Loss Mitigation Document and Closing Specialist

Loss Mitigation Document And Closing Specialist

Valon's mission is to empower every homeowner. We believe the journey of home ownership starts when you get your keys, but lasts far beyond. We're 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 one's mortgageValon is taking the first step in transforming the industry one homeowner, and lender, at a time.

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 Loss Mitigation Document and Closing Specialist manages the closing of loan workout packages, ensuring compliance with investor, insurer, state, federal, and CFPB guidelines. This role involves meticulously managing all post-approval activities for loss mitigation workouts, ensuring accurate and timely completion. You'll act as a critical liaison between internal departments, and external parties to finalize agreements, resolve outstanding conditions, and seamlessly transition accounts, ultimately minimizing risk and maximizing recovery for our organization.

This position demands exceptional organization, keen attention to detail, and a deep understanding of various workout options like loan modifications, short sales, deeds-in-lieu, and forbearance plans. As a specialist, you'll also oversee the quality control of borrower-executed documents, ensuring approved workout terms amortize and cure delinquencies. You'll manage the finalization of workout terms within our proprietary system and work closely with departments such as cashiering, loan accounting, and investor reporting to ensure accurate and timely processing of loans eligible for buyout.

Responsibilities

• Post-Approval Management : Oversee the end-to-end completion process for approved loss mitigation workouts, making sure all conditions precedent are met.
• Documentation & Compliance : Review, prepare, and process all necessary legal and internal documentation for workout completion, ensuring accuracy, completeness, and strict adherence to investor, insurer, state, federal, and CFPB guidelines and internal policies.
• Document and Title Processes : Manage all document and title processes, including the meticulous review, clearance, and quality control of borrower-executed documents to ensure proper notarization and execution.
• Document Rejection Resolution : Proactively track and resolve document rejections, both before system finalization and following post-workout settlements.
• Communication & Coordination : Communicate professionally with servicers, attorneys, title companies, real estate agents, and internal departments (e.g., servicing, legal, accounting, collections) to gather required information, resolve discrepancies, and expedite the completion process. You'll also coordinate with various teams and provide exceptional customer service to ensure a seamless and efficient loss mitigation process.
• Condition Fulfillment : Track and follow up on outstanding conditions and requirements for workout completion, including but not limited to receipt of executed documents, payments, insurance, and property inspections.
• Trial Plan Monitoring : Monitor trial plans diligently and handle plan cancellations as needed.
• System Updates & Data Integrity : Accurately update internal servicing systems and databases with the status of workout completions, ensuring data integrity and proper account coding. You'll manage the finalization of workout terms in our proprietary system and maintain accurate records.
• Modification Reconciliation : Reconcile modifications to ensure capitalized amounts align with the adjustments to the loan's unpaid principal balance.
• Workout Term Amortization : Ensure approved workout terms are properly amortized and cure delinquencies.
• Investor System Submission & QC : Submit workout settlements to investor systems and perform a final quality control check of the internal system to ensure it accurately reflects workout documents before closing workout templates.
• Interdepartmental Collaboration : Collaborate closely with departments such as cashiering, loan accounting, and investor reporting to ensure accurate and timely processing of loans eligible for buyout.
• Problem Resolution : Identify and resolve issues or roadblocks that may arise during the completion process, escalating complex cases to management as needed.
• Timeline Management : Monitor and manage critical deadlines and timelines to ensure timely workout completion and avoid further delays or potential re-defaults.
• Reporting : Assist in generating reports on workout completion rates, outstanding items, and performance metrics.
• Quality Assurance : Conduct a final review of completed workout files to ensure all documentation is in place and accurately reflects the terms of the agreement.
• Process Improvement : Identify opportunities to streamline and improve the loss mitigation workout completion process.

Minimum Qualifications

Ideal Background

What We Can Offer :