Loss Mitigation QA Processor
Employment Type:Full Time
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This position is responsible for a variety of quality control functions to ensure we are in compliance with regulatory and investor underwriting and servicing requirements and guidelines. Incumbent will perform monitoring, testing and reporting on various functions within the Loss Mitigation ddepartment. Incumbent will be responsible for ensuring all time frames are met and document findings. As this work is highly variable based upon regulatory and investor changes, this individual should expect to take on additional tasks related audits, and Loss Mitigation functions as appropriate.
Essential Job Functions:
Perform a QA review of incomplete packages and missing item letters for accuracy based on the required doc matrix.
Re-Calculate modification principal balance capitalization for approved retention options, taking into account past due interest, escrow, and 3rd party advances.
Maintain a balance between company policy and customer benefit in decision making. Handles issues in the best interest of both customer and Freedom Mortgage, offering options and alternatives to best fit the situation.
Develop an understanding of loss mitigation options as well as the overall delinquency resolution process.
Willing to assume other duties/projects as assigned and manage responsibilities with little to no supervision, ensuring deadlines are met.Handle critical deadlines and projects as assigned by the supervisor.
Responsible for completing a secondary review of all documentation in FMC the servicing system, investor/insurer systems ie.. SMDU/UI and workout prospector, review accuracy of appropriate letters and/or tasks, as well as verify documentation in EDMS to substantiate the loss mitigation decision made for each account.
Complete validation of all loss mitigation files for incoming/outgoing servicing transfers.
Review and reconcile all vendor invoices for loss mitigation and Iclear errors.
Monitor all exceptions for trial and forbearance plans performance, follow up on unsigned agreements.
Maintain extensive knowledge of investor, insurer and client guidelines and time frames required for processing a loan workout.
Extensive knowledge ofinvestor, insurer workout guidelines and functional knowledge of residential mortgage documents.
This job has no supervisory responsibilities. Qualifications:
To perform this job successfully, an individual must be able to perform each?essential satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the?essential functions?of the job.
Education and/or Experience:
Bachelor’s Degree from a Four (4) year College or University
One (1) to two (2) years related experience and/or training
Language Skills:Ability to read, analyze, and interpret general business periodicals, professional journals, technical procedures, or government regulations. Ability to write reports, business correspondence, and procedure manuals. Ability to effectively present information and respond to questions from groups of managers, clients, customers, and the general public.
Mathematical Skills:Ability to work with mathematical concepts such as probability and statistical inference, and fundamentals of plane and solid geometry and trigonometry. Ability to apply concepts such as fractions, percentages, ratios, and proportions to practical situations.
Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists. Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form.
Certificates, Licenses, Registrations:
Physical Demands:The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. While performing the duties of this job, the employee is frequently required to sit and talk or hear. The employee is occasionally required to stand; walk; use hands to finger, handle, or feel; and reach with hands and arms. The employee must occasionally lift and/or move up to 25 pounds.
Work Environment:The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. The noise level in the work environment is usually moderate.
Employer’s Rights:This job description does not list all the duties of the job. You may be asked byyour supervisors or managers to perform other duties. You will be evaluated inpart based upon your performance of the tasks and functions listed in this jobdescription.The employer has the right to revise this job description at any time. The jobdescription is not a contract for employment, and either you or the employer mayterminate employment at any time, for any reason.
Founded in Mount Laurel, NJ in 1990, Freedom Mortgage has since grown into one of the largest and fastest-growing privately owned full-service residential lenders in the USA. Licensed in all 50 states, Washington D.C., Puerto Rico and the Virgin Islands, Freedom Mortgage has over 5000 employees nationwide, proudly servicing $225.6 billion, and is still growing.
Our mission is to foster homeownership in America. Freedom is a leader in VA mortgage lending and is one of the mortgage industry’s largest philanthropic supporters of the USO and military families through its Team Freedom Cares philanthropic arm.
Locations include suburban Philadelphia and Fishers, IN, two regions where we were named Top Workplaces. We also have large operating centers countrywide, including these desirable markets: Beaverton , OR; Boca Raton, FL; Columbia, MD; Jacksonville, FL; Melville, NY; Plano, TX; San Dimas, CA; Tempe, AZ; Troy, MI and Woodbridge, VA.
If you seek a sense of community, top training, opportunity for advancement, a comprehensive benefits package and reward and recognition program, look no further.
Freedom Mortgage Corporation is an Equal Opportunity Employer committed to workforce diversity. Qualified applicants will receive consideration without regard to age, race, color, religion, gender, sexual orientation, national origin, or their status as a protected veteran or an individual with disabilities. Local applicants encouraged to apply. Employment contingent upon successful completion of background investigation. Smoke-free workplace. Drug-free work environment. Excellent benefits package including medical, dental, vision and 401(k). All resumes are held in confidence. Only candidates whose profiles closely match requirements will be contacted during this search. LENDER NMLS ID:2767
Equal Opportunity Employer- Minorities/Females/Disabled/Veterans