Fannie Mae Loss Mitigation Specialist

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, Comprehe…