring for the loss mitigation job most commonly would prefer for their future employee to have a relevant degree such as Bachelor's and Associate Degree in Business, Education, Finance, Financial Services, Associates, Real Estate, Management, Accounting, General Education, Business/Administration
Skills for Loss Mitigation
Desired skills for loss mitigation include:
Fair Debt Collection Protection Act
Adhere to Flagstar’s internal compliance policies and procedures
Scheduling and volume forecasting
Economics
Income Calculations
Mortgage loan workout options
Real Estate
Residential Lending
CFPB
Investor
Desired experience for loss mitigation includes:
Strong follow-up and customer service skills personal computer knowledge including proficiency in Word and Excel are required
3 years experience in a loss mitigation/originations processing/loan administration or call center environment
3+ years consumer debt collection or comparable experience
5+ years related consumer debt collection experience
Experience collecting accounts up to 120 days delinquent
Experience with specialty servicing including bankruptcy, repossession, foreclosure, and recovery collections
Loss Mitigation Examples
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Loss Mitigation Job Description
Job Description Example
Our innovative and growing company is looking to fill the role of loss mitigation. We appreciate you taking the time to review the list of qualifications and to apply for the position. If you don’t fill all of the qualifications, you may still be considered depending on your level of experience.
Responsibilities for loss mitigation
- Research accounts in multiple departments and systems to determine what information needs to be retrieved
- Use multiple computer applications to process inquiries from start to finish
- Responsible for negotiating problem resolution to include all Customer/Client issues in a timely manner
- Manage legal and third party assigned accounts
- Create, document and distribute reports to stakeholders
- Superior analytical, negotiation, creative problem-solving and decision-making skills
- Additional duties as business needs require
- Flexibility with work schedules and assignments as determined by the needs of the business
- Receptive to monitoring and coaching for Quality and Productivity metrics/gains
- Must be meeting or exceeding all current performance measures including, but not limited to, quality, productivity, attendance and schedule adherence
Qualifications for loss mitigation
- 1 year experience in a loss mitigation/originations processing/loan administration or call center environment
- Demonstrates understanding of consumer debt collection laws
- Demonstrates ability to evaluate customer data (credit bureaus, income ratios)
- Demonstrates strong analytical and problem solving skills with the ability to prioritize multiple tasks
- Demonstrates knowledge of consumer related debt collection regulations (i.e., FDCPA, FCRA, Reg B)
- Demonstrates knowledge of bankruptcy, foreclosure, and repossession servicing requirements
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Loss Mitigation Job Description
Job Description Example
Our company is looking for a loss mitigation. If you are looking for an exciting place to work, please take a look at the list of qualifications below.
Responsibilities for loss mitigation
- Review and analyze borrower documentation to determine income and repayment ability, assess borrower's hardship, analyze housing expenses, and determine proper loan resolution
- Process and analyze delinquency, escrow analysis, analyze workout scenarios and proposals and recommend appropriate loan workout
- Input and acknowledge appropriate documentation to applicants with a firm emphasis on documents received and any additional requirements
- Ensure adherence to regulatory time lines
- Actively participate with identification, escalation, and remediation of audit requests, risk events, customer complaints resolution or other departmental duties as assigned
- Engage with business partners for timely workout renewal processing on matured accounts
- Be familiar with, and adhere to guidelines for retention options for maturing/matured accounts, including term extension processing
- Perform and interpret external ordering of valuations on property, request for title, lien search, tax transcripts, credit bureau reporting
- Problem solving mindset that “owns” the customer’s issue
- Detail oriented to avoid errors in a highly regulated environment
Qualifications for loss mitigation
- Demonstrates advanced knowledge of Microsoft Office Suite (Excel, Word, PowerPoint, Outlook, etc)
- Knowledge of IBS-FIS loan platform
- Knowledge of the use of PACER for bankruptcy servicing
- Knowledge of bankruptcy including processing petitions, filing POC¿s, reaffirmations, communication with trustees and debtor counsel
- Knowledge of addressing CRA complaints and disputes including e-OSCAR input
- Working knowledge of GL and accounting transactions for OREO, collateral liquidation, and recovery payment/invoice processing
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Loss Mitigation Job Description
Job Description Example
Our innovative and growing company is searching for experienced candidates for the position of loss mitigation. To join our growing team, please review the list of responsibilities and qualifications.
