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Loss Mitigation Specialist skills for your resume and career

Updated January 8, 2025
2 min read
Quoted Experts
Francisco Depusoir,
Francisco Depusoir
Loss Mitigation Specialist Example Skills
Below we've compiled a list of the most critical loss mitigation specialist skills. We ranked the top skills for loss mitigation specialists based on the percentage of resumes they appeared on. For example, 12.7% of loss mitigation specialist resumes contained customer service as a skill. Continue reading to find out what skills a loss mitigation specialist needs to be successful in the workplace.

15 loss mitigation specialist skills for your resume and career

1. Customer Service

Customer service is the process of offering assistance to all the current and potential customers -- answering questions, fixing problems, and providing excellent service. The main goal of customer service is to build a strong relationship with the customers so that they keep coming back for more business.

Here's how loss mitigation specialists use customer service:
  • Recommend solutions for difficult delinquent accounts, provide excellent customer service to the portfolio customers, and perform limited administrative tasks.
  • Developed and maintained positive working relationships by providing high quality customer service at all times to all internal and external customers.

2. Loan Modifications

Here's how loss mitigation specialists use loan modifications:
  • Meet with each borrower to understand borrowers specific situation; identify and request the appropriate documents required for loan modification review.
  • Performed financial evaluations for loan modifications and identified alternate and disposable sources of income for repayment plans on delinquent accounts.

3. Foreclosure Process

Here's how loss mitigation specialists use foreclosure process:
  • Worked with attorneys throughout the foreclosure process for a resolution or conclusion of foreclosure proceedings.
  • Created a strategy to implement loss mitigation and/ or foreclosure processing / procedures/ activity.

4. Inbound Calls

Here's how loss mitigation specialists use inbound calls:
  • Received inbound calls, assisting customers courteously to answer questions and expeditiously resolve potential payment issues.
  • Handled escalated inbound calls and customer complaints and reconcile discrepancies to ensure fair business practices and accuracy

5. Loss Mitigation Options

Loss mitigation options help borrowers to afford mortgages. State government agencies encourage lenders to use these options. In case a borrower cannot make the mortgage payment, the options reduce adverse effects that would result in foreclosure.

Here's how loss mitigation specialists use loss mitigation options:
  • Monitored weekly foreclose sale reports daily, requested foreclosure postponement, while reviewing loss mitigation options on time sensitive customer documentation.
  • Conducted in-depth and detailed negotiations with borrowers on Repayment plans, Loan Modification and other loss mitigation options.

6. Payment Arrangements

Here's how loss mitigation specialists use payment arrangements:
  • Process customers mortgage payments and negotiate payment arrangements to prevent customers from further collection activity and to reduce delinquency on accounts.
  • Maintained spreadsheets of customer accounts in delinquency to workout re-payment arrangements that were feasible for the customer satisfaction.

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7. MSP

Here's how loss mitigation specialists use msp:
  • Documented accurate loss mitigation reviews and foreclosure details via MSP.
  • Designed and implemented processes to improve front end Quality Review, Investor Submission, Investor Substantiation requirements and MSP file documentation.
Select Skills To Add To Your Resume

8. Credit Reports

Credit reports are statements that carry information about your credit affairs and current credit situation like loan payment history and credit accounts status. A credit report acts as history because it contains the record from the day you opened the account till your account balance. Potential lenders and creditors make use of credit reports and decide whether to offer you credit or not and under what conditions.

Here's how loss mitigation specialists use credit reports:
  • Acquire additional information and documentation from customers if necessary as well as investor required documents such as credit reports and appraisals.
  • Assisted homeowners in developing and implementing a realistic budget by reviewing credit reports and provide information on credit maintenance and repair.

9. FHA

The Federal Housing Administration (FHA) stands for a government agency in the United States that offers housing insurance to FHA-approved lenders who follow certain conditions.

Here's how loss mitigation specialists use fha:
  • Reviewed Borrower Financial documentation to determine qualification for Streamline or Standard Process for FHA loans.
  • Review documentation returned by FHA mortgage customers for accuracy and completion.

10. Delinquent Accounts

A delinquent account is an account wherein there are many past-due funds.

Here's how loss mitigation specialists use delinquent accounts:
  • Recommend solutions for delinquent accounts that are compliant within guidelines, Review and analyzes loss mitigation packages per investor/insurer guidelines.
  • Recognized for involvement in team and individual strategy planning to increase accuracy and performance in curing delinquent accounts.

