Loss Mitigation Underwriter III

Job Summary

This role is responsible for reviewing mortgage loan accounts to determine whether customers qualify for retention or liquidation options through financial analysis of income and ability to repay. The position involves submitting loan modification workups and reviewing appeal requests for loans where loss mitigation has been denied.

Key Responsibilities

• Understand investor waterfalls and required documents for loss mitigation.
• Manage and monitor account portfolio to ensure compliance with banking policies, investor guidelines, and applicable regulations.
• Assess income and expenses, as well as property value and variance between appraised properties and offers submitted by potential buyers.
• Serve as liaison to various investors, including Fannie Mae, Freddie Mac, and M&T Bank, to gain approval for settlements and provide necessary documentation.
• Communicate with HUD regarding loss mitigation requests and extension approvals.
• Review denied loan appeal requests by examining changes in customer's income, newly submitted documents, and identifying possible miscalculations.
• Calculate foreclosure costs, loss estimations, and payoff totals to make account recommendations.
• Review workout packages, including hardship letters, tax returns, income statements, pay stubs, credit reports, sources of debt, and general customer financial documents to determine the most suitable repayment option for customers.
• Calculate loan modification terms in adherence with FHA guidelines, M&T policies, and applicable state and Federal law and regulations.
• Review, compile, and analyze documents, such as appraisals, title, arm's length addenda, and HUD, to approve or deny a short sale settlement.
• Communicate with customers, real estate agents, and attorneys to negotiate short sale settlement offers and advise of loss mitigation decisions.
• Communicate with Single Point of Contact, title team, Loss Mitigation Closing team, and Escalations team to gather information and resolve escalated accounts.
• Prepare workout summaries for management approval and maintain notes for management and audit review purposes.
• Verify the accuracy of letters to be sent to customers from the Underwriting team.
• QC Underwriting Team decisions for completeness and accuracy.
• Manage and monitor loans in the HMP portal and loans receiving Hardest Hit Funds.
• Participate in process improvements and provide procedure updates.
• Review daily regulatory reports and complete report validation identifying issues for Underwriting Team and Management.
• Complete special ad hoc projects as requested by management.
• Adhere to applicable compliance/operational risk controls in accordance with Company or regulatory standards and policies.
• Maintain M&T internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators as applicable.
• Promote an environment that supports diversity and reflects the M&T Bank brand.
• Complete other related duties as assigned.

Scope of Responsibilities

Manages and monitors an account portfolio of 70 loans.

Education and Experience Required

A combined 5 years' higher education and/or work experience, including a minimum of 3 years' collections or underwriting experience.

Ability to communicate effectively and professionally over the phone.

Excellent communication and customer service skills.

Proficiency with word processing and spreadsheet software.

Knowledge and understanding of land title.

Education and Experience Preferred

Bachelor's degree.

Paralegal certification or experience.

Mortgage collections experience.

Knowledge of M&T systems.

M&T Bank is committed to fair, competitive, and market-informed pay for our employees. The pay range for this position is $41.27 Hourly (USD). The successful candidate's particular combination of knowledge, skills, and experience will inform their specific compensation.

Location

Getzville, New York, United States of America

M&T Bank Corporation is an Equal Opportunity/Affirmative Action Employer, including disabilities and veterans.