Public
This position is responsible for assisting with analysis of borrower situations, processing loss mitigation requests, and collaborating with team members to ensure timely evaluations of cases. This position manages initial borrower interactions, processing applications for loss mitigation programs, and ensuring compliance with investor and regulatory guidelines. The position maintains ongoing communication with borrowers to track the status of their requests and create detailed records for each borrower, documenting all communication, financial analysis, and decisions made. Additionally, this position collaborates with third parties to facilitate the implementation of approved solutions.
Core Functions and Responsibilities:
- Serve as the primary point of contact for borrowers experiencing financial difficulties, effectively communicating with borrowers to explain available loss and mitigation options and the process of applying.
- Review financial documentation, including income expenses, assets and hardship letters, to assess eligibility for loss mitigation programs.
- Identify appropriate solutions for borrowers based on circumstances and documentations provided, ensuring compliance with investor and insurer guidelines and state/federal regulatory requirements.
- Calculate the modification and principal balance capitalization for approved retention options, considering past-due interest, escrow, and third-party advances.
- Review incoming short sale and Deed in lieu of foreclosure referral requests.
- Create and maintain detailed records for each borrower, documenting all communication, financial analysis, and decisions made.
- Mail, receive and review the borrower assistance packages for completeness.
- Track progress and status of loss mitigation cases, ensuring timely, accurate completion of required actions.
- Collaborate with third parties, including attorneys, servicers, and investors, to facilitate the implementation of approved mitigation solutions.
- Develop domain knowledge of Fay’s business to include understanding of department goals and company objectives.
- Ensure compliance with Fay’s policies, processes, practices, and regulatory requirements, and successfully complete all departments and company-required training.
- Perform other duties and responsibilities as assigned.
Skills and Qualifications Required:
- Minimum 2 years Operations experience, preferably in a customer contact area. Banking and Legal/Real Estate experience will be considered.
- Must be very well organized, able to multi-task,
- Meet deadlines, monitor, track and report on progress or problems,
- Must have effective communication skills.
- Strong attention to detail
- Working knowledge of Word, Excel, and/or Access is a plus.
Please note that only shortlist candidates will be contacted.