Hiring For Loss mitigation Bankruptcy and Foreclosure Associates

2 weeks ago

Bengaluru, Karnataka, India Firstsource Full time ₹ 9,00,000 - ₹ 12,00,000 per year

The Mortgage Loss Mitigation Specialist is responsible for managing a portfolio of loans in various stages of default, including delinquency, loss mitigation, bankruptcy, and foreclosure. This role ensures compliance with federal and state regulations, investor guidelines (Fannie Mae, Freddie Mac, FHA, VA, USDA), and company policies while working to minimize financial losses and assist borrowers in retaining homeownership when possible.

Key Responsibilities

Loss Mitigation

  • Review borrower financials and determine eligibility for workout options such as loan modifications, repayment plans, forbearances, short sales, and deeds-in-lieu.
  • Communicate with borrowers, attorneys, and housing counselors to collect required documentation and explain available options.
  • Prepare and submit investor packages for approval per Fannie Mae, Freddie Mac, FHA, VA, or private investor guidelines.
  • Track workout progress to ensure timely resolution and adherence to regulatory timelines.

Bankruptcy

  • Monitor assigned loans under bankruptcy protection (Chapters 7, 11, 12, and 13).
  • Coordinate with internal counsel to file Proofs of Claim, Motions for Relief, and Payment Change Notices.
  • Update bankruptcy case information in servicing systems and ensure compliance with CFPB and bankruptcy court requirements.

Foreclosure

  • Manage loans in active foreclosure ensuring all processes comply with federal, state, and investor regulations.
  • Work closely with foreclosure attorneys to track milestones and ensure timely completion.
  • Review pre-sale documentation for accuracy and compliance.
  • Identify and escalate issues that may delay or impact foreclosure timelines.

Default Servicing Administration

  • Maintain accurate loan records in servicing systems (e.g., MSP, LoanSphere, Black Knight).
  • Ensure compliance with RESPA, TILA, CFPB, and investor servicing standards.
  • Generate and analyze reports to track portfolio performance and identify trends.
  • Support audits, investor reviews, and regulatory examinations.

Qualifications

  • Education: Bachelors degree .
  • Experience: 1+ years in mortgage servicing, loss mitigation, foreclosure, or bankruptcy.

  • Knowledge:

  • Mortgage loan documents and default servicing processes

  • Investor and insurer guidelines (Fannie Mae, Freddie Mac, FHA, VA, USDA)

  • CFPB servicing rules, bankruptcy law, foreclosure timelines

  • Skills:

  • Strong analytical and problem-solving abilities

  • Excellent communication and negotiation skills
  • Proficiency in servicing systems (e.g., MSP, Black Knight, FISERV) and Microsoft Office Suite
  • Attention to detail and ability to meet strict deadlines

Interested candidates can reach out to

Disclaimer: Firstsource follows a fair, transparent, and merit-based hiring process. We never ask for money at any stage. Beware of fraudulent offers and always verify through our official channels or email addresses.

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