Default Analyst – Mortgage Assistance Underwriting

Default Analyst – Mortgage Assistance Underwriting

Requirements

• High School Diploma or equivalent required
• Knowledge of FHA, VA, USDA, Fannie Mae/DU, and Freddie Mac / LPA guidelines and automated underwriting systems
• Ability to critically examine credit, income, assets, title, and appraisals for adherence to company, investor, and GSE underwriting guidelines
• 2 years of Collections, Loss Mitigation, or other mortgage banking, mortgage servicing, or real estate-related experience
• 2 years of mortgage loan origination/modification experience, 2 years of telephone customer contact experience
• Knowledge of the Fair Debt Collection Protection Act
• Ability to work independently in a fast-paced environment as well as part of a team, and focus on results
• Ability to learn rules, regulations, and laws in order to meet state, investor, client, and insurer guidelines
• Ability to structure a workout that serves the best interests of the homeowner/investor/insurer/client
• The ability to apply general rules to specific problems to produce answers that make sense. As well as the ability to combine pieces of information to form general rules or conclusions.

Responsibilities

• The Underwriter plays an integral part in reviewing and implementing loss mitigation workout options within the Mortgage Assistance business unit. Under the general supervision of the Mortgage Assistance Manager, the Underwriter will be responsible for reviewing mortgage assistance applications and managing a caseload of files, including all steps necessary from application to modification.
• This position will have a basic understanding of mortgage servicing and provide support to the Underwriting team.
• Review customer documentation in accordance with Regulation X (30 calendar days) to determine if the homeowner qualifies for a loss mitigation option; report information to the investor, client, and insurer.
• Order and review BPO/AVM/appraisal as applicable.
• Calculate income, expenses, and escrow advances in accordance with departmental and investor/insurer/client guidelines.
• Accurately and timely update template steps and system notes to reflect the current status of the file.
• Order and review title searches as applicable.
• Review and implement according to an investor, client, and insurer for loan modifications, forbearances, and repayment terms, short sales, and deeds in lieu.
• For short sales, review marketing strategies, listing history, and offer activity.
• Handle counter offers in accordance with departmental procedures and investor/insurer/client guidelines.
• Request and follow up on foreclosure holds as necessary.
• Submit loss mitigation requests to the investor/client/MI for approval as required.
• Decline files as directed in accordance with departmental procedures as set forth by investor/client/investor/insurer guidelines and send an appropriate denial letter if the homeowner does not qualify for a workout option.
• Prepare and send trial period documents, forbearance plan documents, repayment plan agreements, short sale approval, closing letters, and decline letters as needed.
• Contact homeowners and real estate agents to provide the status of files
• Handle all written and verbal correspondence professionally between the homeowners, client, investor, insurer, subordinate lien holders, real estate agents, consumer credit counseling services, and foreclosure attorneys.
• Complete 2nd Look/QA process to ensure compliance with investor/insurer/client guidelines.
• Work in conjunction with vendors to oversee the generation and compliance of modification, short sale, and deed-in-lieu-of foreclosure documentation.
• Additional duties may be assigned.

Preferred Qualifications

• 5+ years of mortgage/modification underwriting experience
• 2+ years of Manual Underwriting experience
• 3-5 years of processing and/or closing experience
• Understanding of mortgage industry federal regulations, including RESPA, TILA, ECOA, TRID, CFPB, etc
• Strong communicator with excellent writing skills
• High integrity with strong ethical values
• Team player with the ability to work effectively with a variety of team members