Loss Mitigation Specialist I

Perform all duties in accordance with company guidelines, the Fair Debt Collections Practices Act, and all applicable federal, state and local regulations. Contact with customers in all facets of loan collections. Work problem reports on all non-performing loans and report as required to Internal Asset Review Committee and Board of Directors. Monitor all foreclosure and REO properties such as inspections and property preservation duties. Respond to customer inquiries regarding defaults and work out or loss mitigation options which also include sending requests for financial information while maintaining customer electronic contact collection logs. Educate borrower on all options that include home retention and liquidation. Act as a liaison between the mortgagor, counsel and in some cases a realtor or third party. Responsible for gathering all required documentation for government and internal loan modification, forbearance plans, repayment plans, reinstatements, short sales, deeds-in-lieu of foreclosure, short payoffs and other possible workouts. Recover losses through filing claims with investors and have complete knowledge of all claim systems. Process forbearance plans, repayment plans, reinstatements, short sales, deeds-in-lieu of foreclosure, short payoffs and other possible workouts. Monitor and perform frequent follow up with borrowers on trial modifications to ensure conversion. Assist lending department in troubled debt restructuring and modifications as needed. Monitor and perform collection tasks as related to the daily delinquent loan report Coordinate vendors used specifically for foreclosures, real estate owned properties and repossessions. Obtain credit reports for collection purposes. Obtain appraisals or other property evaluations as needed. Prepare foreclosure packages to send to counsel and/or investor to initiate foreclosure. Perform other related duties as assigned.