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Fannie Mae Loss Mitigation Specialist

Function Description: The Fannie Mae Loss Mitigation Specialist is responsible for managing and mitigating losses on real estate properties owned by the financial institution. This role involves overseeing the foreclosure process, managing REO properties, and working with borrowers to find solutions that minimize financial loss while maintaining compliance with relevant regulations. manages distressed loans to reduce non-performing loan losses while ensuring compliance with investor, regulatory, and servicing requirements. The role involves direct borrower engagement, document review, and coordination with internal and external teams to resolve delinquencies and avoid foreclosure   A primary responsibility is to ensure the company’s professional image is maintained

Reports to: Manager of Collections and Loss Mitigation

Supervisory or Managerial Responsibility: None              

Contacts: Credit union members, credit union branch/department staff, auditors, regulators, partners, vendors, governmental agencies, and credit union executive staff. Attorneys regarding bankruptcies, court appearances, insurance companies, realtors, and property management companies. Fannie Mae.

Minimum Qualifications

Education:

High School diploma

Work Experience:

Minimum of 3 years of real estate collection experience and Fannie Mae loss mitigation underwriting experience, preferably with SMDU (Servicing Management Division Unit), portfolio foreclosure/loss mitigation or legal background experience, preferred.

Special Training, Certification or Licensure

Comprehensive knowledge of Fannie Mae loss mitigation guidelines, servicing requirements, and borrower assistance programs

Work Environment and Conditions:

In office.

Essential Responsibilities:

• Responsible for – Maintaining current knowledge of Fannie Mae servicing guidelines and requirements, including investor reporting, borrower assistance programs, servicer reimbursement processes, foreclosure timelines and requirements, and overall compliance with Fannie Mae servicing standards.

• Coordinate – All Government (FNMA) loan functions, including loss mitigation, foreclosure, and bankruptcy processes, ensuring compliance with Investor Guidelines and regulatory standards

• Problem Solving & Loss Mitigation – Identify foreclosure risks, determine if investor guidelines and security instruments are met, and take corrective action to minimize non-performing loan losses.
• Decision Making & Reporting – Make data-driven decisions on borrower requests, applying complex servicing rules and investor policies. Prepare and deliver formal approval or denial letters, ensuring clarity, compliance, and empathy
• Borrower Engagement & Communication – Serve as the single point of contact (SPOC) for assisting borrowers, maintaining regular communication via phone, email, and written correspondence to understand their financial situation and explain available options
• Workout Plan Development & Negotiation – Evaluate and recommend retention options such as forbearance plans, repayment plans, payment deferrals, loan modifications, short sales, or deed-in-lieu of foreclosure. Negotiate terms with borrowers to ensure sustainability and compliance with Fannie Mae, FHA, and CFPB guidelines.
• Documentation & Compliance – Gather, review, and process all required documentation (e.g., bank statements, pay stubs, appraisals, inspections, title work) to create complete loan workout packages within required timeframes. Ensure all actions comply with Fannie Mae Investor Guidelines, state/federal regulations, and CFPB requirements
• Foreclosure Process Management – If retention is not viable, coordinate with legal counsel and internal teams to manage the foreclosure process in line with investor timelines and REO title requirements
• Management retains discretion to add or change duties at any time.

Skills: Familiarity with loan documents, Note, Deed of Trust, Credit Reports, Property Evaluations Fannie Mae SMDU, Comprehensive knowledge of Fannie Mae loss mitigation guidelines, servicing requirements, and borrower assistance programs, Ability to manage multiple accounts and prioritize tasks effectively, Ability to effectively present information and respond to questions from members, clients, and managers, Strong analytical skills to assess borrower financial situations and determine appropriate actions, Ability to manage multiple accounts and prioritize tasks effectively, Ability to effectively present information and respond to questions from members, clients, and managers, Strong analytical skills to assess borrower financial situations and determine appropriate actions, Ability to analyze borrower data, assess risk, and make timely, compliant decision, Bilingual (English and Spanish) preferred but not required.

Core Responsibilities:

• Be available to work as scheduled and report to work on time.
• Be willing to accept supervision and work well with others.
• Comply with all organizational policies, the Employee Handbook, Code of Conduct, and required annual training.
• Fosters an inclusive workplace where diversity and individual differences are valued and leveraged to achieve the vision and mission of the organization.
• Adheres to safe working practices and always follows all organizational safety policies and procedures.
• Demonstrates compliance with all state, federal and all other regulatory agency requirements.
• Ensure strict confidentiality of all records and PII.

Core Values:

BE ETHICAL AND DEMONSTRATE INTEGRITY: Treat others with respect, dignity and” tough love.” It’s about character and influence, not about a title. Be honest and direct. Challenge ourselves and each other to reach our full potential.

BE ACCOUNTABLE: Lead by example. You are the reflection of how you show up. Set realistic expectations. Make good business decisions. Meet commitments. Learn from mistakes.

EMBRACE CHANGE: Develop the individual, improve the team, grow the institution. Encourage and reward creative solutions. Ask impactful organizational questions. Identify the problem to be solved and the desired outcome. Engage others. Believe in what’s possible.

APPRECIATE THE MEMBER: Achieve and retain trusted, valued relationships with members. Listen and identify needs. Prioritize the member experience. Maintain a high level of member satisfaction. Serve the member with pride.

ACHIEVE SUCCESS TOGETHER: Strive for Flawless Execution. Not for the sake of numbers, but for a sense of pride in a job well done. Success favors the prepared. Consistently plan, coach and grow to master our roles. Celebrate our success.

Act Nice Behaviors:

Accept mutual accountability when things go wrong

Acknowledge others’ efforts and thank them

Avoid jumping to conclusions

Be honest, direct, and civil with no hidden agendas

Communicate with others face to face whenever possible

Empathize with others by putting yourself in their shoes

Establish and build relationships into trusted partnerships

Forget the past and avoid holding grudges

Hear individuals out by actively listening to them

Protect and build up each other’s self-esteem

Recognize and reinforce others’ positive actions

Respect each other’s priorities and personal space