Loss Mitigation Specialist

The Loss Mitigation Specialist will work with customers to review alternatives to foreclosure. Encourage loan workouts, payment plans, forbearance, modifications, short sales and deed in lieu transactions in accordance with investor guidelines and Federal and State regulators. Responsibilities include but are not limited to:
  • Contact borrowers that have fallen into financial hardship to discuss alternatives to foreclosure including loan workouts, stipulations, forbearance, payment plans and modifications of their loans in accordance with GSE guidelines, regulators and bank policy.
  • Review borrower financials and recommend a course of action to Management.
  • Prepare legal documentation including Modification Agreements and have same filed with the county of record as needed.
  • Work with Management, counselors and attorneys to ensure that all applicable customers are offered investor approved loss mitigation alternatives. Determine the most appropriate program given the customer's financial situation and ability to successfully complete the program.
  • Monitor loss mitigation pipeline and ensure timelines are kept.
  • Maintain all loss mitigation reports and obtain approval from various investors including FNMA, FHLMC, HUD, NJH and other investors as warranted.
  • Maintain full compliance with all Regulatory requirements, GSE guidelines and the Bank's policies and procedures.
Valley Bank
Full time
Salary Range
$39,000.00 - 56,000.00
per Year
Salary range estimated by
Wayne, NJ 07470, US
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