Foreclosure/Loss Mitigation Specialist

Foreclosure/ Loss Mitigation Specialist

Sets up new foreclosure files, sends referral packages to the attorney/trustee including preparing Assignments and other documents to be legally filed or recorded. Order and processes the monthly foreclosure property inspections. Orders preservation maintenance of vacant properties per applicable investor and insurer guidelines. Reviews and mails the disbursement checks ordered by the foreclosure and bankruptcy departments. Handle Loss Mitigation duties by calling all loans in foreclosure every three days until QRPC is made to offer loss mitigation process. Send out modification documents, trial payments, process trial payments, obtain financial information when needed.

What You Will Be Doing

• Printing items off of DOCStar obtaining the most recent hazard insurance policy and flood insurance policy if applicable and making copies of the original loan documents.
• Request the tax department to check the tax status if the loan is not escrowed for payment of real estate taxes.
• Activate each loan into the MSP Foreclosure workstation.
• Request monthly property Inspections.
• Order Appraisal or BPO depending on Investor requirements.
• Review Notes on the MSP system they may need to be included with letter sent to the attorney.
• Run a paid in full statement.
• Reviews appraisal or BPO ordered with Foreclosure specialist to insure sufficient value to proceed with Foreclosure.
• Prepare Assignments of Mortgage/Deed of Trust or other documents in recordable format.
• Prepare referral letter to the attorney and assemble all items required for the package.
• Send a letter to the borrower notifying them their loan has been referred to the
• Foreclosure Department to initiate foreclosure proceedings.
• Give the file to the Foreclosure Supervisors to review before giving to the Foreclosure Specialist.
• Once a month the foreclosure property inspections are ordered on the MSP system and then distributed to individual inspectors other than Servicelink.
• Check the report the day after the inspections were ordered to ensure there were no mistakes or missed orders.
• The inspections from Servicelink are printed off of their web site and checked off the master list of ordered inspections. Individual inspectors will email the inspections with photographs which will be saved to the appropriate file folder.
• Notify the Insurance Department and the Foreclosure Manager of any new vacancies, and forward the inspection invoices to the Foreclosure Manager for payment.
• If property found vacant make sure property preservations is done if needed.
• Notify the insurance department the property has been found vacant.
• For all loans in foreclosure follow-up with telephone calls every three days until Quality
• Right Party Contact is achieved to offer loss mitigation.
• Review the disbursement checks and paid invoices for checks that have been ordered by the foreclosure and bankruptcy departments the prior day. If there is no discrepancy, mails the check to the vendor with a copy of the invoice.
• Give the original check stub and original invoice to the person that ordered the check.
• Prepares the foreclosure file and send to the recovery department to pursue deficiency judgement against the borrower when applicable. Send file with an e-mail to Recovery.