Loss Mitigation Specialist

Andrews Federal Credit Union
The Loss Mitigation Specialist will be responsible for establishing contact, communicating and negotiating with members who have delinquent real estate mortgage loans. Must comply with all GSE servicing programs, to ensure requirements for servicing delinquent mortgages and completing workouts are met in effort to mitigate loss. Responsible for monitoring activities of foreclosure attorneys relative to the accurate and timely handling of residential mortgage loans in foreclosure in accordance with applicable state foreclosure requirements. Identifies and refers eligible loans for alternative resolutions. Facilitate disposition of REO properties. Loss mitigation Specialist to reduce potential loan losses, delinquencies or foreclosures.

Essential Duties and Responsibilities

  • Initiates appropriate follow‐up activity on delinquent accounts and maintains on‐line chronological records of all facts, information developed and actions taken.
  • Determines reason for delinquency and establishes an equitable payment arrangement enlisting the cooperation of the member, tracking member’s compliance to revised payment schedule.
  • Provides financial counseling and assistance to members who are experiencing financial difficulties as needed. Assist borrowers to find solutions to maintain home ownership, including HAMP and proprietary modifications. If retention options are not possible, discuss other solutions including short sales, deeds in lieu, etc.
  • Familiar with all aspects of FNMA guidelines for in Delinquency/Default prevention and Management. Ensure necessary information and complete packages are received in a timely manner, maintained, tracked, and logged.
  • Analyzes information in the member's record, decides what action will be taken and selects a method for effecting that action.
  • Negotiates to establish mutually agreeable repayment arrangements with delinquent members to include extension agreements/payment modifications.
  • Recommends appropriate course of action when members refuse to make satisfactory repayment arrangements (i.e. foreclosures, repossession, litigation, charge-off, loss mitigation to included but not limited to payment modification, deferral and/or extension). Ensures appropriate documentation is available for chosen course of action.
  • Monitor accounts and review reports, analyze impact, providing statistical data and reporting results of loan analyses.
  • Complete default investor reporting to FNMA or Treasury as needed or required.
  • Ensure the retention of all records related to loss mitigation as required
  • Compile and maintain reports for management and presents information as required.
  • Manages foreclosure process to ensure the required notices and motions are prepared, received, audited, mailed and/or recorded in accordance with investor and, state and government agency guidelines.
  • Ensure the foreclosure timelines are kept in compliance to minimize delays and losses.
  • Communicate with the foreclosure attorneys as well as members, ensuring appropriate responsiveness have been met, including all escalated matters.
  • Manages REO process to include review collateral condition and establish asset value, coordination of REO asset management functions such as providing listing recommendations, contract negotiations, repair analysis, list reductions, closing issues, etc.
  • Facilitate the best marketing strategies for the timely disposition by keeping abreast of business and market trends that may affect disposition.
  • Perform other duties as assigned

Required Experience

  • Minimum of four (4) years of collection experience, preferably in a financial institution.
  • Must have at least two (2) year experience in Mortgage Loss Mitigation/Collections/Default Servicing/Financial Services and Foreclosure and REO experience.
  • Strong analytical and written communication skills
  • Knowledgeable in GSE’s requirements for Non-Performing Loans
  • College Degree or equivalent experience
  • Prior experience servicing GSE portfolios
  • Ability to work in a dynamic, rapidly changing business environment and manage multiple tasks
  • Ability to influence others while being a team player

Physical Requirements
Requires the ability to sit for extended periods of time, reviewing and analyzing data.

In accordance with the Americans with Disabilities Act, it is possible that requirements may be modified to reasonably accommodate disabled individuals. However, no accommodations will be made which may pose serious health or safety risks to the employee or others or which impose undue hardships on the organization.

Application Instructions: