What does a Loss Mitigation Specialist do?
The Loss Mitigation Specialist role is to talk to the homeowner and guide them through the online application process. After LMSI receives the application, the homeowner and associate are notified within 24 hours by email of whether the homeowner is pre-qualified or rejected. If pre-qualified, the associate is instructed to get a loss mitigation package to the homeowner. After homeowner has filled-out the loss mitigation package, it is sent to LMSI where it prepared to send to the lender for immediate negotiations. If all paperwork and the required payment are received, LMSI commences the case by contacting the lender with a workout plan for resolution of the homeowner’s delinquency. However, if the loss mitigation package is incomplete, then it is the duty of the associate to gather the missing documents or payment and submit them.
