Dovenmuehle Mortgage, Inc. – Lake Zurich, IL 60047
Dovenmuehle Mortgage, Inc. was founded in 1844 and is among the oldest mortgage banking companies in the U.S. We are the NATION’S LEADER in SUBSERVICING MORTGAGE LOANS- specializing in servicing mortgage loans for other financial institutions: servicing loans on behalf of commercial banks, savings banks, credit unions, insurance companies, mortgage banking companies and state and local housing finance agencies. Dovenmuehle services residential, commercial and multifamily mortgage loans for borrowers located in all 50 states, Puerto Rico and the U.S. Territories. The position is in our company headquarters is in in Lake Zurich, Illinois We have over $100 Billion under management & have over 900 employees and continue to grow rapidly. Join our team!
To mitigate potential losses on delinquent loans by using various workout alternatives, i.e.: preforeclosure sales, modifications, stipulated repayment agreements, Deed-in-Lieu of Foreclosure, assumptions, to negotiate a win-win situation for all parties involved.
Loss Mitigation has become a focal point for all investors, agencies, and MI companies to the extent that there are monetary gains attached with each completed workout or possible sanctions and/or fines in the absence of loss mitigation.
ESSENTIAL DUTIES AND RESPONSIBILITIES include the following.
Evaluate the financial position of the mortgagor(s) to determine the appropriate workout option best suited for the situation; this entails a review of the mortgagor(s) income and expenses, income tax returns, balance sheets/income statements for self employed borrowers and credit reports
Evaluate Broker Price Opinions and appraisals to assure adequate collateral of the security instrument is maintained, or the maximum value is received for the repayment of the debt in the case of a preforeclosure sale; also review title searches for liens, current real estate tax information or encumbrances which could pose a potential problem
Negotiate terms of the various workout alternatives with mortgagors, real estate brokers, attorneys, MI companies, Fannie Mae, Freddie Mac, FHA/VA and private clients
Update the Loss Mitigation Workstation as required for each individual workout; also update Excel pipeline spreadsheet
Provide documentation to Investor Accounting department and Customer Service department to update the Alltel MSP to reflect modified terms and produce new coupon books or statements as appropriate
Complete modification/forbearance agreements or provide required information to various attorneys for preparation of same
Performs all other responsibilities and duties deemed necessary.
Loss mitigation experience & skills preferred;Credit, collection/foreclosure background is helpful;supervisory experience
Real estate; Alltel knowledge a plus; good PC& strong math skills
Bachelor's degree or equivalent; paralegal helpful
Strong communication, interpersonal, and organizational skills required; ability to handle multiple tasks effectively
SUPERVISORY RESPONSIBILITIES;oversee a team
Various levels of the organization
Agencies, legal counsel, real estate brokers, title agencies, mortgagors
PHYSICAL DEMANDS The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.