About the Role
The Mortgage Default Specialist – Government Loans is responsible for managing delinquent and defaulted mortgage loans, with a primary focus on FHA, VA, and USDA government-insured loans. This position works directly with borrowers, internal departments, investors, and other stakeholders to evaluate loss mitigation options, help borrowers avoid foreclosure when possible, and ensure all actions are completed accurately and within required regulatory and investor timelines.
The ideal candidate will have strong mortgage default and loss mitigation experience, a thorough understanding of government loan requirements, excellent communication and negotiation skills, and the ability to manage multiple files while maintaining strict compliance with federal, state, investor, and company requirements.
Essential Functions
- Review and manage defaulted and delinquent FHA, VA, and USDA loan files from initial delinquency through resolution, foreclosure referral, or other appropriate disposition.
- Monitor assigned loan portfolios and maintain accurate and timely default tracking.
- Contact delinquent borrowers by telephone and other approved communication methods to discuss their financial circumstances, available options, and potential loss mitigation solutions.
- Conduct borrower interviews and obtain information and documentation necessary to evaluate loss mitigation eligibility.
- Review borrower financial information, including income, assets, expenses, employment, and hardship documentation.
- Evaluate and process available loss mitigation options in accordance with applicable government program requirements, investor guidelines, and company policies.
- Process and coordinate loan modifications, repayment plans, forbearance agreements, partial claims, payment assistance, and other applicable loss mitigation options.
- Review and respond to borrower documentation and follow up on outstanding items needed to complete loss mitigation evaluations.
- Ensure all required notices, disclosures, letters, and other borrower communications are completed accurately and within required timelines.
- Track loss mitigation and foreclosure timelines to ensure regulatory, investor, and company deadlines are met.
- Maintain detailed and accurate records of all borrower contacts, financial information, decisions, actions, and supporting documentation in the mortgage servicing system.
- Work collaboratively with foreclosure, legal, servicing, underwriting, and other internal teams to ensure appropriate handling of delinquent loans.
- Maintain current knowledge of FHA, VA, and USDA servicing and loss mitigation requirements, as well as applicable federal and state regulations and investor guidelines.
- Ensure all activities comply with applicable federal and state laws, servicing regulations, investor requirements, and company policies.
- Identify potential compliance issues and escalate concerns to management or the appropriate department.
- Meet established productivity, quality, service-level, and turnaround-time expectations.
- Maintain confidentiality and protect sensitive borrower and financial information.
- Perform other duties and responsibilities as assigned by management.
- Review loan histories and servicing records to identify issues, discrepancies, or missing information that may impact the loan's default or loss mitigation status.
- Communicate effectively with borrowers regarding loan status, documentation requirements, loss mitigation decisions, and next steps.
Qualifications
Required
- Minimum of 3 years of mortgage default, loss mitigation, or mortgage servicing experience.
- Demonstrated experience handling delinquent mortgage loans and loss mitigation activities.
- Strong working knowledge of FHA, VA, and USDA loan servicing, default, and loss mitigation requirements.
- Experience processing or evaluating loan modifications and other loss mitigation options.
- Strong understanding of mortgage default and foreclosure timelines.
- Excellent verbal and written communication skills.
- Strong negotiation, problem-solving, and customer service skills.
- Ability to communicate professionally and effectively with borrowers experiencing financial hardship.
- Strong organizational and time-management skills with the ability to manage multiple files, priorities, and deadlines.
- Strong attention to detail and accuracy.
- Proficiency with Microsoft Office applications, including Word and Excel.
- Experience with mortgage servicing software and/or loan servicing systems.
- Ability to maintain strict confidentiality and handle sensitive financial information appropriately.
Preferred
- Experience working with FHA Partial Claims and other FHA loss mitigation programs.
- Experience with VA loss mitigation programs and requirements.
- Experience with USDA guaranteed loan servicing requirements.
- Experience working in a high-volume mortgage servicing or default environment.
- Familiarity with foreclosure processes and applicable regulatory requirements.
- Experience with mortgage servicing platforms and investor/agency systems.
Education and Experience
High school diploma or equivalent required. Additional education or training in mortgage lending, finance, business, or a related field is preferred.
A minimum of 3 years of mortgage default, loss mitigation, or servicing experience is required, with demonstrated experience handling government-insured loans, particularly FHA, VA, and USDA loans.
Disclaimer
This position description is intended to describe the general nature and level of work being performed by an employee assigned to this position. It is not intended to be an exhaustive list of all duties, responsibilities, knowledge, skills, abilities, or working conditions associated with this position. Management reserves the right to modify, add, or remove duties and responsibilities as business needs require.
Pay: $27.00 - $35.00 per hour
Expected hours: 40.0 per week
Benefits:
- 401(k)
- Dental insurance
- Flexible spending account
- Health insurance
- Life insurance
- Paid time off
- Pet insurance
- Vision insurance
Work Location: In person
