Loss Mitigation Specialist l

Loss Mitigation Specialist I

Full time; Non-Exempt; 37.5 hours/week; Overtime as required

Location; Lake Zurich, IL, US

Department: Loss Mitigation

Dovenmuehle Mortgage, Inc. (“Dovenmuehle”) is the leading mortgage subservicing firm in the United States with several hundred financial institution clients nationwide.

General Description:

To mitigate potential losses on delinquent loans using various alternatives, including pre-foreclosure sales, modifications, stipulated repayment agreements, and deed-in-lieu of foreclosure. The primary responsibility of the Loss Mitigation department is to reduce losses to borrowers, investors, and clients by attempting to prevent a loan from going into foreclosure. Reports to Supervisor.

Essential Functions and Duties:

•    Manage cases of loss mitigation loan files within required timelines and protocols. Required to handle an intermediate volume of cases with the ability to identify more complex cases for escalation.

•    Evaluate borrower application packages to determine financial circumstances, capacity, and ability to pay.

•    Reconcile sources of income, tax returns, balance sheets/statements, and credit reports; evaluate property valuations and/or appraisals to determine beneficiary’s equity position and to ensure adequate collateral of security instruments is maintained. Review title searches for liens, real estate tax information, or other barriers and relay the required steps to the appropriate parties to resolve any issues.

•    Negotiate terms with mortgagors, real estate brokers, attorneys, MI companies, government agencies, and clients. 

•    Complete modification/forbearance calculations for agreements or provide required information to appropriate parties.

•    Ensure documentation is accurate prior to submission to appropriate departments for them to update the Loan Servicing System with modified terms.

•    Manage portfolio loans that include client-specific criteria in addition to, but not limited to, no document and full document loans, based on agency guidelines.

•    Monitor loans for borrower payment and performance during trial period, forbearance plans, or repayment plan arrangements.

•    Demonstrate strong knowledge and adherence to all laws, regulations, and organizational processes.

•    Successfully complete annual regulatory compliance training.

•    Additional duties as assigned.

Required Qualifications: 

•    Bachelor’s degree or equivalent combination of education and experience.

•    1+ years’ experience of mortgage underwriting.

•    Proficient with Microsoft applications, including Excel, and loan servicing platforms. 

•    Strong analytical and problem-solving skills and attention to detail.

•    Ability to handle complex, multiple tasks simultaneously in a fast-paced environment.

•    Ability to work independently along with initiative to complete all assigned tasks timely.

•    Effective verbal and written communication skills with demonstrated ability to always interact in a positive and professional manner with all levels of both internal and external audiences.

Preferred/Other Qualifications:     

•    Detailed knowledge of processes of loss mitigation, bankruptcy, and foreclosure, as well as various agency requirements and waterfall guidelines

•    Have the educational requirements necessary to obtain Loan Officer’s license.

•    Ability to train others. 

Benefits: 

•    Medical, Dental, Vision, Wellness, Flexible Spending Account, and Employee Assistance Program and more.

•    Employer paid Life Insurance, Short Term Disability, and Long-Term Disability. 

•    401 (K) Plan with company match

•    Paid Vacation, Sick, Personal and Holidays

Physical Demands and Work Environment:

The employee must be comfortable in either an on-site office setting, or a quiet, designated work from home space that is free from distractions and noise. The employee is regularly required to communicate (give/receive) information through multiple methods of communication with clear understanding from others. Must be able to exchange accurate information in these situations. 

The employee must be able to remain in a stationary position and/or move about the organization or remote office. The employee is frequently required to stand or walk (or otherwise move through the organization); sit; use hands to type, write, handle, or feel and reach. May occasionally climb or balance; stoop, kneel, or crouch; or lift and/or move up to 25 lbs. Employees may be required to type and utilize a computer for long periods of time.

The employee may be required to frequently operate a standard variety of office equipment including computers, calculators, copy machines, computer printers and phones. The noise level, if working on-site, is usually moderate and typical of an office environment. 

In accordance with applicable disability laws, Dovenmuehle works with applicants and employees to make reasonable accommodations to the job or work environment when doing so will enable an employee with a qualified disability to satisfactorily perform the essential functions of the job.