Mortgage Loss Mitigation Specialist

Summary

This position is responsible for underwriting, decisioning and processing of loss mitigation requests, including post-trial review, preparation of approved workouts and submission for finalization in accordance with investor, insurer, and regulatory guidelines.

The Loss Mitigation Specialist performs detailed financial and collateral reviews, evaluates borrower eligibility, reviews complete loss mitigation packages, and ensures accurate evaluation while supporting timely resolution of delinquent mortgages through both home retention and liquidation strategies.

This role requires advanced knowledge of FHA, VA, USDA, FNMA, and FHLMC requirements and ensures all approvals, denials, and offers comply with applicable investor, insurer, and regulatory standards.

Major Duties and Responsibilities (Essential Functions)

Underwriting and Decisioning

• Underwrite and render final decisions on loss mitigation request, including but not limited to:
  • Repayment Plans
  • Forbearance Agreements
  • Loan Modifications
  • Partial Claims
  • Payment Supplement Agreements
  • Special Relief Measures
  • Short Sales
  • Deeds-in-Lieu of Foreclosure

Borrower Communication

• Assist customers, via email and phone, with routine account-related questions and requests as well as collection of payments required during a loss mitigation review.

Document Collection and Review

• Collect necessary documents from borrowers to complete their loss mitigation reviews while ensuring accuracy, completeness and document compliance. Documents meet investor-specific format, age, and verification requirements.

Regulatory and Investor Compliance

• Ensure all underwriting decisions withstand internal quality control, audit and regulatory review including, but not limited to:
  • FHA/HUD loss mitigation waterfall and servicing requirements
  • VA servicing and compromise sale requirements
  • USDA Rural Housing Servicing Guidelines
  • FNMA Servicing Guide
  • FHLMC Single-Family Seller/Servicer Guide

Financial and Eligibility Analysis

• Conduct detailed financial, hardship, and collateral analyses to determine borrower eligibility, including:
  • Gross and net income calculations
  • Affordability assessments
  • Equity, surplus, and deficiency calculations

Quality Control and Audit Readiness

• Ensure underwriting decisions comply with CFPB loss mitigation timelines and dual-tracking prohibitions.
• Maintain complete, audit-ready loan files.
• Clearly document underwriting rationale and decisions within servicing systems.

Post-Trial and Workout Finalization

• Validate trial performance, conduct post-trial payment plan evaluations and clear outstanding conditions for workout finalization including backend processing activities including, but not limited to document accuracy, system coding and implementation in accordance with workout requirements.

Industry Knowledge and Process Improvement

• Maintain working knowledge of mortgage default servicing industry updates.
• Support continuous process improvement initiatives and provide recommendations to enhance underwriting and workflow efficiency.

Additional Duties and Responsibilities

• Demonstrate proficiency in loss mitigation underwriting, decisioning, and processing.
• Maintain up-to-date knowledge of regulatory, investor, and servicing guideline changes.
• Accurately calculate trial payments, capitalization limits, and deferred balances.
• Review and resolve escalations, appeals, and reconsideration requests.
• Review executed purchase contracts and HUD-1 Settlement Statements or Closing Disclosures for short sales.
• Participate in quality control reviews, audits, and investor examinations.
• Complete all required compliance and training courses annually.
• Adhere to company policies, procedures, and code of conduct.
• Maintain professional appearance and business-casual dress standards.
• Perform other related duties as assigned.

Employee Specifications

Work Experience

• Minimum of 2 years of mortgage servicing experience with a focus on loss mitigation underwriting, decisioning, and processing.
• Knowledge of FNMA, FHLMC, and GNMA investor guidelines (preferred).
• Experience with short sales and deed-in-lieu underwriting and processing.
• Strong background in financial analysis and income calculation.
• Experience in portfolio management, call center operations, customer service, collections, or financial services environments.

Education

• High School Diploma or GED (required)
• Bachelor's degree (preferred)

Technical and Functional Competencies

Advanced knowledge of:

• FHA Single Family Housing Policy Handbook
• VA Servicing Guidelines
• USDA Servicing Regulations
• FNMA Servicing Guide
• FHLMC Seller/Servicer Guide

Additional competencies include:

• Strong analytical and decision-making skills
• Ability to interpret financial, legal, title, and settlement documentation
• Proficiency with mortgage servicing systems (MSP preferred)
• Excellent written and verbal communication skills
• Strong organizational skills and attention to detail
• Ability to manage a high-volume pipeline in a fast-paced environment
• Proficient computer and basic mathematical skills
• Dependability and adherence to timelines
• Strong interpersonal and teamwork skills

Physical and Working Conditions

Physical Requirements

• Sedentary work requires prolonged sitting or standing
• Frequent use of hands and fingers for repetitive motions
• Visual acuity for close work
• Occasional lifting, up to 10 pounds
• Reasonable accommodation may be provided for qualified individuals

Work Environment

• On-site position
• Standard office environment with moderate noise levels

Hours and Schedule

• 40 hours per week
• Shifts range from 7:00 AM - 4:00 PM to 10:00 AM - 7:00 PM CST
• Saturdays: 8:00 AM - 1:00 PM CST

If any applicant is unable to complete an application or respond to a job opening because of a disability, please email us at HR@firstunitedbank.com for assistance.