Objective: To determine best possible workout solution for loans and make a recommendation in conjunction with investor, insurer and company
Familiarity with MS Excel, MS Word, and Adobe PDF desired.
Familiarity with LPS Software a plus.
College Degree preferred.
Computer experience required.
2-3 years' experience calculating income derived from various sources, including wage earner, self-employed, and fixed-income borrowers.
Knowledge of GSSE, HUD, and MHA modification programs a plus
Excellent oral and written communication skills
Highly self-motivated and organized
3-5 years in default servicing environment a plus
Experience with Black Knight servicing platform
High attention to detail
Ability to meet strict deadlines
The Loss Mitigation Underwriter will conduct a complete loss mitigation evaluation for borrowers by fulfilling the following functions:
Review and analyze borrowers' financial documents, including financial statements, hardship letter, tax returns, bank statements, pay stubs, profit and loss statements, awards letters, and credit bureau reports.
Analyze borrowers' ability to afford a loan modification based upon documented income, assets, and monthly obligations and expenditures.
Determine borrower eligibility for loss mitigation workouts based upon proprietary, GSE, HUD, and MHA/HAMP criteria.
Calculate modification principal balance capitalization for approved retention options, taking into account past due interest, escrow, and 3rd party advances.
Run a pro forma escrow analysis to ensure proper modification escrow payment calculations.
Responsible for documenting the MSP Director Premier Loss Mitigation Workstation (notes, steps), generate appropriate letters and/or tasks, as well as adding documentation to Meridian/Doc Velocity to substantiate the loss mitigation decision made for each account.
Maintain strict adherence to all client guidelines, state and federal laws and regulatory requirements, including compliance policies and time lines.
Establish a strong working relationship with other departments and establish lines of communication.
Other duties and projects as assigned.