Reply by 101livescan on 7/15/09 8:51am
Msg #295947
I had so many responses, here is the job description for this position in Ventura County, CA
TITLE: Loss Mitigation Specialist
Location: Ventura, CA
This job description is solely for descriptive purposes and the responsibilities may change. This job description does not constitute a contract for employment.
Scope of Job:
Identify mortgagors that are eligible for Loss Mitigation or Loan Work Out. Loss Mitigation alternatives are options used to reduce the financial loss of the mortgage holder and/or mortgage insurer and to provide assistance to the home owner/borrower who are in default, or who are in imminent danger of going into default. Loss Mitigation options include repayment plans, forbearance plans, loan modifications, pre-foreclosure short sales, deed-in lieu of foreclosure and FHA/HUD partial claims.
Job Responsibilities:
* Responsible for making and receiving calls from mortgagors to determine the reason for delinquency.
* Analyze financial documentation to determine the most effective Loss Mitigation alternative.
* Identify and submit qualifying Loss Mitigation cases to appropriate Investor/Insurer.
* Prepare necessary documentation to complete repayment plans, forbearance plans and Loan Modification Agreements in accordance with Investor/Insurer Guidelines.
* Work referral tasks from internal departments, identify and refer fraudulent and/or suspicious accounts to the Quality Assurance Department.
* Manage Approved Loss Mitigation Workouts:
a) Monitor receipt of signed repayment/forbearance plans and Loan Modification Agreements.
b) Monitor the approved repayment/forbearance plans on a monthly basis.
c) Manage reimbursement of corporate funds from Investors/Insurers.
d) File and monitor Mortgage Insurance Claims For Loss in accordance with Investor/Insurer guidelines.
e) Submit and monitor Investor Reimbursement Claims for Corporate Advances.
f) Convey FHA/VA properties to the appropriate agency in accordance with Insurer guidelines and timelines.
* Administer Real Estate Owned properties in accordance with Investor/Insurer guidelines.
* Complete all other duties as assigned by the Loss Mitigation Supervisor.
Qualifications:
* Candidates should be able to multitask and work in a fast-paced environment.
* Possess excellent communication and negotiation skills.
* Knowledgeable as to legal document and compliance requirements, based on secondary market requirements and national, state and local laws and regulations.
* Preferred candidates will have knowledge of mortgage banking and basic knowledge of collections, bankruptcy, foreclosure, and claims.
* Candidates must be willing to work in a call center environment and handle a large volume of inbound and outbound calls on a daily basis.
* Must be proficient in PC's using a Windows operating system.
* Ability to speak Spanish a plus.
Skills/Abilities:
The Loss Mitigation Specialist will possess excellent analytical, organizational, and communication skills. The specialist will be confronted with difficult, unreasonable and verbally abusive mortgagors and must have the skills to handle the situation effectively.
More specifically, the Loss Mitigations Specialist must have the skill and/or ability to:
* Interpret financial documents, including but not limited to: Federal and State Tax Returns, Credit Reports, Mortgage Applications and Loss Mitigation Workout Packages.
* Analyze Appraisals and Broker Price Opinions to verify accuracy.
* Maintain a thorough knowledge of the Federal Bankruptcy Code.
* Maintain a thorough knowledge of the Foreclosure Laws for all 50 states.
* Maintain a thorough knowledge of Investor/Insurer Policies and Procedures for Bankruptcy, Foreclosure and Loss Mitigation.
* Experience with Loan Servicing Systems preferred.
* Working knowledge of Microsoft Office including Excel, Work, and Outlook required.
Experience: The Loss Mitigation Specialist must have a complete understanding of Mortgage Servicing Operations with 1 to 2 years of Default experience.
Education/Licenses/Certifications: The Loss Mitigations Specialist should possess a College Degree or equivalent experience.
Relationships (internal/external): The Loss Mitigation Specialist maintains many external and internal relationships. Internally the specialist collaborates with the Loan Servicing Manager, Assistant Servicing Manager and the Default Manager along with all other Manager/Supervisors and Associates within the Loan Servicing Division. Externally, the Loss Mitigation Specialist maintains relationships with the Mortgagors, Attorneys, Bankruptcy Trustees Real Estate Agents, Appraisers, Title Insurance Companies, Property Preservation Contractors, Investors, and Insurers.
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Reply by 101livescan on 7/16/09 8:25am
Msg #296066
This is a position, temp at first, which may become a permanent hire. It is not a mortgage workout SCAM, it is an inhouse position working for the bank reporting directly to the President of the bank, who serves at the behest of the Board of Directors. It is the person who works directly with borrowers to see if they qualify for workouts or if they are completely unable to make any kind of payment toward salvaging their home mortgage.
Yesterday I had a foreclosure property come up for sale, book value of loan $410 in a $150K neighborhood. The bank did a work out for the borrower since they inherited this house from family albeit they had a mortgage over twice it's value of today. Anything is possible, but you don't have to pay 21st Century to help you do it. The banks are compelled by State and Fed regulators to work out loans with borrowers wherever possible.
This is a real job opportunity in Ventura, CA.
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