• Job Description

  Req#: LOSSM003837
  Founded in early 2008, Fay Servicing committed to providing innovative servicing solutions for both performing and non-performing mortgage loans. As a specialty mortgage servicer and originator that sees the customer behind every loan, we understand that our customers aren’t loan numbers — they’re homeowners.
  

  Before founding our company, we conducted an exhaustive analysis of the mortgage servicing industry and gained valuable insight into the problems facing mortgage servicers and their customers. With that insight we set out to build a different kind of servicing company from the ground up.

  Come join us on our journey to serve our customers and be the leader in our industry! We are currently looking for a Loss Mitigation Underwriter to join our team.
  

  The Loss Mitigation Underwriter is responsible for determining the best possible workout solution for loans and making a recommendation in conjunction with the investor, insurer, and company.

  What you will do for Fay:
  

  • Review and analyze borrowers’ financial documents, including financial statements, hardship letters, tax returns, bank statements, pay stubs, profit and loss statements, awards letters, and credit bureau reports
  • Analyze borrowers’ ability to afford a loan modification based on documented income, assets, and monthly obligations and expenditures
  • Determine borrower eligibility for loss mitigation workouts based on proprietary, GSE, HUD, and MHA/HAMP criteria
  • Calculate modification principal balance capitalization for approved retention options, taking into account past-due interest, escrow, and 3rd party advances
  • Run a pro forma escrow analysis to ensure proper modification of escrow payment calculations
  • Responsible for documenting the MSP Director Premier Loss Mitigation Workstation (notes, steps), generating appropriate letters and/or tasks, as well as adding documentation to Meridian/Doc Velocity to substantiate the loss mitigation decision made for each account
  • Maintain strict adherence to all client guidelines, state and federal laws, and regulatory requirements, including compliance policies and timelines
  • Establish a strong working relationship with other departments and establish lines of communication
  • Other duties and projects as assigned

  What you will bring to Fay:

  • High school diploma/GED required; College degree preferred

  • 2-3 years experience calculating income derived from various sources, including wage earners, self-employed, and fixed-income borrowers
  • Knowledge of GSSE, HUD, and MHA modification programs is a plus
  • Excellent oral and written communication skills
  • Highly self-motivated and organized 3-5 years in default servicing environment a plus
  • Experience with the Black Knight servicing platform
  • High attention to detail
  • Ability to meet strict deadlines
  • Familiarity with MS Excel, MS Word, and Adobe PDF desired. Familiarity with LPS Software is a plus

  Diversity, Equity, and Inclusion are deeply embedded into our way of working at Fay. We believe that the best ideas come from having a team that is diverse in backgrounds, experiences, and perspectives. We strive to ensure each of our employees feels valued, respected, and included and is presented with equal opportunities to be successful here at Fay. We are proud to be an equal-opportunity workplace. The Fay Group and affiliated companies participate in E-Verify. For more information go to www.dhs.gov/E-Verify. E-Verify is a registered trademark of the U.S. Department of Homeland Security.

• About the company

  Fay Financial Mortgage Servicing. Home loans and refinance.

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