Senior Loss Mitigation Mortgage Claims Specialist Job Description

Loss mitigation specialists review and analyze delinquent mortgage loans for finding and implementing alternatives to foreclosure.

Loss mitigation specialists are responsible for reviewing delinquent mortgage loans and identifying potential solutions for avoiding foreclosure. Loss mitigation specialists gather information and recommend solutions for completing the appropriate loss mitigation program for each case. Senior loss mitigation specialists typically have a broader range of approval authority, and may approve cases for less experienced co-workers.

Communication

Loss mitigation specialists review and analyze cases for determing appropriate actions for preventing foreclosure.

Loss mitigation specialists communicate with multiple entities to find appropriate solutions for each case, and for negotiating with homeowners, mortgage insurance companies and real estate agents. Required communication skills include strong listening skills, professional demeanor and interviewing skills. Loss mitigation specialists make case recommendations to management; senior loss mitigation specialists may also direct and advise less experienced loss mitigation specialists.

Case Review and Analysis

Loss mitigation specialists negotiate with multiple parties for achieving optimum solutions.

Loss mitigation specialists review and analyze information and documents submitted by homeowners unable to make their mortgage payments and consult policies for ensuring compliance with requirements of mortgage investors, mortgage insurers, government programs and their employers. Loss mitigation specialists match information provided with program and compliance requirements for finding appropriate alternatives to foreclosure. Analyzing each case typically involves using software for comparing potential savings produced by loss mitigation alternatives against potential foreclosure costs. Loss mitigation specialists prepare case recommendations for approval based on their analysis.

Negotiations

Seior loss mitigation specialists recommend solutions for their own cases, and may review recommendations submitted by others.

After identifying an appropriate solution for preventing a foreclosure, loss mitigation specialists negotiate with homeowners, mortgage insurers, and real estate pros as necessary for increasing potential savings to their employers. Senior loss mitigation specialists may negotiate on behalf of less experienced colleagues, or have authority to negotiate complex or unusual settlement options.

Recommendations

Accurate recordkeeping and documentation are key duties for loss mitigation specialists.

After completing a case review and analyzing the facts needed for identifying an alternative to foreclosure, loss mitigation specialists recommend solutions for avoiding foreclosure. Preparing and presenting case recommendations requires excellent verbal and written communication, presentation skills, and the ability to work with others toward meeting employer goals and expectations. Senior loss mitigation specialists may also review and approve recommendations submitted by others.

Record-keeping and Administrative Duties

Senior loss mitigation specialists may perform supervisory and leadership functions.

Successful loss mitigation requires thorough and accurate record-keeping. Documentation of case details, proposed resolutions, approvals from management, correspondence from mortgage investors and insurers, and copies of all correspondence, documents, and case analysis must be maintained for each loss mitigation case. Senior loss mitigation specialists may audit completed case files, and may also maintain and monitor active case file logs.

Leadership and Teamwork

Senior loss mitigation specialists may perform leadership duties including providing guidance for coworkers, supervising staff, and managing work flow. Senior loss mitigation specialists may work as unit leaders or mentors within a loss mitigation department, and may be accountable for achieving departmental or organizational loss mitigation goals. The complex nature of analyzing, negotiating and completing loss mitigation cases requires exceptional dedication to teamwork and achieving individual and organizational goals for work volume and reducing foreclosure losses.

References

• Thingamajob: Loss Mitigation Specialist Job Description