Note: The job is a remote job and is open to candidates in USA. First American is a leading entity in the mortgage servicing industry, focused on providing superior technology and personalized service. The Loss Mitigation Underwriter role involves reviewing policy applications and loss mitigation packages to determine risk acceptability, educating homeowners on loan modification programs, and managing a caseload of files while adhering to guidelines and procedures.
Responsibilities
- Reviews and evaluates policy applications, renewals, re-pricings, restrictions, and cancellations to determine risk acceptability and coverage
- Reviews loss mitigation package documentation to determine if the homeowner qualifies for a loss mitigation option. Reports information to the investor, client, and insurer
- Educates homeowners about loan modification programs, forbearance plans, repayment plans, short sales, and deeds in lieu options as applicable
- Calculates income, expenses, and escrow advances in accordance with departmental and investor/insurer/client guidelines
- Orders and reviews title searches and BPO/AVM/appraisals as applicable
- Reviews and implements according to investor/client/insurer guidelines for loan modifications, forbearances and repayment terms, short sales, and deeds in lieu
- For short sales, reviews marketing strategies, listing history, offer activity. Resolves counter offers in accordance with departmental procedures and investor/insurer/client guideline
- Requests and follows up on foreclosure holds as necessary
- Submits loss mitigation requests to investor/client/MI for approval as required
- Declines files as directed in accordance with departmental procedures as set forth by investor/client/investor/insurer guidelines and sends appropriate denial letter if homeowner does not qualify for a workout option
- Prepares and sends trial period documents, forbearance plan documents, repayment plan agreements, short sale approval and closing letters and decline letters as needed
- Monitors status of repayment plans, forbearance plans, and trial period plans and update MSP system and investor system of record with payment records as needed
- Answers inbound phone calls, return voicemails, escalations, and all other requests within 24 hours from receipt
- Contacts homeowners and real estate agents to provide status of loss mitigation files
- Maintains a caseload of files as established by the department
- Manages written and verbal correspondence between the homeowners, client, investor, insurer, subordinate lien holders, real estate agents, consumer credit counseling services, and foreclosure attorneys
- Follows functional area’s processes and procedures in daily activities, troubleshoots as needed and recommends suggestions for continuous improvements to overall operations
- Actively contributes to the results of a team and works toward achieving goals and objectives
Skills
- High School diploma or equivalent
- 1-3 years of experience in Collections, Loss Mitigation or other mortgage banking, mortgage servicing or real estate related experience
- Working knowledge of fundamental concepts, practices and procedures of department/field
- Risk assessment skills
- Organized and self-motivated with ability to meet strict deadlines
- Persuasive and professional communication skills
- Strong Customer Service skills
- Strong verbal and written communication skills
- Demonstrated ability to provide attention to detail and concern for accuracy and consistency in results
- Ability to learn rules, regulations, and laws to meet state, investor, client, and insurer guidelines
- Establishes effective working relationships at the work group level
- Some college preferred
- Knowledge of Black Knight MSP system preferred
- Knowledge of Consumer Finance Protection Bureau (CFPB) and Fair Debt Collection Practices Act (FDCPA) guidelines preferred
- 1-3 years of mortgage servicing Loss Mitigation Underwriting experience strongly preferred
Benefits
- Medical
- Dental
- Vision
- 401k
- PTO/paid sick leave
- Employee stock purchase plan
Company Overview
First American provides financial services through its Title Insurance and Services segment and its Specialty Insurance segment. It was founded in 1889, and is headquartered in Santa Ana, California, USA, with a workforce of 10001+ employees. Its website is http://www.firstam.com.
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