Mortgage Loss Mitigation Specialist

Join Our Team!

We have a great team of friendly, talented and inspiring people at First United. As a learning organization, we take pride in offering exciting opportunities for employees to grow and follow their passions. That's one of the many reasons First United has been voted as one of the top places to work in Oklahoma since 2009! Browse this page to find out more about the First United culture and the many benefits of working here. Then, use our "Get Started" section to take your first step to being a part of First United.

The Position

Job Title

Mortgage Loss Mitigation Specialist

Job Description

Summary

This position is responsible for underwriting, decisioning and processing of loss mitigation requests, including post-trial review, preparation of approved workouts and submission for finalization in accordance with investor, insurer, and regulatory guidelines.

The Loss Mitigation Specialist performs detailed financial and collateral reviews, evaluates borrower eligibility, reviews complete loss mitigation packages, and ensures accurate evaluation while supporting timely resolution of delinquent mortgages through both home retention and liquidation strategies.

This role requires advanced knowledge of FHA, VA, USDA, FNMA, and FHLMC requirements and ensures all approvals, denials, and offers comply with applicable investor, insurer, and regulatory standards.

Major Duties and Responsibilities (Essential Functions)

Underwriting and Decisioning

• Underwrite and render final decisions on loss mitigation request, including but not limited to:
  • Repayment Plans
  • Forbearance Agreements
  • Loan Modifications
  • Partial Claims
  • Payment Supplement Agreements
  • Special Relief Measures
  • Short Sales
  • Deeds-in-Lieu of Foreclosure

Borrower Communication

• Assist customers, via email and phone, with routine account-related questions and requests as well as collection of payments required during a loss mitigation review.

Document Collection and Review

• Collect necessary documents from borrowers to complete their loss mitigation reviews while ensuring accuracy, completeness and document compliance. Documents meet investor-specific format, age, and verification requirements. 

Regulatory and Investor Compliance

• Ensure all underwriting decisions withstand internal quality control, audit and regulatory review including, but not limited to:
  • FHA/HUD loss mitigation waterfall and servicing requirements
  • VA servicing and compromise sale requirements
  • USDA Rural Housing Servicing Guidelines
  • FNMA Servicing Guide
  • FHLMC Single-Family Seller/Servicer Guide

Financial and Eligibility Analysis

• Conduct detailed financial, hardship, and collateral analyses to determine borrower eligibility, including:
  • Gross and net income calculations
  • Affordability assessments
  • Equity, surplus, and deficiency calculations

Quality Control and Audit Readiness

• Ensure underwriting decisions comply with CFPB loss mitigation timelines and dual-tracking prohibitions.
• Maintain complete, audit-ready loan files.
• Clearly document underwriting rationale and decisions within servicing systems.

Post-Trial and Workout Finalization

• Validate trial performance, conduct post-trial payment plan evaluations and clear outstanding conditions for workout finalization including backend processing activities including, but not limited to document accuracy, system coding and implementation in accordance with workout requirements.

Industry Knowledge and Process Improvement

• Maintain working knowledge of mortgage default servicing industry updates.
• Support continuous process improvement initiatives and provide recommendations to enhance underwriting and workflow efficiency.

Additional Duties and Responsibilities

• Demonstrate proficiency in loss mitigation underwriting, decisioning, and processing.
• M