Default Loss Mitigation Specialist

Bank of England Mortgage

Mortgage Servicing Default/Loss Mitigation Specialist

Job Description

Typical business work hours are 8:00 A.M. to 5:00 P.M. Monday through Friday, some over-time may be required. As the Default/Loss Mitigation Specialist, you will be expected to demonstrate a sense of urgency, willingness to work closely with others, and be part of a team whose primary focus is service to our customers as you will be their main point of contact. This is a non-exempt position.

Purpose :

The Default/Loss Mitigation Specialist, in compliance with FDCPA, will attempt to contact borrowers when a mortgage payment is missed to determine to reason for the delinquency and to assist the borrower with the options available to bring the account current, such as forbearance agreements, or other loss mitigation programs available under the Investor or Agency Guides. If a loss mitigation option is required the Default/Loss Mitigation Specialist will coordinate the collection of the borrower financial information and documents, as required by the guides, and recommend in writing, to management and/or agency, the appropriate loss mitigation program for the customer's situation.

Essential Functions/Duties :

• Contact borrowers by phone, email, or written correspondence to negotiate bringing mortgage account to a current status or use other loss mitigation method, such as Short Sale, Forbearance, Modification (HAMP), Refinance (HARP) or Deed-in-Lieu.
• Review borrower's loss mitigation package for completeness of information and documentation.
• Review system generated reports, for escrow payments pending and escrow analysis, to determine whether or not a mid-year analysis needs to be performed.
• Process incoming mail for escrow items and update the system with changes of insurance carriers, insurance premiums, updated flood certification determinations and monitor changes to assure that the loan still meets the Investor or Agency requirements.
• Monitor reports to assure all loans have hazard or flood insurance in place and/or force place insurance as needed.
• Provide support services for customer contact (internal and external) regarding payments, balances, insurance and taxes disbursements, escrow analysis questions, and payoffs.
• Organizational skills with ability to prioritize and manage multiple tasks at the same time.
• Other duties and tasks as assigned by management.

Position Requirements :

• High School Diploma or GED equivalent required; some college preferred; B.S. Degree desired.

• Proficient skills with MS Office, Excel and Mortgage Industry Loan Servicing Software's; (SAGENT- LoanServ and D+H Servicing Director experience preferred).

• Minimum of 3-year work experience in mortgage loan servicing is required.
• 1 year work experience with knowledge of Escrow item payables and Escrow Analysis desired.

• Knowledge of Fannie Mae, Freddie Mac, VA, HUD, Ginnie Mae, MERS and investor servicing guidelines and government requirements.

• Knowledge of all Consumer Financial Protection Bureau (CFPB), Federal and State regulatory compliance requirements that apply required. Including by not limited to the "Fair Debt Collection Practices Act (FDCPA).

General Requirements :

• Ability to work with minimal supervision and take initiative in pursuing departmental responsibilities.
• Excellent customer service skills required and ability to demonstrate control and flexibility when dealing with internal/external clients and changing work demand.
• Demonstrate effective and strong listening skills, verbal/speaking communication skills with the ability to effectively communicate in writing to principals, executive management, non-management personnel, vendors and customers.
• Must be organized, with acute attention to detail with great accuracy.
• Prioritization skills - ability to recognize and act on changing priorities.
• Must have ability to multi-task and operate in a high-volume, fast-paced environment.
• Ability to maintain quality and high productivity when dealing with customers and changing work demand.
• Proficient skills with MS Office, Excel and Mortgage Industry Loan Servicing Software (D+H Servicing Director experience preferred).
• Must be able to perform essential responsibilities with or without reasonable accommodation.
• Multiple language skills are a plus.