Responsibilities for loss mitigation
- Maintain understanding of Investor guidelines for loss mitigation, including Fannie Mae, Freddie Mac, FHA and VA as well regulatory guidelines
- Conduct specialized campaigns to support loss mitigation initiatives and investor, state or company-specific focuses
- Effective written and verbal communication with internal and external business partners
- Judgment – ability to make effective decisions on behalf of the customer, company, and fellow associates
- Be a leader among your peers and set example of Living the Values
- Analyzes data such as income calculation and debt ratio and uses expertise to determine borrower risk
- Ensures correct documents and detailed notes are available in document repository/system of record
- Analyzes Credit Bureau Report
- Enters accurate figures into system of record, including but not limited to client’s proprietary systems
- Acts as the advocate for the customer by answering phone calls and e-mails, interpreting problems, providing support, keeping track of issues and resolutions and using the system and support departments to resolve recurrent problems
Qualifications for loss mitigation
- At least 1 year of customer service or collections experience
- At least 1 year of administrative or coordination experience
- Shifts available are from 9am-6pm for the downtown St
- Bachelor’s Degree or Higher, or related Military experience
- At least 1 year of Underwriting experience and/or experience in Loss Mitigation
- 1 or more years’ experience in Loss Mitigation or a related area
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Loss Mitigation Job Description
Job Description Example
Our growing company is looking for a loss mitigation. We appreciate you taking the time to review the list of qualifications and to apply for the position. If you don’t fill all of the qualifications, you may still be considered depending on your level of experience.
Responsibilities for loss mitigation
- Coordinates internal tasks such as escrow, title search, trustee approval, and collection of fees to ensure the customer’s request is processed with in timeframe set forth by management
- Determining appropriate amount due to customers for default related fees, reimbursements and incentives
- Manage projects independently and as a part of the team
- Identify and resolve operational issues with business areas and technical personnel
- Responsible for interpreting reports, monitoring/assessing trends, and identifying process gaps
- Restructure loans when counterparties do not meet the original conditions of the loan and asset recovery
- Respond professionally and timely to customer inquiries through verbal and/or written communications
- Assist in analyzing data and point out trends that can be used to train servicers and/or business partners and internal staff on possible gaps in existing processes
- Attend meetings and assist on assigned projects and collaborate as needed with colleagues
- May work with legal and other organizations to assist in managing foreclosures, short sales, home retention and other problem or non-performing loans
Qualifications for loss mitigation
- 1 year mortgage processing/underwriting or loss mitigation experience is required
- Must be self motivated and a strong decision maker
- Must possess excellent customer service, organizational, and communication skills
- Candidate must be flexible and able to excel in an ever-changing environment
- Employees are required to successfully complete annual mandatory training requirements and department specific training, as defined by management
- Experience working with systems such as Fastrieve, I-desk, Back in the Black and Fidelity (MSP) preferred
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Loss Mitigation Job Description
Job Description Example
Our innovative and growing company is looking to fill the role of loss mitigation. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for loss mitigation
- Supervises daily operation of the Loss Mitigation department, ensuring compliance with departmental policies and procedures and all applicable government, investor and client regulations
- Responsible for reporting, interpreting reports, monitoring/assessing trends, and identifying process gaps
- Prepare mailing labels for overnight packages
- Upon receipt of executed documents, validate all signatures have been completed, dated, and notarized and are submitted to Management for final signatures and notarization
- Ensure Foreclosure close and bill task is opened
- Ensure Escrow change task is opened
- Process payment reversals to ensure modification system changes are processed accurately as needed
- Allocate borrower contribution when required
- Follow up on status of documents sent to recording
- Send partial claims to FHA vendor and track to ensure FHA vendor’s receipt of recorded partial claims documents
Qualifications for loss mitigation
- Knowledge of original loan documents
- Knowledge of all loss mitigation options and waterfall processes for GSE loans, HFI loans, and FHA loans
- Working knowledge of HSSN, WPII, VALERI and Process Management preferred but not required
- Must be self-motivated, proactive, and have excellent organization and planning skills
- Bachelor’s Degree and/or 5 + years related experience preferred
- Ability to influence others while being a team player