Loss Mitigation Specialist

Job Description:

Position Summary:

Loss Mitigation Specialist is responsible for the collections, recovery, and loss mitigation of mortgage loans for the credit union. The incumbent manages an outbound calling queue to contact members with delinquent mortgage loans, negotiate repayment plans, and evaluate forbearance requests to help mitigate financial risk and assist members experiencing financial hardship. The Loss Mitigation Specialist creates and monitors weekly reports on past-due loans, ensuring accurate tracking and resolution of default accounts. The incumbent works closely with members to find viable solutions while adhering to regulatory and investor guidelines. Additionally, they maintain detailed records for litigation purposes, principal mortgage insurance (PMI) claims, and various investor requirements.

Primary Responsibilities and Duties:

• Contact members with delinquent mortgage loans to discuss repayment options and mitigate potential losses.
• Manage a high volume of inbound and outbound calls and maintain consistent follow-up on past-due accounts.
• Send delinquency letters to members and send principal mortgage insurance (PMI) delinquency letters.
• Evaluate and process requests for loan forbearance and other loss mitigation solutions.
• Negotiate and establish repayment plans that align with the credit union's policies and the member's financial circumstances.
• Prepare and monitor weekly and monthly reports and accurate records on past-due loans and collection efforts for various stakeholders, including principal mortgage insurance (PMI) companies, Fannie Mae, other investors, internal and external legal counsel, and management.
• Provide excellent member service regarding collection issues, resolves member discrepancies and short payments.
• Collaborate with internal departments and external agencies to facilitate loss mitigation processes.
• Ensure compliance with regulatory requirements, investor guidelines, and credit union policies.
• Assumes additional responsibilities as necessary for the continued growth and advancement of Everwise.

Knowledge/Skills:

• Strong written and verbal communication skills who interact with internal and external stakeholders.
• Ability to analyze financial situations and recommend appropriate solutions.
• Detail oriented with strong organizational skills.
• Strong problem-solving skills and the ability to think critically.
• High level of empathy and respect in interactions with members.
• Ability to work independently and as part of a team.

Minimum Requirements:

• High School Diploma or GED
• 1+ years of collections, loss mitigation, or mortgage servicing experience required
• Knowledge of mortgage lending regulations and investor guidelines is preferred.

Everwise is an equal opportunity employer. We celebrate diversity and are committed to creating an inclusive environment for all employees.