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DigitalHire
Loss Mitigation Processor
Career Insights for Loan Processor
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Scorecard
Based on Michigan data
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What they do
A Loan Processor processes applications for bank loans including mortgage or commercial loans. Assists customers with the application process, organizes and reviews credit information or business financial reports, and puts together materials needed for loan underwriters to evaluate an application.
$43,000 / year median in Michigan
-26% projected decline
Job Description
Position Summary We are seeking a detail-oriented Loss Mitigation Processor to join our mortgage servicing team. In this role, you will support borrowers experiencing financial hardship by processing loss mitigation applications, reviewing documentation, tracking deadlines, and ensuring compliance with investor and regulatory requirements. The ideal candidate has experience in mortgage servicing, loss mitigation, loan modifications, foreclosure prevention, or mortgage operations and thrives in a fast-paced, deadline-driven environment. Responsibilities Review, process, and track loss mitigation applications and supporting borrower documentation. Verify that application packages are complete, accurate, and compliant with investor and regulatory requirements. Request missing documentation and communicate application status with borrowers, authorized third parties, and internal departments. Maintain accurate loan records within the servicing system. Process documentation related to loan modifications, repayment plans, forbearance agreements, short sales, deeds in lieu, and other loss mitigation solutions. Monitor critical regulatory and investor timelines to ensure compliance with all servicing requirements. Prepare and send required borrower notices, incomplete application letters, acknowledgments, and decision letters within established timeframes. Collaborate with Loss Mitigation Specialists, Underwriters, and Quality Control teams to ensure timely resolution of borrower requests. Identify and escalate issues that could impact compliance, borrower experience, or processing timelines. Assist with reporting, quality reviews, file maintenance, and additional department projects as assigned. Required Qualifications High school diploma or equivalent required. 1-3 years of experience in mortgage servicing, loss mitigation, default servicing, mortgage operations, or a related financial services role. Working knowledge of mortgage servicing regulations and investor guidelines. Strong organizational skills with the ability to manage multiple files and deadlines simultaneously. Excellent written, verbal, and customer service communication skills. High attention to detail and accuracy. Proficiency with Microsoft Office, including Excel, Word, and Outlook. Experience using mortgage servicing platforms such as MSP (ICE Mortgage Technology/Black Knight), Fiserv, or similar servicing systems. Preferred Qualifications Associate's or Bachelor's degree in Business, Finance, or a related field.