11. Bank Statements

Here's how loss mitigation specialists use bank statements:
  • Reviewed customer's documents such as tax returns, bank statements and pay stubs to ensure accuracy for submission to underwriter.
  • Investigate borrowers file, which include bank statements, profit and loss statements, and other documents for possible fraud.

12. Deed-In-Lieu

Here's how loss mitigation specialists use deed-in-lieu:
  • Analyzed and compared short payoff, modifications, payment plans, and deed-in-lieu scenarios, depending on client's hardship situations.
  • Offered customers alternatives to foreclosures such as short sale, deed-in-lieu, and repayment plan options to minimize company losses.

13. Fannie MAE

Here's how loss mitigation specialists use fannie mae:
  • Provided loan underwriting for FHA/VA/Farm/Fannie Mae/Freddie Mac/private investors, and determined qualifications for available modification programs.
  • Used E-Sign documents for Fannie Mae modifications and facilitated inter-departmental training on using system.

14. Financial Statements

A financial statement is a report of an individual or a company that includes all the information about the declared assets, the use of money, income, and also the contribution of shareholders over a certain period.

Here's how loss mitigation specialists use financial statements:
  • Provided financial counseling, including analysis of personal financial statements, discussed reasons for default and determine ability to pay.
  • Recommend specific loss mitigation and workout proposals by analyzing borrower's financial statements while tracking performance of approved plans.

15. Tax Returns

Here's how loss mitigation specialists use tax returns:
  • Analyze income documentation to determine modification eligibility, including federal tax returns, paycheck advice statements, and W2 statements.
  • Reviewed income documents such as tax returns, pay stubs, profit and loss statements needed to proceed with modification.
top-skills

What skills help Loss Mitigation Specialists find jobs?

Tell us what job you are looking for, we’ll show you what skills employers want.

What soft skills should all Loss Mitigation Specialists possess?

F

Francisco Depusoir

Associate Professor of Accounting, University of the Virgin Islands

-Analytical and problem-solving skills
-Strong written and oral communication
-Critical thinking
-Time Management
-Active learning
-Organization and attention to detail

What hard/technical skills are most important for Loss Mitigation Specialists?

F

Francisco Depusoir

Associate Professor of Accounting, University of the Virgin Islands

-Basic knowledge of Generally Accepted Accounting Principles (GAAP)
-Experience with business intelligence software.
-Independent research skills.
-Data management abilities.
-Preparation and understanding of financial statements.
Do you want to know more?
Read more about what experts have to say about Loss Mitigation Specialist

List of loss mitigation specialist skills to add to your resume

Loss Mitigation Specialist Skills

The most important skills for a loss mitigation specialist resume and required skills for a loss mitigation specialist to have include:

  • Customer Service
  • Loan Modifications
  • Foreclosure Process
  • Inbound Calls
  • Loss Mitigation Options
  • Payment Arrangements
  • MSP
  • Credit Reports
  • FHA
  • Delinquent Accounts
  • Bank Statements
  • Deed-In-Lieu
  • Fannie MAE
  • Financial Statements
  • Tax Returns
  • Outbound Collection Calls
  • FDCPA
  • Investor Guidelines
  • Mortgage Loans
  • Customer Inquiries
  • REO
  • Workout Options
  • Freddie Mac
  • FNMA
  • Loss Mitigation
  • Strong Negotiation
  • GSE
  • BPO
  • Mortgage Payments
  • HUD
  • Delinquent Loans
  • Collection Efforts
  • FHLMC
  • Financial Analysis
  • Past Due Accounts
  • LPS
  • Probate
  • Due Payments
  • Liquidation Options
  • Delinquent Borrowers
  • Bank Secrecy Act
  • Default Management
  • Non-Performing Loans
  • Forbearance Agreements
  • Financial Hardship
  • Financial Packages
  • Commercial Banking
  • Foreclosure Attorneys
  • DRI
  • DIL

Updated January 8, 2025

Zippia Research Team
Zippia Team

Editorial Staff

The Zippia Research Team has spent countless hours reviewing resumes, job postings, and government data to determine what goes into getting a job in each phase of life. Professional writers and data scientists comprise the Zippia Research Team.

Updated January 8, 2025

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