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Loss Mitigation Specialist II

City: Tempe
State/Territory: US-AZ

Description

Start something good. Empower your career. Become an employee owner at Cenlar.

Employee owners have made Cenlar the nation’s leading mortgage loan subservicer.  Our unique culture is defined by our core values of respect, trust, integrity and care. Company ownership, a promote-from-within philosophy, and opportunities for continuous professional growth make Cenlar a great place to launch or boost your career. Consider this opportunity to join our team as a Loss Mitigation Specialist II.

The Loss Mitigation Specialist provides administrative support to the Loss Mitigation Supervisor/Department.  This role assists with the entire opening process associated with various loan workouts.

Responsibilities:

  • Obtains/submits/receives required documentation to/from investor, insurer and/or client for approval of the elected workout, if applicable
  • Works with internal, external third party vendors and borrower(s) through both written and oral negotiations in an attempt to mitigate foreclosure/REO avoidance/losses
  • Reviews and analyzes borrower’s financial documents such as: financial statement, hardship letter, tax returns, bank statements, pay stubs, listing contracts, agreement of sales, closing costs and settlement sheets and credit bureau reports, if applicable
  • Documents the LPS Loss Mitigation Workstation (notes, steps), generate appropriate letters/tasks and adding documents to the imaging system to substantiate the recommendation, as required
  • Notifies foreclosure attorney regarding status of loss mitigation activity via New Trak Express, if applicable
  • Maintains extensive investor, insurer and client guidelines/timeframes required for processing a loan workout
  • Creates and updates managerial detail reports and/or spread sheet(s) pertinent to the workout function and/or progress of the loan(s) on a daily, weekly or monthly basis, as required
  • Processes payment of suspense, cash sheet and payment plans
  • Reviews and uploads information on final modifications into FNMA’s HSSN to close out loan
  • Reviews information and file claims in FHA Connection as it relates to FHA workouts completed
  • Works with Investor Reporting and Special Loans departments to make MSP system changes reflective of workout completed
  • Facilitates and monitors the MSP system updates post-modification
  • Updates information on MSP Loss Mitigation Workstation; steps and tasks
  • Processes and reconciles FNMA/FHLMC claim funds to monies received
  • Researches and processes funds in suspense
  • Reconciles and clears mortgage recoverable accounts
  • Submits and tracks documentation needed for recordation of workout documentation
  • Submits and confirms scanning of all closing documentation
  • Other duties and projects as assigned

Qualifications:

  • High School diploma or GED required
  • 2 to 4 years in default environment preferred but not required
  • Excellent verbal and written communication skills
  • Organized and self-motivated
  • Ability to meet strict deadlines
  • Ability to work with minimal supervision
  • Ability to use and/or learn industry related software specific to Cenlar and the department
  • Utilize standard business related software is required to include, but not limited to: Microsoft Office, Word, and Excel
  • MSP knowledge a plus
  • It is critical that you have an understanding of the following:
    • Requirements under the Fair Debt Collections Practices Act (FDCPA), specifically Prohibitions on Contact with Debtors, Disclosing Debt, and the Mini-Miranda.  In addition, you should know FDCPA requirements for Handling of Disputes, Applying Payments and Complying with Cease and Desist Requests.
    • Requirements under the Telephone Consumer Protection Act (TCPA), specifically Restrictions on Timing of Calls and Phone Contact.
    • Requirements under the Real Estate Settlement Procedures Act (RESPA), specifically Early Intervention and Continuity of Contact.
    • Requirements under the Truth in Lending Act (TILA), specifically crediting of payments and requests for payoff amounts.
    • Requirements under the NACHA Rules and Electronic Funds Transfer Act (EFTA), specifically those rules pertaining to taking ACH payments over the phone.
    • Requirements under the Fair Credit Reporting Act (FCRA), specifically handling credit bureau disputes.
    • Requirements under the Service members Civil Relief Act (SCRA), specifically the rights and protections afforded to Service members.
    • Requirements under the Gramm-Leach-Bliley Act (GLBA) and Regulation P, specifically those dealing with protecting customer privacy and consumer financial information.
    • Requirements under the Equal Credit Opportunity Act (ECOA) and the Fair Housing Act (FHA), specifically the general prohibition on discrimination in lending (and servicing).
    • Requirements under the bankruptcy law, specifically the automatic stay from collections.

Total Rewards:

As an employee-owner at Cenlar, you’ll receive an outstanding benefits package that includes paid medical, dental, and life insurance, 401(k), and tuition assistance as well as opportunities for training and professional advancement.

Cenlar is a drug-free workplace and an equal employment opportunity/affirmative action employer M/F/D/V/SO.



 


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