Bilingual Loan Modification Expert

1 month ago

Kitchener, Ontario, Canada MCAP Full time

Position Overview

This role is essential for evaluating and processing modifications to ensure the loan remains viable, keeping homeowners in their residences while mitigating the costs and risks associated with foreclosure. The individual in this position plays a significant role in meeting investor audit requirements and ensuring compliance with insurer standards and regulatory obligations. Direct interaction with homeowners, insurers, real estate agents, property managers, and appraisers is a key aspect of this role.

Loan Review Process

  • Examine files referred from Collections when special payment arrangements fail to resolve arrears.
  • Analyze the reasons for default and review applicable lender and mortgage insurer policies.
  • Determine the feasibility of loan restructuring or payment assistance options.

Data Collection

  • Engage with homeowners to gather additional necessary information.
  • Conduct thorough and sensitive inquiries to understand the homeowner's circumstances.
  • Obtain a credit report, current property market valuation, and title search.
  • Prepare a comprehensive analysis worksheet to evaluate the collected data.

Evaluation of Restructuring Solutions

  • Verify the accuracy of information on the analysis worksheet and with the credit report.
  • Ensure compliance with MCAP, lender/investor, and insurer guidelines.
  • Assess and address any discrepancies or inconsistencies in the information received.
  • Document updates in the system to support recommendations for approval.
  • Outline conditions necessary for approval.
  • Evaluate potential solutions based on the information gathered.
  • Demonstrate creativity in identifying when exceptions may be warranted.

Homeowner Interaction

  • Address inquiries and concerns to build trust through various communication channels.
  • Ensure solutions align with homeowner needs and present all options for informed decision-making.
  • Negotiate effectively on behalf of MCAP, the lender/investor, the insurer, and the homeowner.

Approval Recommendations

  • Prepare analysis and recommendations for managerial approval or decline when necessary.
  • Submit recommendations to mortgage insurers when exceeding lender authority limits.
  • Prepare recommendations for lenders when outside of MCAP's authority limits.

Loan Restructuring Process

  • Execute entries to capitalize interest, re-amortize loans, and accurately recalculate principal and interest portions.
  • Establish loan restructure fees for collection from homeowners.
  • Communicate changes to the loan and provide a new amortization schedule to homeowners.
  • Document the 'Loan Restructure' solution in the appropriate mortgage servicing systems.

Tracking Approvals and Declines

  • Monitor data and types of loan restructures to assess the effectiveness of solutions in preventing legal actions.

Team Collaboration

  • Support and educate team members on available restructuring options.
  • Communicate insights or suggestions to management for continuous business improvement.
  • Update business procedures to adapt to evolving requirements.

Qualifications

  • Experience in mortgage default and collections.
  • Familiarity with MCAP, lender, and mortgage insurer default policies and procedures.
  • Understanding of credit reports and real estate valuations to identify suitable solutions for borrowers.
  • A minimum of 3 years' experience in the residential mortgage sector.
  • Underwriting experience is advantageous.
  • Exceptional oral and written communication skills.
  • Strong organizational and time-management abilities.
  • Capability to manage multiple tasks in a fast-paced environment.
  • Robust analytical and problem-solving skills.
  • Proven relationship-building abilities.
  • Excellent customer service skills.
  • Self-motivated and capable of working independently and collaboratively.
  • Integrity and accountability in carrying out responsibilities.
  • Demonstrated initiative and motivation.
  • Flexibility and approachability.
  • Sound decision-making skills with a results-oriented mindset.
  • Attention to detail while maintaining a broader perspective.
  • Strong work ethic and reliability.
  • Ability to work with minimal supervision.
  • Creative thinking skills.
  • Proficiency in MS Office applications (Excel, Word).
  • Bilingual proficiency in French and English is required for this position.

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