Founded in early 2008, Fay Servicing is committed to providing innovative servicing solutions for both performing and non-performing mortgage loans. As a specialty mortgage servicer who sees the customer behind every loan, we understand that our customers aren’t loan numbers — they’re homeowners.
Before founding our company, we conducted an exhaustive analysis of the mortgage servicing industry and gained valuable insight into the problems facing mortgage servicers and their customers. With that insight, we set out to build a different kind of servicing company from the ground up.Come join us on our journey to serve our customers and be the leader in our industry! We are currently looking for a Loss Mitigation Specialist II to join our team!Reporting to the AVP, Loss Mitigation, this position is responsible for conducting detailed analyses of borrower situations, processing loss mitigation requests, and collaborating with team members to facilitate the timely evaluation of cases.
This role actively contributes to process improvement initiatives, staying informed about changes in industry regulation and adapting workflows accordingly.This position manages more complex cases of delinquent loans and provides advanced support in resolving borrower delinquencies by conducting in-depth assessments of borrower financial situations and evaluating and implementing a range of loss mitigation solutions to avoid foreclosure. Additionally, this role collaborates with other departments to facilitate loss mitigation efforts and serves as a resource to more junior team members.
What you will do for Fay Servicing:
- Serve as the primary point of contact for borrowers experiencing financial difficulties, managing complex loss mitigation cases, and providing solutions for borrowers
- Review and assess borrower financial documentation, including tax returns, bank statements, pay stub,s and hardship letters to determine the offer appropriate mitigation solutions
- Negotiate and implement advanced loss mitigation solutions such as loan modifications, repayment plans, forbearances, short sale,s and deeds in lieu of foreclosure
- Review, process and draft loss mitigation workouts included, but not limited to, forbearance agreements, trial modification agreements, deferment agreements, and modification agreements
- Collaborate with third-party vendors, attorneys, and investors to ensure the efficient processing of loss mitigation options
- Reconcile modification figures from systems and production tools to the modification agreement; reconcile modification figures from the agreement to the system of record
- Conduct pro-forma escrow analysis, trial plan payment analysis, and waterfalls to validate modification figures provided by Underwriting
- Track and report on regulatory deadlines, ensuring compliance with investor-specific, state, and federal regulations, including those related to foreclosure prevention and consumer protection
- Generate and review regular reports on case statuses, loss mitigation activities, and potential risk assessments
- Complete manual reconciliations for system testing and validations; perform user acceptance testing
- Develop domain knowledge of Fay’s business to include an understanding of department goals and company objectives
- Ensure compliance with Fay’s policies, processes, practices, and regulatory requirements. Successfully complete all department and company-required training
- Model Fay’s Values, Operating Principles, ethical standards, professionalism, and code of conduct
- Demonstrate behaviors that align with Fay's Values and Operating Principles
- Perform other duties and responsibilities as assigned
What you will bring to Fay Servicing:
- High school diploma or GED Required; Associate or Bachelor’s degree preferred
- 2+ years' experience in the mortgage servicing industry
- 2+ years' experience in Default Servicing
- 1+ years' experience in Loss Mitigation
- 1+ years' experience working in a fast-paced work environment
- Working knowledge of Microsoft Office products (Excel Word, and PowerPoint)
- MSP experience preferred
- Strong verbal and written communication skills
- Solid interpersonal skills
- Demonstrated analytical skills and problem-solving abilities
- Good judgment with the ability to evaluate and make decisions
- Strong time management skills
- Ability to work effectively in a fast-paced, dynamic environment
- Customer service/ client orientation with strong execution skills and results orientation
- Ability to prioritize numerous tasks and manage shifting priorities
- High level of attention to detail and consistency
- Flexible, open to change; ability to learn new things quickly
- Collaborative; ability to work effectively with others
Equity and Inclusion are embedded into our way of working at Fay. We believe that the best ideas come from having a team that is diverse in backgrounds, experiences, and perspectives. We strive to ensure each of our employees feels valued, respected and included and is presented with equal opportunities to be successful here at Fay. We are proud to be an equal-opportunity workplace. The Fay Group and affiliated companies participate in E-Verify. For more information go to www.dhs.gov/E-Verify. E-Verify is a registered trademark of the U.S.
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