Position Title

Consumer Loan Loss Mitigation Specialist - Underwriter

Location

Work From Home United States

Job Summary

The Loss Mitigation Specialist - Underwriter serves as the single point of contact and subject matter expert for borrowers facing a financial hardship and requesting loss mitigation assistance by offering support and guidance during the loss mitigation process.

Manage cases of loan files with responsibility for determining borrower eligibility for loss mitigation options by performing a complete review of loss mitigation applications and financial documents received from the borrower. Ensures accuracy and compliance with regulatory requirements and investor/insurer guidelines.

All functions must be completed within the production and quality standards. Role requires utilization and understanding of multiple servicing systems, applications and reporting. Role requires accuracy and attention to detail, strong organization skills, independent problem-solving ability and excellent communication skills.

The primary responsibility of the Consumer Loan Loss Mitigation department is to reduce losses to borrowers, investors, and clients by attempting to prevent a loan from going into foreclosure or repossession.

Pay Range: $16.31 - $22.87 - $29.44

Job Responsibilities:

Process Loss Mitigation Applications through Underwriting Stage and perform SPOC Role that requires the ability to perform multiple functions throughout the Loss Mitigation process under limited supervision, including:

Loss Mitigation Underwriting:

• Identify potential risks and mitigating factors that could impact a borrower’s ability to repay the loan.
• Responsible for resolving standard and complex exceptions to the standard loss mitigation and account settlement process.
• Evaluate collateral valuations and/or appraisals to determine equity position or collateral value and to ensure adequate collateral of security instrument is maintained.
• Coordinate the receipt of all necessary documents and notify the borrower of any required documents necessary to complete the application
• Review and analyze borrowers’ financial documents, i.e. financial statements, hardship letter, tax returns, bank statements, pay stubs, profit and loss statement and credit bureau reports.
• Review and analyze settlement application requests and make recommendations to consumer loan lead and manager.
• Maintain knowledge of regulatory requirements, investor/insurer guidelines and other relevant timeframes required to determine borrower eligibility for a loss mitigation workout.

Borrower communication and escalations:

• Communicate directly with the borrower to explain loss mitigation options, how to apply for assistance, and provide status updates during the review period and properly document all borrower communications in Flagstar Bank’s system of record
• Obtain and evaluate all relevant information to handle inquiries and complaints correctly and in a timely manner
• Responsible for generating timely correspondence to the borrower of their loss mitigation review

Process improvement and adherence; Cross-functional collaboration:

• Monitors loans in process to determine any deviation from standard processing time and to take appropriate actions including notifying the manager for alternatives to ensure timely resolution
• Perform audits, or reviews, of processes within Loss Mitigation Departments as assigned and within the announced SLA
• Understand key performance and risk indicators in the Loss Mitigation Process, and how individual role contributes to meeting or exceeding these goals;
• Maintain and practice sound judgment in all aspects of role
• Reinforces culture of shared ownership and accountability for results.
• Collaborating with other default servicing team members, and other internal teams, to assist in the continued development of a best in class default servicing oversight operation.
• Ensures compliance with applicable federal, state and local laws and regulations. Completes all required compliance training. Maintains knowledge of and adhere to Flagstar’s internal compliance policies and procedures. Takes responsibility to keep up to date with changing regulations and policies.

Job Requirements:

• HS Diploma, GED or Foreign Equivalent required; Bachelor’s Degree preferred

• At least 5+ years of mortgage financial services experience, preferred in default mortgage or consumer loan Loss Mitigation.

• 3+ years of mortgage/consumer loan origination or loan modification underwriting experience.

• Reliable Home High Speed Internet required

• Ability to analyze basic levels of income, assets, credit and collateral while applying concepts such as fractions, percentages, ratios, and proportions to practical situations

• Extreme attention to detail and organization

• Certified Residential Underwriter preferred

• Self-Driven, Personally Accountable Personality

• Understanding of MS Office Suite with intermediate technical and computer skills. Specifically, an ability with Microsoft Excel

• 1+ years hands on experience using Black Knight Mortgage Servicing Platform (MSP) and ability to navigate quickly within various computer programs.

• Excellent verbal and written communication skills, as well as strong listening skills

• Exceptional analytical and problem-solving skills with an ability to think quickly under pressure.

• Ability to handle high production volume and answer customer questions in a timely manner.

• Ability to look for ways to improve and promote quality.

• Ability to work independently with limited supervision.

Internal Use Only: Job Band I-Hourly

• Ability to work varying shifts including evenings and weekends.

• Willingness to work in a team environment

• Confident and efficient work approach with a customer focus