Loss Mitigation Underwriter

Duration - 6+ Months, Contract, W-2

Location - Remote

Pay - $23.47 an hr

The Loss Mitigation Underwriter is responsible for evaluating and underwriting loss mitigation applications, analyzing financial information and supporting documentation according to investor guidelines and National Servicing Standards to determine the best course of action for delinquent mortgage accounts. This role requires analyzing borrower financial information, assessing risk, and making informed decisions using investor waterfalls and guidelines to mitigate potential losses. The ideal candidate will possess strong analytical skills, a thorough understanding of mortgage underwriting, and the ability to work effectively in a fast-paced environment. Responsibilities include working with various investor applications to obtain workout results, notifying and coordinating with appropriate departments and agencies regarding loans, and processing workouts accurately and timely within investor guidelines. Additionally, the underwriter is responsible for accurately and efficiently maintaining a loan-level portfolio, ensuring compliance with regulatory and investor deadlines.

ESSENTIAL FUNCTIONS

* Request and gather supporting documentation to create complete loan workout packages within required timeframes, complying with investor, insurer, state, federal, and CFPB guidelines.

* Evaluate and underwrite loss mitigation applications, including forbearance agreements, repayment plans, partial claims, deferrals, and loan modifications.

* Analyze borrower financial statements and supporting documentation to determine appropriate resolutions.

* Assess risk and make informed decisions using investor waterfalls and guidelines to mitigate potential losses.

* Collaborate with various investors to decide on retention eligibility for borrowers experiencing hardships.

* Conduct timely, accurate, and compliant reviews of files according to investor guidelines and National Servicing Standards.

* Utilize investor applications to obtain workout results

* Notify and coordinate with relevant departments and agencies regarding loan statuses, ensuring accurate and timely processing.

* Maintain a loan-level portfolio accurately and efficiently, adhering to regulatory and investor deadlines.

* Evaluate income and expense calculations to ensure the borrower's ability to continue making mortgage payments.

* Follow up on outstanding issues to ensure timely decision-making in accordance with regulations and guidelines.

* Order appraisals and ensure homeowners receive valuation notices and copies.

* Order date downs and/or title endorsements for modifications.

* Obtain necessary title clearance and subordination documentation.

* Prepare income/expense calculations to ensure compliance with standards.

* Provide accurate information to resolve issues and follow up on commitments promptly.

* Develop workout recommendations such as forbearance, repayment, or modification using financial documents.

* Enter and upload documents to internal systems for review and approval.

* Follow information security policies.

* Assist with internal and external audit requests.

* Participate in projects to improve business performance.

* Communicate effectively with the management team and escalate issues as needed.

* Stay current on industry regulations and recommend updates to internal policies and systems.

* Update internal tracking and investor systems accurately.

* Run waterfall calculations to finalize workout options.

* Provide input on updates to procedure manuals or job aids.

* Perform other duties as assigned

Education

*Bachelors Degree directly related to the position or equivalent, preferred

*A combination of education and experience may be considered in lieu of the Bachelor's degree.

Qualifications

*Two or more years total mortgage servicing experience, or at least one year working in loss mitigation roles.

* Strong working knowledge of FNMA/ FHLMC/ FHA/ VA/ USDA mortgage loan documents, including overall processes and inter-relationships, standards and requirements, terminology, compliance and regulatory requirements related to federal debt collection laws, Federal Bankruptcy Laws, and proper handling of other legal situations.

* Knowledge of Standard Operating Procedures, CFPB, FCRA, and FDCPA preferred.

* Strong analytical and decision-making skills.

* Thorough understanding of mortgage underwriting and loss mitigation processes.

* Detail-oriented with a high level of accuracy and integrity.

* Highly organized and detail-oriented; ability to work in a fast-paced, department-metrics-driven environment required.

* Intermediate math skills required.

* Familiarity with document retention software; Blitzdoc /ICE preferred.

* 10-key by touch is strongly preferred.

* Excellent verbal and written communication skills required.

* Highly organized and detail-oriented; ability to work in a fast-paced, metrics-driven environment required.

* Proficiency in Microsoft Office Suite, Word, Excel, Wiki, collaborative cloud-based programs, and third-party software applications required.

All qualified applicants will receive consideration for employment without regard to race, color, national origin, age, ancestry, religion, sex, sexual orientation, gender identity, gender expression, marital status, disability, medical condition, genetic information, pregnancy, or military or veteran status. We consider all qualified applicants, including those with criminal histories, in a manner consistent with state and local laws, including the California Fair Chance Act, City of Los Angeles' Fair Chance Initiative for Hiring Ordinance, and Los Angeles County Fair Chance Ordinance.