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Loss Mitigation Specialist

City: O'Fallon
State/Territory: US-MO


Who is Cenlar?


You are.


Employee-owners have made Cenlar one of the nation’s largest mortgage subservicers. We have achieved success by empowering people with company ownership, real programs that provide avenues for advancement, and a great atmosphere that makes everyone look forward to the workday. Get your share of our success by considering the opportunity to join our team as a Loss Mitigation Specialist.



  • Perform the processing of various loan workouts based on the pre-underwriter’s recommendation in conjunction with investor, insurer, and client guidelines.

  • Obtain, submit, and receive required documentation to/from investor, insurer, and/or client for approval of the elected workout.

  • Work with internal, external third party vendors, and borrowers, through both written and oral negotiations, in an attempt to mitigate foreclosure/REO avoidance/losses.

  • Review and analyze borrower’s financial documents such as financial statements, hardship letters, tax returns, bank statements, pay stubs, listing contracts, agreement of sales, closing costs, settlement sheets, and credit bureau reports.

  • Document LPS Loss Mitigation Workstation (notes and steps), generate appropriate letters/tasks, and add documents to the imaging system to substantiate recommendation.

  • Notify foreclosure attorney regarding status of loss mitigation activity via New Trak Express.

  • Maintain extensive knowledge of investor, insurer, and client guidelines/timeframes required for processing a loan workout and functional knowledge of residential mortgage documents.

  • Create and update managerial detail reports and/or spread sheets pertinent to the workout function and/or progress of loans on a daily, weekly, or monthly basis.

  • Payment processing of suspense, cash sheet, and payment plans.

  • Other duties and projects as assigned.



  • High school education

  • 3 - 5 years experience in a default environment

  • Ability to utilize standard business related software to include, but not limited to, MS Office, MS Word, MS Excel

  • Ability to use and/or learn industry related software specific to Cenlar and the department

  • Highly self-motivated and organized

  • Ability to meet strict deadlines

  • Ability to work with minimal supervision a must


Total Rewards:

Cenlar FSB offers outstanding benefits which may include paid medical/dental/life insurance, 401k, employee ownership, tuition assistance, a supportive work environment, and genuine opportunities for advancement. Cenlar is a Drug Free Workplace and an Equal Employment Opportunity/Affirmative Action Employer -- M/F/D/V/SO .


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