Loss Mitigation Specialist
Company: Valley National Bancorp
Posted on: June 2, 2021
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.
* Excellent verbal and written communication skills. * Ability
to multitask, manage multiple tasks and prioritize. * Self-starter
with the ability to work independently as well in a team
environment. * Proficient in Microsoft Office with strong PC
skills. * Mortgage banking experience.
* High School Diploma or GED and a minimum of two years'
experience in mortgage collections or loss mitigation. *
Underwriting experience and knowledge of Fannie Mae and Freddie Mac
loss mitigation requirements preferred.
Keywords: Valley National Bancorp, Wayne , Loss Mitigation Specialist, Other , Wayne, New Jersey
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