Loss Mitigation Underwiter III

This position is responsible for reviewing mortgage loan accounts for the entire waterfall and determining whether customers qualify for retention or liquidation options through financial analysis of income and ability to repay.  This position submits loan modification workups and reviews appeal requests for loans where loss mitigation has been denied.  This position will also be responsible for preparing loans for foreclosure mediation hearings, QC'ing files and letters, and identifying loans missing investor, insurer or CFPB guidelines.

• Understand investor waterfalls and required documents for loss mitigation.
• Manage and monitor account portfolio to ensure that all documentation and account decisions comply with banking policies, investor guidelines and applicable regulations.
• Assess income and expenses, as well as property value and variance between appraised properties and offers submitted by potential buyers.
• Serve as liaison to various investors, including, but not limited to Fannie Mae, Freddie Mac and M&T Bank to gain approval for settlements and provide each party with documentation necessary to render a decision.
• Communicate with HUD regarding loss mitigation requests and extension approvals. 
• Review denied loan appeal requests by examining changes in customer’s income, newly submitted documents and identifying possible miscalculations.
• Calculate foreclosure costs, loss estimations and payoff totals to make account recommendations.
• Review workout packages, including hardship letters, tax returns, income statements, pay stubs, credit reports, sources of debt and general customer financial documents to determine the most suitable repayment option for customers.
• Calculate loan modification terms in adherence with FHA guidelines, M&T policies and applicable state and Federal law and regulations.
• Review, compile and analyze documents (e.g., appraisals, title, arm’s length addenda, HUD 90051) to approve or deny a short sale settlement.
• Communicate with customers, real estate agents and attorneys to negotiate short sale settlement offers and advise of loss mitigation decisions.
• Communicate with Single Point of Contact, title team, Loss Mitigation Closing team and Escalations team to gather information and resolve escalated accounts.
• Prepare workout summaries for management approval.  Maintain notes for management and audit review purposes.
• Verify the accuracy of letters to be sent to customers from the Underwriting team.
• QC Underwriting Team decisions for completeness and accuracy.
• Manage and monitor loans in the HMP portal and loans receiving Hardest Hit Funds.
• Participate in process improvements and providing procedure updates.
• Review daily regulatory reports and complete report validation identifying issues for Underwriting Team and Management. Test new or updated investor programs and acquisitions loans in BKFS test systems providing feedback
• Complete special ad hoc projects as requested by management (e.g., due diligence loan reviews).
• Adhere to applicable compliance/operational risk controls in accordance with Company or regulatory standards and policies.
• Maintain M&T internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators as applicable.
• Promote an environment that supports belonging and reflects the M&T Bank brand.
• Complete other related duties as assigned.

Manages and monitors an account portfolio of 70 loans.

A combined 5 years’ higher education and/or work experience, including a minimum of 3 years’ collections or underwriting experience.

Ability to communicate effectively and professionally over the phone.

Excellent communication and customer service skills.

Proficiency with word processing and spreadsheet software.

Knowledge and understanding of land title.

Bachelor’s degree.

Paralegal certification or experience.

Mortgage collections experience.

Knowledge of M&T systems.