Loss Mitigation Specialist

Responsibilities

Loss Mitigation & Borrower Assistance

• Manage an active pipeline of delinquent accounts requiring loss mitigation evaluation, follow-up, and resolution.
• Review borrower financial information, hardship circumstances, and supporting documentation to evaluate eligibility for available loss mitigation solutions.
• Evaluate and recommend borrower assistance strategies, including repayment plans, payment deferrals, loan modifications, voluntary surrenders, and other retention or liquidation solutions.
• Communicate with borrowers regarding available options, required documentation, decisions, expectations, and next steps.
• Maintain timely follow-up and escalate complex situations or exceptions to leadership, Compliance, Legal, or servicing resources.

Program Development & Process Improvement

• Serve as a subject matter expert for the Loss Mitigation program and borrower assistance processes.
• Help build and formalize a scalable Loss Mitigation operating model.
• Develop, document, implement, and improve standard operating procedures, workflows, decision trees, documentation standards, and escalation paths.
• Identify workflow gaps, inefficiencies, manual processes, and operational risks; recommend practical solutions.
• Establish consistent processes for intake, financial review, eligibility determination, approval, documentation, execution, monitoring, and completion of loss mitigation solutions.
• Partner with leadership to define roles, responsibilities, service-level expectations, and cross-functional handoffs.

Reporting, Analytics & Quality

• Develop and maintain reporting on pipeline activity, aging, approvals, denials, resolutions, borrower outcomes, and operational trends.
• Monitor portfolio and pipeline performance to identify trends, bottlenecks, recurring issues, and improvement opportunities.
• Assist with establishing key performance indicators and performance expectations.
• Perform account and data analysis to support operational decisions and program enhancements.
• Help establish quality assurance and control processes to ensure accurate, consistent, and complete file handling.

Compliance & Cross-Functional Partnership

• Ensure account activity and loss mitigation decisions are documented accurately and timely in applicable servicing systems.
• Partner with Compliance and Legal to align processes with regulatory requirements, investor guidelines, bankruptcy requirements, and internal policies.
• Collaborate with Collections, Customer Service, Bankruptcy, Legal, Underwriting, and other servicing partners.
• Participate in developing training materials, job aids, procedures, and internal resources.
• Support onboarding and development of future Loss Mitigation team members.

Requirements

• Minimum of 3 years of mortgage servicing experience.
• 3–5 years of direct Loss Mitigation experience, including borrower hardship evaluation and recommendation or administration of workout solutions.
• 3–5 years of collections experience, preferably in mortgage servicing, manufactured housing finance, or consumer lending.
• Understanding of borrower financial information, including hardship letters, income documentation, bank statements, pay stubs, and financial statements.
• Strong knowledge of mortgage servicing, default servicing, delinquency management, bankruptcy processes, and loss mitigation workflows.
• Ability to manage an active pipeline while balancing competing priorities, deadlines, borrower needs, and operational requirements.
• Experience developing, improving, or documenting operational processes and procedures.
• Strong analytical and problem-solving abilities, including identifying trends, exceptions, and process gaps.
• Strong Microsoft Excel skills, including filtering, sorting, pivot tables, lookups, data analysis, and working with data.
• Experience with manufactured housing and chattel loan servicing is strongly preferred.