What does a Loss Mitigation Specialist do?
Published 3 min read
A loss mitigation specialist is a professional who helps homeowners avoid foreclosure. They work with lenders to develop repayment plans, negotiate loan modifications, and find other ways to keep homeowners in their homes.
Loss Mitigation Specialist job duties include:
- Reviewing loan files to determine if the borrower meets the criteria for a loan modification or other loss mitigation option
- Contacting borrowers to discuss their options and assist them in completing the necessary paperwork
- Working with investors, lenders, and servicers to negotiate loan modifications
- Reviewing trial modification plans to ensure compliance with program guidelines
- Preparing modification agreements and other documentation for execution
- Coordinating with other departments to ensure timely processing of modifications
- Monitoring loans in modification to ensure timely payment and performance
- Reporting loan status and performance to management
- Assisting with the development and implementation of new loss mitigation programs
Loss Mitigation Specialist Job Requirements
A Loss Mitigation Specialist typically requires a high school diploma or equivalent, although some positions may require postsecondary education, and must complete on-the-job training. Some employers may prefer to hire candidates who have previous experience in customer service or the mortgage industry. Although not required, certification from the National Association of Mortgage Bankers (NAMB) may be beneficial.
Loss Mitigation Specialist Skills
- Communication
- Negotiation
- Persuasion
- Active Listening
- Research
- Writing
- Organization
- Time Management
- Multitasking
- Stress management
- Critical thinking
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How to become a Loss Mitigation Specialist
Loss mitigation specialists are responsible for helping homeowners avoid foreclosure. They work with homeowners who are behind on their mortgage payments and help them find solutions that will allow them to keep their homes. Loss mitigation specialists typically have a background in counseling or housing finance.
There are a few steps you can take to become a loss mitigation specialist. First, consider pursuing a degree in counseling or housing finance. This will give you the knowledge and skills you need to be successful in this field. Next, look for internships or entry-level positions with companies that provide loss mitigation services. This will give you the opportunity to learn the ropes and gain experience in the field. Finally, consider becoming certified as a housing counselor through an organization like the National Association of Housing Counselors. This designation will show potential employers that you are serious about your career in loss mitigation and that you have the skills and knowledge to help homeowners avoid foreclosure.
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