Loss Mitigation Underwriter

"Indecomm is an equal employment opportunity employer"

Job Description

The Loss Mitigation Underwriter will be responsible for examining, evaluating, and underwriting mortgage loss mitigation applications to determine the eligibility for assistance options such as extension, re-age, repayment plan, forbearance plans, modifications, short sale, deed-in-lieu, and settlement. Responsible for receiving all written and verbal borrower assistance packages received by the loss mitigation department and reviewing for completeness, as well generating required letters, the borrower based on regulatory or state requirements. Ensure the application package contains the third-party information needed to complete the underwriting evaluation, such as property valuations, escrow analysis, legal fees and costs, flood determination, etc.

Key Responsibility Areas

• Complete reviews of incoming application packages to confirm proper acknowledgment.
• Order and evaluate any required third-party documentation including, but not limited to, credit reports, title reports, and valuations.
• Submission of account information into investor systems (Ex. FNMA-SMDU; FHLMC-RESOLVE) for underwriting decision and processing.
• Review customer hardship and supporting documentation.
• Calculate gross and net income and evaluate available liquid assets.
• Review prior workout history for the life of the loan and during the current delinquency episode.
• Confirm basic eligibility criteria to be used for investor waterfall programs including, but not limited to, delinquency, property occupancy, property condition, loan seasoning, and escrow account status.
• Recommend assistance application decisions based on all investor waterfall financial, basic eligibility, and term calculation requirements.
• Calculate modification principal balance capitalization for approved retention options, taking into account past due interest, escrow and 3rd party advances.
• Maintain strict adherence to all client guidelines, state and federal laws and regulatory requirements, including compliance policies and timelines.
• Other tasks and assignments as assigned.