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Loss Mitigation Specialist in Fort Worth, TX at Colonial Savings

Date Posted: 9/25/2018

Job Snapshot

Job Description

Company:  Colonial Savings

Job Title: Loss Mitigation Specialist 

City: Fort Worth State: Texas        

 


Loss Mitigation Specialist


 

Job Description

The Loss Mitigation Specialist supports a portfolio of loans in default with a focus on loan modifications and document validation. This position will be responsible for collecting, tracking and processing financial documentation and updating loan data to process and execute loan modifications for borrowers according to legal, compliance, state, federal, company, and investor rules and regulations.In addition, they will complete loan close out process associated with varying investor workouts, review and upload final modification information, submit and track documentation needed for final recording of workout, submit and confirm all closing information is properly scanned, and work with cash to ensure money is posted accurately when loan closes

Responsibilities Include:

  • Analyze and understand credit bureau information, collateral valuation reports, tax returns, financial statements, property insurance declaration pages, HOA/Association documents and other supporting documentation to verify customer financial and property data
  • Examine loan documentation for accuracy, completeness, and compliance with appropriate company, regulatory, and investor guidelines
  • Answer incoming telephone calls from borrowers
  • Maintain loan pipeline ensuring loans are efficiently moving through processing
  • Audit borrower response packages, ensuring customer has sent in all information for processing
  • Send follow up documentation to borrowers for outstanding documentation needed
  • Escalate to management any deficiencies, problems, or concerns that might be a potential risk
  • Review all prepared forms and documents for accuracy prior to sending the package
  • Review all documents for proper endorsements and notarizations and take appropriate corrective actions to ensure documents are accurate prior to funding
  • Provide detailed documentation of all conversations relevant to loan files via notes
  • Complete loan closes out process associated with various investor workouts 
  • Review and upload final modification information into investor workstation to close out the loan
  • Submit and track documentation needed for recordation of workout
  • Submit and confirm scanning of all closing documentation
  • Work directly with cash to research and process funds in suspense and reconcile and clear mortgage recoverable accounts
  • Escalate to management any deficiencies, problems, or concerns that might be a potential risk
  • Assist with special projects within the department    

 

Job Requirements

  • 3+ years’ experience in related field (Collections, Loss Mitigation, Foreclosure/Bankruptcy, Processing)
  • Familiarity of Fannie Mae and Freddie Mac Loss Mitigation guidelines
  • Must have overall knowledge of mortgage loan servicing and modification
  • Ability to analyze and interpret data
  • Must be flexible, organized, and have the ability to manage multiple priorities and meet strict deadlines in a fast paced environment 
  • Prioritize work effectively 
  • Must be a team player with strong attention to detail  
  • Excellent written and verbal communication skills
  • Proficient in Computer Skills, Word and Excel
  • Ability to Multitask
  • Must be able to work effectively and efficiently under pressure   Gather and review all required information to prepare accurate and compliant closing package including state and investor required forms and final closing figures 

 

 


 

This position offers a full range of benefits including Health, Dental, and 401k.

Equal Opportunity Employer

M/F/Disability/Vet.

 

Colonial is a national provider of banking, home loans and insurance. Founded in 1952, the company has $1 Billion in assets and is privately held by choice to ensure our focus remains on our customers and not the expectations of Wall Street. Colonial is rated “Five Stars – Highly Recommended” as one of the strongest financial institutions in the country by Bauer Financial, a leading analyst, and has earned Fannie Mae’s Four STAR award for customer service and foreclosure prevention, as well as the highest achieving STAR Performer for best practices in General Servicing, Collections/Loss Mitigation and Neighborhood Stabilization in 2014.

 

Member FDIC | Equal Housing Lender | NMLS ID 401285