Default Analyst - Mortgage Assistance Underwriting
Default Analyst - Mortgage Assistance Underwriting
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Salary Not Disclosed
1 Vacancy
Job Description
About the Company
Valons mission is to empower every homeowner. We believe the journey of home ownership starts when you get your keys but lasts far beyond. Were creating a world where home ownership comes with ease security and financial know-how. Our growing team of engineers operators product enthusiasts and experienced servicing professionals are leveraging technology to fundamentally improve the homeownership experience. Through mortgage servicingthe process of paying off ones mortgageValon is taking the first step in transforming the industry one homeowner and lender at a time.
Default Servicing at Valon
The Default Servicing team manages all default-related processes and resolves mortgage loans that are in default. The team is crucial to Valon and the broader mortgage ecosystem as it helps prevent foreclosures and minimize losses for investors. Homeowner transparency and financial literacy is always a focal point to our people process and product and we strive to help homeowners who need additional support to keep their dream of homeownership alive.
About The Role
The Mortgage Assistance Underwriter will work to provide solutions for existing homeowners of Valon Mortgage who are experiencing hardships. This individual will report to the Director of Loss Mitigation and will be responsible for providing best-in-class customer service to both homeowners as well as internal customers to support Valons strategic goals. The primary objective of this role will be to determine the best workout option for homeowners with mortgages within Valons servicing portfolio strengthening both homeowner and investor relationships.
Responsibilities
- The Underwriter plays an integral part in reviewing and implementing loss mitigation workout options within the Mortgage Assistance business unit. Under the general supervision of the Mortgage Assistance Manager the Underwriter will be responsible for reviewing mortgage assistance applications and managing a caseload of files including all steps necessary from application to modification.
- This position will have a basic understanding of mortgage servicing and provide support to the Underwriting team.
- Review customer documentation in accordance with Regulation X (30 calendar days) to determine if the homeowner qualifies for a loss mitigation option; report information to the investor client and insurer.
- Order and review BPO/AVM/appraisal as applicable.
- Calculate income expenses and escrow advances in accordance with departmental and investor/insurer/client guidelines.
- Accurately and timely update template steps and system notes to reflect the current status of the file.
- Order and review title searches as applicable.
- Review and implement according to an investor client and insurer for loan modifications forbearances and repayment terms short sales and deeds in lieu.
- For short sales review marketing strategies listing history and offer activity.
- Handle counter offers in accordance with departmental procedures and investor/insurer/client guidelines.
- Request and follow up on foreclosure holds as necessary.
- Submit loss mitigation requests to the investor/client/MI for approval as required.
- Decline files as directed in accordance with departmental procedures as set forth by investor/client/investor/insurer guidelines and send an appropriate denial letter if the homeowner does not qualify for a workout option.
- Prepare and send trial period documents forbearance plan documents repayment plan agreements short sale approval closing letters and decline letters as needed.
- Contact homeowners and real estate agents to provide the status of files
- Handle all written and verbal correspondence professionally between the homeowners client investor insurer subordinate lien holders real estate agents consumer credit counseling services and foreclosure attorneys.
- Complete 2nd Look/QA process to ensure compliance with investor/insurer/client guidelines.
- Work in conjunction with vendors to oversee the generation and compliance of modification short sale and deed-in-lieu-of foreclosure documentation.
- Additional duties may be assigned.
Minimum Qualifications
- High School Diploma or equivalent required
- Knowledge of FHA VA USDA Fannie Mae/DU and Freddie Mac / LPA guidelines and automated underwriting systems
- Ability to critically examine credit income assets title and appraisals for adherence to company investor and GSE underwriting guidelines.
- 2 years of Collections Loss Mitigation or other mortgage banking mortgage servicing or real estate-related experience.
- 2 years of mortgage loan origination/modification experience 2 years of telephone customer contact experience.
- Knowledge of the Fair Debt Collection Protection Act.
- Ability to work independently in a fast-paced environment as well as part of a team and focus on results.
- Ability to learn rules regulations and laws in order to meet state investor client and insurer guidelines.
- Ability to structure a workout that serves the best interests of the homeowner/investor/insurer/client.
- The ability to apply general rules to specific problems to produce answers that make sense. As well as the ability to combine pieces of information to form general rules or conclusions.
Ideal Background
- 5 years of mortgage/modification underwriting experience
- 2 years of Manual Underwriting experience
- 3-5 years of processing and/or closing experience
- Understanding of mortgage industry federal regulations including RESPA TILA ECOA TRID CFPB etc
- Strong communicator with excellent writing skills
- High integrity with strong ethical values
- Team player with the ability to work effectively with a variety of team members
What we can offer:
- Compensation: competitive salary and 401 (k) plan
- Health & well-being: well invest in your physical and mental well-being with comprehensive medical dental & vision benefits
- Food & meals: in-office snacks and drinks and Bagel Fridays
- Commuter benefits: We offer pre-tax deductions for public transportation rideshare services and parking expenses to make your commute more affordable and convenient.
- Grow together: Company-wide orientation for you to successfully onboard and other learning & development opportunities including regular review cycles that feature 360-degree feedback
- Generous time off: 17 days paid time off sick days and 11 company holidays
- Baby bonding time!: 12 weeks off for both birthing and non-birthing parents - fully paid so you can focus your energy on your newest addition
Required Experience:
IC
Employment Type
Full Time
