SUMMARY: Under the limited direction of the assigned supervisor, the Loss Mitigation Financial Underwriter 1 reviews the financial information within the loss mitigation applications to ensure it is accurate and correct. The incumbent verifies the borrower's current financial status and their ability to repay the loan. The Loss Mitigation Underwriter 1 must maintain a working knowledge of all workout options and be prepared to discuss these with borrowers and third parties. The Mtg Svg Loss Mitigation Financial Underwriter 1 will assist in mitigating losses for the investors/insurers and/or bank that may occur due to the borrower's inability to pay the contractual mortgage payment.
ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Other duties may be assigned.
- Review financial information within the loss mitigation applications and ensure that it is current and accurate per Federal/State/Investor/Insurer/Company guidelines. Request any additional documentation needed to establish borrower's ability or inability to pay. Verify borrower's current financial status using complex financial documentation, correctly calculate gross/net income, monthly DTI ratio (debt to income) and surplus income percentage to analyze the borrower's current financial status.
- Review current status of the loan and property by: ordering BPO (Brokers Price Opinion) appraisal to assist in calculating the current LTV (loan to value); determining the current occupancy status of the property; and identifying past loss mitigation efforts and results. Order title search and work with Title Company to ensure appropriate title reports are obtained and title deficiencies are addressed appropriately.
- Using the results of the financial analysis approve/deny (under delegation of authority) or submit recommendation for approval/denial of applicable loss mitigation workout options to Investor/Insurer per the investor/insurer waterfall and communicate decision to borrower(s)/third parties. Maintain knowledge of all loss mitigation workouts in order to communicate those with borrowers and third parties.
- Analyze and submit retention and liquidation request to investor/insurer or use internal delegated calculators to determine eligibility or proposed terms. Provide borrower with correct evaluation notices and documents.
- Monitor the loss mitigation applications received to ensure that all items and approval/denial conditions of the loss mitigation application have been completed in order to remain in compliance with Federal, State, Investor, Insurer and Company guidelines.
- Use department reports, exception reports and dashboards to monitor existing agreements for compliance on a daily, weekly, monthly basis. Submit and communicate directly with the investor/insurer any updates on the accounts. Review origination and recorded documents to ensure modification agreements and other legal documents are in compliance with investor/insurer/state and/or federal regulations. Generate final documents according to investor requirements. Review executed loan modification agreements to ensure all information provided has been understood by borrower and agreed upon, if applicable.
- Monitor loans that are actively in the liquidation process. Review real estate contracts, addendums, settlement statements and closing documents to ensure figures are correct and in line with Investor and/or Insurer guidelines. Determine the property condition before transferring ownership to the investor and/or insurer and review and/or approve any applicable mortgage release documents prior to execution. Report closing to investors in a timely manner to avoid compensatory fees.
- Submit completed loan modifications to investors and/or insurers and all other appropriate departments within the company. After system update perform final modification audit. Perform any necessary posting for capitalized arrearages and payments received. Prepare and send all required documents for recording, monitor and track until successfully reported. Place order with Title Company for final title products.
- Attend mediation hearings as needed.Provide information as to why the borrower(s) did not qualify for any workout options or only qualified for certain work-out options and/or be prepared to request additional information from borrower(s)/attorney(s) to meet file criteria.
- Review all faxes, emails, and other correspondence responding in a timely accurate manner. Assist with researching and resolving complex loss mitigation cases as needed. Maintain organized filing system and routinely file all correspondence or documentation to each loss mitigation application file. Maintain any system coding necessary to identify alerts or special messages regarding loss mitigation statuses or issues. Document all actions taken, including telephone conversations, letters mailed, emails, etc. in system of record.
- Work with and maintain positive relations with attorneys, title companies, realtors, borrowers, third parties, investors and insurers.Discuss sensitive personal financial circumstances in a frank, yet tactful, manner.
- Understand and comply with bank policy, laws, regulations, and the bank's BSA/AML Program, as applicable to your job duties. This includes but is not limited to; complete compliance training and adhere to internal procedures and controls; report any known violations of compliance policy, laws, or regulations and report any suspicious customer and/or account activity.
- Support and uphold the Arvest Mission Statement.
- Uphold the Arvest Code of Ethics and ensure that confidential information is safeguarded.
- Maintain a high level of cooperation and rapport with all associates in order to ensure accurate and efficient operations and service.
- Formulate and communicate new ideas and suggestions that will improve profitability and efficiency for the company's overall operation.
- Promote professionalism at all times.