Loss Mitigation Underwriter

Fay Servicing Carrollton , TX 75011

Posted 2 weeks ago

Position Summary:

Objective: To determine best possible workout solution for loans and make a recommendation in conjunction with investor, insurer and company

Qualifications:

Familiarity with MS Excel, MS Word, and Adobe PDF desired.

Familiarity with LPS Software a plus.

Qualifications Required:

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


Essential Functions &

Responsibilities:

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.

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Loss Mitigation Underwriter

Fay Servicing