- Analyze customers defaulted loans and determine the best procedure to resolve the situation
- Review customer correspondence to assist in resolving the case
- Analyze and present a resolution strategy to the supervisor
- Advise attorneys on the negotiation and resolution of title claims and other contested issues against the business
- Field questions about any case from management
- Primarily ensure the business is given the best consideration in negotiations
- If a negotiation method works, train other personnel and write up the data so the firm’s policies and procedures are updated.
Skills include:
- The ability required to develop and deliver presentations
- Expertise in negotiation or litigation
- Study and practical application knowledge of the Fair Debt Collections Act
- Spreadsheet and document software
- Good oral and written communication
- The ability to meet deadlines in a stressful environment
- Ability to organize and analyze the information coming in from all sources then logically reach a business decision.
The experience and education required to be a successful Loss Mitigation Specialist is some college or equivalent experience as a mediator in foreclosures. A few years experience in mediating disputes which require knowledge of the mediation process and state laws is also required. Three to five years in the mortgage industry handling defaults of loans and one or two years handling negations or conflict resolution is another qualification.
Here is a summary of basic experience for an entry level Loss Mitigation Specialist that many employers look for when hiring:
- Experience in reading and interpreting legal documents
- Title work experience
- Experience working with attorneys
- Work experience in monitoring multiple accounts given to outside legal counsel
- An expert in servicing defaulted accounts
- An online education course on Loss Mitigation might be accepted in lieu of some experience
This occupation has been inspired by all the foreclosures this past year. The actions of President Obama prompted lenders to help people faced with the prospect of defaulting on their home loans. People needed to be hired who could work to represent the mortgage companies in mitigating the homeowner's loan.
Mortgage companies are not the only companies hiring Loss Mitigation Specialists. Credit corporations, real estate brokers and brokerage firms jumped on the opportunity and acted as liaisons between homeowners and large mortgage companies for a price. Currently, the government is making Mitigation Specialists available for free backed by the government. However, if the mortgaged homeowner works with his/her mortgage company the service is free to the homeowner.
Sometimes lawyers hire Loss Mitigation Specialists but most Specialists work in call centers to help in the mitigation process. Right now the market is flourishing for Loss Mitigation Specialists. Those who can find work in the occupation are fulfilled as their contribution improves people's lives.
The salary of a Loss Mitigation Specialists ranges from $35K to $60K. As long as the economy forces layoffs and the homeowner has difficulty keeping up with mortgage payments, these jobs will be available. It's a great idea for college graduates to take an additional Loss Mitigation course online and get an entry level job to get started in business.
