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Mortgage Risk Management Specialist

2 months ago


Westlake, Ohio, United States First Federal Lakewood Full time

Position Overview:

The Loss Mitigation Specialist is responsible for creating viable workout solutions for clients facing difficulties in meeting their mortgage or consumer loan obligations.

Key Responsibilities:

  1. Identifies potential risks associated with defaults by assessing residential and consumer loans that may require intervention; initiates the workout process by engaging with clients to gather necessary financial documentation and collaborates with collectors to formulate workout proposals.
  2. Processes loss mitigation requests for both portfolio and investor loans; verifies the completeness of documentation and conducts timely follow-ups with clients regarding any outstanding items; meticulously reviews hardship letters and income-related documents.
  3. Crafts tailored workout recommendations such as repayment plans, short sales, or modifications; evaluates income and financial documentation to assess potential workout options; presents recommendations to management for approval; develops alternative options if initial proposals are denied; finalizes and sends approved proposals to clients.
  4. Maintains accurate records in the core servicing system to reflect approved workouts on loan and customer billing statements.
  5. Engages in collection activities by reaching out to clients via phone and mail; documents and tracks collection efforts; compiles collection reports for management based on input from collectors.
  6. Stays informed about available investor workout options and adheres to investor guidelines; provides updates to investors on delinquent loans and bankruptcy cases; communicates with investors to facilitate the review and approval of workout options.
  7. Monitors loans with deferred balances; sends communications to clients regarding deferred balances on maturing loans; follows up with clients on correspondence and advises them on payment alternatives.
  8. Handles the initial processing of Chapter 7 and Chapter 13 bankruptcy notifications; ensures accurate bankruptcy coding on loans in the core servicing system to comply with relevant bankruptcy laws and regulations.
  9. Responds to verification of mortgage (VOM) requests and other inquiries from government hardship programs; tracks the status of loans receiving assistance and ensures proper application of funds to overdue loans.
  10. Adheres to all relevant banking laws and regulations, including but not limited to the Bank Secrecy Act, USA Patriot Act, and related anti-money laundering statutes and federal consumer protection laws.
  11. Performs additional duties as assigned.

Qualifications:

Skills and Experience:

  1. A minimum of 3 years of experience in mortgage collections is required, along with a solid understanding of lending laws, regulations, and guidelines.
  2. Prior experience in Loss Mitigation is preferred.
  3. Experience in financial services or banking is advantageous.
  4. A High School Diploma or equivalent is required; a Bachelor's degree is preferred.
  5. Proficiency in MS Office Suite (Outlook, Excel, Word) or similar software is required; familiarity with Encompass, Cleartouch, Nautilus, and various government and investor software/web portals is preferred.

Essential Competencies:

  1. Resilience
  2. Collaboration
  3. Effective Communication
  4. Service Orientation
  5. Quality Focus
  6. Organizational Skills
  7. Accountability

Work Environment:

  • This role requires regular physical activity, including lifting, walking, standing, sitting, bending, reaching, climbing, pushing/pulling, and the ability to see, hear, and speak.
  • Occasional lifting and/or moving of up to 25 pounds may be necessary.
  • The work environment is typically quiet to moderate in noise level.
  • This position is office-based with standard working hours.

The responsibilities outlined above provide a summary and may not encompass all potential tasks and duties. Job descriptions may be modified at any time at the discretion of the organization.