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Loss Mitigation Underwriter I

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Description

Summary:

Responsible for the underwriting of loss mitigation options for all workout types on all loan types.   


Essential Job Functions:

  • Review “complete” package to determine if additional documents are required
  • Review and analyze borrowers’ financial documents, i.e. financial statements, hardship letter, tax returns, bank statements, pay stubs, profit and loss statement and credit bureau reports.
  • Notify desinated Single Point of Contact if documentation is missing, additional documention is required or provide the borrower with updated status of their loss mitigation application.
  • Maintain extensive knowledge of investor, insurer and client guidelines and timeframes required for processing a loan workout
  • Order credit reports, title reports, NPV, broker price opinions or appraisals.
  • Determine best possible loan workout solution; make a recommendation in conjunction with investor, insurer guidelines.
  • Obtain and submit required documentation to/from investors, insurers for review for appropriate workout
  • Review pipeline and exception reports daily
  • Fully underwrite and have decision made within 30 days of receipt of a loss mitigation package.
  • Calculate modification principal balance capitalization for approved retention options, taking into account past due interest, escrow, and 3rd party advances.
  • Responsible for documenting the servicing system,  generate appropriate letters and/or tasks, as well as adding documentation to EDMS to substantiate the loss mitigation decision made for each account
  • Extensive knowledge of investor, insurerv workout guidelines and functional knowledge of residential mortgage documents

Other Related Duties:

Performs other related duties assigned

Supervisory Responsibilities:

This job has no supervisory responsibilities.

Qualifications:

To perform this job successfully, an individual must be able to perform each essential function satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions of the job.

Education and/or Experience:

Bachelors Degree from a Four (4) year College or University; or one (1) to two (2) years related experience and/or training; or equivalent combination of education and experience.

 

Language Skills:
Ability to read, analyze, and interpret general business periodicals, professional journals, technical procedures, or government regulations. Ability to write reports, business correspondence, and procedure manuals. Ability to effectively present information and respond to questions from groups of managers, clients, customers, and the general public.

  Mathematical Skills:

Ability to work with mathematical concepts such as probability and statistical inference, and fundamentals of plane and solid geometry and trigonometry.  Ability to apply concepts such as fractions, percentages, ratios, and proportions to practical situations.

Reasoning Ability:

Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists. Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form.

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