Aerotek Loss Mitigation Specialist in Suitland, Maryland
Loss Mitigation Specialist will be responsible for establishing contact, communicating and negotiating with members who have delinquent real estate mortgage loans. Responsible for managing a portfolio of delinquent loans, including providing loss mitigation options to borrowers, tracking bankruptcy activity, participating in collection activity and communicating with legal representation. Must comply with all government-sponsored enterprise (GSE) servicing programs, to ensure requirements for servicing delinquent mortgages and completing workouts are met in effort to mitigate loss.
• Initiates appropriate follow‐up activity on delinquent accounts and maintains on‐line chronological records of all facts, information developed actions taken and ensure the retention of all records related to loss mitigation as required.
• Determines reason for delinquency and establishes an equitable payment arrangement enlisting the cooperation of the member, tracking member’s compliance to revised payment schedule.
• Provides financial counseling and assistance to members who are experiencing financial difficulties as needed.
• Assist borrowers to find solutions to maintain home ownership through various loss mitigation options (e.g. modification, forbearance, etc.). If retention options are not possible, discuss other solutions including short sales, deeds in lieu, etc.
• Familiar with all aspects of Government Sponsored Enterprises (GSE’s) guidelines in Delinquency/Default prevention and Management.
• Ensure necessary information and complete packages are received in a timely manner, maintained, tracked, and logged.
• Accurately review and analyzes financial statements, tax returns, credit reports, and the value of the collateral in order to determine and recommend the most feasible and appropriate workout to the member.
• Recommends appropriate course of action when members refuse to make satisfactory repayment arrangements (i.e. foreclosures, repossession, litigation, charge-off, loss mitigation to included but not limited to payment modification, deferral and/or extension). Ensures appropriate documentation is available for chosen course of action.
• Reviews title searches to ensure that no title issues threaten the standing of our investor's lien on the property
• Addresses any borrower question or concern. Handles escalated files appropriately by providing an articulate and complete response
• Makes calls to members, their authorized representatives, and/or brokers
• Complete default investor reporting to investor(s)/insurer as needed or required.
• Communicate with the Real Estate Attorney’s foreclosure attorneys as well as members, ensuring appropriate responsiveness have been met, including all escalated matters, while handling all written and verbal correspondence in a professional manner with all parties.
• Arranges for contractual services relating to property inspections, appraisers, real estate agents, etc., who may be involved in the inspection or evaluation of the property. Review BPO/AVM/appraisal as applicable.
• Order and review title searches as applicable
• For short sales, review marketing strategies, listing history, offer activity. Handle counter offers in accordance with departmental procedures and investor/insurer/client guidelines.
• Request and follow up on foreclosure holds as necessary
• Decline files as directed in accordance with departmental procedures as set forth by investor/client/investor/insurer guidelines and send appropriate denial letter if homeowner does not qualify for a workout option
• Prepare and send trial period documents, forbearance plan documents, repayment plan agreements, short sale approval and closing letters and decline letters as needed
• Monitor status of repayment plans, forbearance plans, and trial period plans and update FICS and investor system of record with payment records as needed
• Compile and maintain reports for management and presents information as required.
• Reviews and uploads information on final modifications into FNMA’s HSSN / SMDU to close out loan
• Monitor accounts and review reports, analyze impact, providing statistical data and reporting results of loan analyses.
• Responsible for meeting departmental production, quality, efficiency, and time-driven goals
• Ability to work varying shifts including evenings and weekends.
• Perform other duties as assigned.
Bankruptcy, Customer service, Loss mitigation, Loan servicing, Collection, Short sale, Recovery, HAMP
Additional Skills & Qualifications:
• Detail oriented with Strong analytical and effective communication skills
• Knowledgeable in Government Sponsored Enterprises (GSE’s) requirements for Non-Performing Loans
• Problem Solving Ability to identify operational and process issues, document and record escalated matters and collaborate to provide solutions. Able to assist with the implementation of process improvements as well as issue and track remediation
• Prior experience servicing GSE portfolios for or all investor types such as FNMA, FHLMC and private labels
• Ability to work in a dynamic, rapidly changing business environment and manage multiple tasks
• Prior experience in a production environment (working from a queue of tasks/cases) is required
• Ability to influence others while being a team player
• Prefer FICS
• Black Knight expense reimbursement experience
• Knowledge of Fair Debt Collection Protection Act
We know that a company's success starts with its employees. We also know that an individual's success starts with the right career opportunity. As a Best of Staffing® Client and Talent leader, Aerotek's people-focused approach yields competitive advantage for our clients and rewarding careers for our contract employees. Since 1983, Aerotek has grown to become a leader in recruiting and staffing services. With more than 250 non-franchised offices, Aerotek's 8,000 internal employees serve more than 300,000 contract employees and 18,000 clients every year. Aerotek is an Allegis Group company, the global leader in talent solutions. Learn more at Aerotek.com.
The company is an equal opportunity employer and will consider all applications without regards to race, sex, age, color, religion, national origin, veteran status, disability, sexual orientation, gender identity, genetic information or any characteristic protected by law.