Loss Mitigation Specialist ll at Dovenmuehle Mortgage, Inc.

Lake Zurich, Illinois, United States -

Full Time

Start Date

Immediate

Expiry Date

04 Jun, 26

Salary

30.0

Posted On

06 Mar, 26

Experience

2 year(s) or above

Remote Job

Yes

Telecommute

Yes

Sponsor Visa

Skills

Loan Servicing, Loss Mitigation, Foreclosure, Modification, Repayment Agreements, Deed-in-Lieu, Financial Analysis, Negotiation, Regulatory Compliance, Underwriting, Microsoft Excel, Problem-Solving, Communication, Case Management, Title Searches, Appraisal Evaluation

Industry

Financial Services

Description

Loss Mitigation Specialist II 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 a high 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. • Client projects assigned by management could include but not limited to loan reviews or/and calls with clients. • Sign up for Mortgage Loan Officer License training and take Exam. • Assisting the staff as directed by management. • Assisting on team reports • Other special projects assigned tasks by management. • Successfully complete annual regulatory compliance training. • Additional duties as assigned. Required Qualifications: • Bachelor’s degree or equivalent combination of education and experience. • 2+ years’ experience 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 and insures 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.

Responsibilities

The specialist manages high-volume loss mitigation loan files, ensuring adherence to timelines and protocols, and evaluates borrower applications to determine financial capacity for repayment alternatives like modifications or pre-foreclosure sales. Key duties include reconciling financial documents, negotiating terms with various parties, and ensuring accurate documentation for system updates.