The Loss Mitigation Closer is responsible for preparing documentation to complete the final steps in resolving the delinquency associated with a borrowers loss mitigation application. Further responsibilities include; monitoring the recordation of borrower executed documentation and providing direction to update our system of record in accordance with regulatory requirements, investor/insurer guidelines, and Flagstar Bank’s default servicing operations standards. All functions must be completed within the production and quality standards. Role requires utilization and understanding of multiple servicing systems, applications and reporting. Role requires accuracy and attention to detail, strong organization skills, independent problem solving ability and excellent communication skills.
Perform Loss Mitigation Closer I Role. Role requires the ability to perform multiple functions throughout the Loss Mitigation process under general supervision, including:
Prepare and mail final loss mitigation documentation
Perform quality control validation to ensure accuracy
Monitor the recording process and submit appropriate documentation to investor/insurer, when applicable
Provide detailed instruction to update our system of record based upon the outcome of the approved loss mitigation workout option
Maintains knowledge of regulatory requirements and investor/insurer guidelines that may impact default servicing operations.
Understand key performance and risk indicators in the Loss Mitigation Process, and how individual role contributes to meeting or exceeding these goals;
Maintain and practice sound judgment in all aspects of role
Reinforces culture of shared ownership and accountability for results.
Collaborating with other default servicing teams, and other internal teams, to assist in the continued development of a best in class default servicing oversight operation.
Perform additional responsibilities as assigned by manager.
Ensures compliance with applicable federal, state and local laws and regulations. Completes all required compliance training. Maintains knowledge of and adhere to Flagstar’s internal compliance policies and procedures. Takes responsibility to keep up to date with changing regulations and policies.
Reliable Home Internet Connection Required
HS Diploma, GED or Foreign Equivalent Required
At least 1 to 3 years of default mortgage financial services experience, preferred in Loss Mitigation
Self-Driven, Personally Accountable Personality
Understanding of MS Office Suite with intermediate technical and computer skills. Specifically an ability with Microsoft Excel
Ability to navigate quickly within various computer programs.
Excellent verbal and written communication skills, as well as strong listening skills
Exceptional analytical and problem solving skills with an ability to think quickly under pressure.
Ability to handle high production volume and answer customer questions in a timely manner.
Ability to look for ways to improve and promote quality.
Ability to work independently with limited supervision.
Ability to work varying shifts including evenings and weekends.
Willingness to work in a team environment
Confident and efficient work approach with a customer focus
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