Retention Specialist

Description

Summary / Objective
The Rate & Term Retention Specialist is responsible for executing BSI's borrower retention program for Non-Agency and Non-QM mortgage loans. Working at the intersection of Loss Mitigation and Customer Care, this role identifies at-risk borrowers before payoff or refinance and presents a streamlined rate and term modification as an alternative to traditional refinancing. The Retention Specialist manages the full lifecycle of the retention offer from inbound payoff inquiry or outbound solicitation through application, underwriting support, document execution, and modification completion - while ensuring compliance with investor guidelines, regulatory requirements, and applicable TCPA and RESPA obligations.

Essential Functions

• Identify borrowers eligible for the retention program through both reactive and proactive channels: responding to inbound payoff and Loan Estimate requests and conducting outbound solicitation calls based on at-risk loan criteria developed by Capital Markets.
• Present the rate and term retention offer to borrowers clearly and compliantly, using approved call scripts and disclosures, and capture borrower interest in the servicing system.
• Educate borrowers on the program structure, benefits, and borrower fee, and answer questions regarding how the modification differs from traditional refinancing.
• Escalate or transfer borrowers requesting a cash-out option to the Lending / Originations team in accordance with defined handoff protocols.
• Collect borrower documentation required to evaluate and process retention modifications, following established checklists and timelines.
• Initiate, process, and track modification applications from submission through document issuance, targeting a 20-25 day cycle.
• Coordinate with Loss Mitigation processors and the Underwriting team to ensure timely decisioning and document preparation.
• Communicate with borrowers throughout the process to maintain engagement, manage expectations, and ensure executed modification documents are returned by required deadlines.
• Ensure all program activity is logged accurately in the servicing system (Sagent) and in the program tracking report, including contact attempts, offers presented, applications submitted, and outcomes.
• Monitor alerts for at-risk loan population and action flagged accounts in accordance with program workflows.
• Ensure all outbound contact activity complies with TCPA consent requirements; confirm documented consent prior to dialing.
• Adhere to all applicable RESPA, state, and investor disclosure requirements throughout the modification process.
• Collaborate with Customer Care on inbound payoff calls that result in a retention referral, ensuring warm handoffs are handled professionally and tracked.
• Identify process gaps, documentation issues, or borrower objection trends and escalate to the program manager for continuous improvement.
• Maintain required knowledge of Non-Agency loan characteristics, investor guidelines, and applicable regulatory requirements for rate and term modifications.

Competencies / Skills

• Borrower and client focus, ability to present complex financial options clearly and empathetically
• Strong verbal communication and active listening skills; professional phone presence
• Ability to identify borrower needs and match them to program eligibility criteria
• Negotiation and objection handling, comfortable working through borrower hesitation or skepticism
• Attention to detail in documentation, data entry, and compliance adherence
• Time management, ability to manage a pipeline of concurrent cases against defined SLAs
• Problem solving and sound judgment in escalation decisions
• Teamwork and cross-functional collaboration across Loss Mitigation, Customer Care, and Underwriting
• Discretion in handling confidential borrower and loan data
• Adaptability in a fast-paced, evolving program environment

Work Environment

• This position operates in a professional office environment utilizing standard office equipment including computers, phones, and servicing platforms. Extended periods of seated phone and computer work are required.

Position Type and Expected Hours of Work

• This is a full-time, non-exempt position. Core hours are Monday through Friday (8:00 a.m. to 5:00 p.m.) and one mandatory Saturday per month (8:00 a.m. to 12:00 p.m.) to support outbound calling windows and end-of-month volume.

Education and Experience

• Minimum 1-2 years of mortgage servicing, loss mitigation, or loan origination experience required
• Prior experience working retention, modification, or customer-facing collections in a mortgage environment strongly preferred
• Familiarity with Non-Agency, Non-QM, or Jumbo loan products preferred
• Working knowledge of mortgage modification processes, including trial plans, document execution, and recording requirements
• Experience with Sagent or comparable servicing and modification platforms preferred
• Knowledge of TCPA compliance requirements for outbound consumer contact required
• Proficiency in Microsoft Office, specifically Excel, Word, and Outlook
• High school diploma or equivalent required; associate's or bachelor's degree preferred

Other Duties
Please note this job description is not designed to cover or contain a comprehensive listing of all activities, duties, or responsibilities required of the employee. Duties, responsibilities, and activities may change at any time with or without notice.

What's in it for you?

• Competitive compensation and full benefits package include medical, dental, and vision.
• 100% company-paid life insurance and disability coverage!
• 401K with company matching!
• 17 days PTO (increases with tenure) and 9 company paid holidays!
• Professional but fun, casual work environment and great team culture!

About BSI Financial
Founded in 1986, we provide financial services that support our vision of enabling sustainable home ownership by practicing core values that embody doing what is right; emphasizing problem solving; delivering on expectations and winning with humility. Our clients include lenders and investors who make home financing possible.
BSI Financial was ranked multiple times in the SMU Dallas 100 list of the fastest growing
companies in North Texas and was twice named to the Inc. 5000 list of the fastest growing U.S. companies.

EEO Statement
We are an equal employment opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, national origin, disability status, protected veteran status, or any other characteristic protected by law.