Loss Mitigation Default Specialist

Full Time | Chicago, IL

Objective

The Loss Mitigation Default Specialist will provide a single point of contact to borrowers that need assistance avoiding foreclosure and will work with the borrower by offering retention or liquidation options based on each borrower’s unique circumstance. The Loss Mitigation Default Specialist will be responsible for informing the borrowers of all options, programs and will assist with gathering all the necessary documentation from the borrower to consider other alternatives to foreclosure.

Primary Duties & Tasks

  • Interact with borrower that are 90+ days delinquent that need assistance with home retention options.
  • Contacts borrowers using manual dialing system for both inbound and outbound calls to determine borrower’s intent to retain property, discuss foreclosure alternative, provide eligibility criteria information.
  • Responsible for communicating approval or denial of loss mitigation workout options and answering general questions regarding account information.
  • Contact borrowers that are denied for loss mitigation retention options and engage borrowers’ interest to participate in liquidation options.
  • Communicate information and direct documentation to attorneys, title companies, PMI companies, investors and servicing personal to maximize loss mitigation opportunities.
  • Using detailed analysis recommend solutions to maximize revenue, limit charge off and foreclosure. Respond, research, resolve and follow up on loss mitigation workout solutions and their outcome.
  • Follow-up with borrowers who need assistance with completion of Loss Mitigation questionnaire.
  • Assist with the preparation of loan modification documents for borrowers.
  • Work with borrowers to complete, sign and return permanent loan modification documents.
  • Work with borrowers to complete, sign and return permanent loan modification documents.
  • Assist with determination of borrower property values.
  • Assists in other Loss Mitigation Department functions including requesting payoff quotes and information requests such as searching for missing loan documents and completing QWR/Complaint document research requests.
  • Responsible for meeting monthly production goals.
  • Maintain and document mortgage collection systems and databases, with all activities and communications.
  • Demonstrate accurate knowledge and strict adherence of federal regulations and collection laws (FDCPA).
  • Follow all company policy and procedures.
  • Successfully complete annual regulatory compliance training

Knowledge & Skills Required

  • 7 plus years of loss mitigation/ loan work out experience in a residential loan servicing or default loan servicing department
  • Knowledge of loan servicing software/systems
  • Working knowledge of all Government program requirements and timelines including FHA, VA, USDA, FNMA, and FHLM
  • Computer and Office Suite proficiency

Language Skills

  • English, prefer bi-lingual

Education

  • Associates Degree in Business. Accounting or related field preferred

Work Environment

  • Office environment; will be sitting, standing, walking, lifting, etc.. In Chicago office

Managing Others

  • No

Travel

  • None

Classification

  • Full Time.

FLSA Status

  • Exempt

Wage Range

  • $55 – 83K
  • This position description is intended to describe the general nature and level of work being performed by the employee in this position. It is not intended to be an exhaustive list of all responsibilities, duties, and skills required for this position; other duties outside of normal responsibilities may be performed as necessary to meet the needs of the organization. Nothing in this position description restricts management's right to assign or reassign duties and responsibilities to this position at any time.

I acknowledge that I have received this position description and understand that it is not a contract of employment. I am responsible for reading this job description and complying with all job duties, requirements, and responsibilities contained herein, and any subsequent revisions.

AHP Servicing LLC participates in E-Verify. Details in English and Spanish. Right to Work Statement in English and Spanish.