Northern Trust

Loss Mitigation Consultant

Northern Trust$74K — $126K *
Finance & Insurance
5 - 7 years of experience
Job Overview by Ladders

Qualifications

  • 7+ years of risk management or compliance experience, particularly in residential mortgages and loss mitigation
  • Strong comprehension of mortgage regulations at federal, state, and local levels
  • Working knowledge of loan systems and payment processes
  • Excellent communication abilities for stakeholder consultation and analysis
  • Proven analytical skills for developing compliant policies and procedures

Responsibilities

  • Review and interpret mortgage product policies and procedures
  • Document and establish new policies and standards within legal frameworks
  • Ensure compliance with legal regulations and monitor risk levels
  • Communicate with distressed borrowers during assistance and foreclosure processes
  • Coordinate and liaise with attorneys involved in processes
  • Provide risk mitigation advice to management and staff
  • Prepare internal reports related to mortgage loss mitigation

Benefits

  • Comprehensive health benefits including medical, dental, and vision
  • 401(k) and pension retirement plans
  • Paid time off and parental care leave
  • Life and accident insurance coverage
  • Voluntary and well-being benefits available
  • Potential discretionary bonuses with equity component
Full Job Description
The key responsibilities of the role include:
  • Reviews, disseminates, and interprets policies and procedures for mortgage related products.
  • Works to proactively establish and document related policies, procedures, and standards within the parameters of any relevant laws and regulations.
  • Verifies that activities meet any federal, state and/or local legal and regulatory requirements and regulations and monitors outcomes/risk levels for the organization or assigned area.
  • Communicates with distressed borrowers working through assistance requests or foreclosure process.
  • Coordinates with involved attorneys.
  • Further communicates and provides risk mitigation advice and requirements to managers and appropriate personnel.
  • Reviews Borrower Response Packages for assistance to determine if they are complete and assess and analyze for next steps.
  • Prepares internal reporting associated with mortgage loss mitigation. Assists in preparation of risk rating and accrual recommendations.
  • Consults with partners regarding daily decisions that could pose risk and conflict with existing policy and assist with client negotiations on various issues that may present elements of risk.
  • Identifies situations which pose significant risk and guides management in developing policies and/or procedures that create the proper balance between risk and reward.
  • Interacts with regulators, internal and external auditors on regulatory topics as needed and appropriate.


The successful candidate will benefit from having:
  • Knowledge of risk management and strategic goals for the bank's business.
  • Strong knowledge of mortgage regulations, federal, state, and local laws and regulations that impact key activities.
  • Working knowledge of loan systems, operations, and researching payments.
  • Communication and analytical skills are necessary to consult with partners/clients and analyze information and to develop compliant policies and procedures.
  • 7 or more years of risk management or compliance experience. Experience with residential mortgages, loss mitigation, and/or foreclosure/bankruptcy.

#LI-LK2, #LI-Hybrid

Salary Range:
$74,200 - 126,200 USD

Salary range is a good faith estimate of base pay. Northern Trust provides a comprehensive benefits package including retirement benefits (401k and pension), health and welfare benefits (medical, dental, vision, spending accounts and disability), paid time off, parental and caregiver leave, life & accident insurance, and other voluntary and well-being benefits. Northern Trust also provides a discretionary bonus program that may include an equity component.

About Northern Trust

Northern Trust is a global leader in delivering innovative investment management, asset and fund administration, and fiduciary and banking solutions to corporations, institutions, and affluent individuals. They have evolved with the changing needs of their clients and their world.

Northern Trust Careers

Joining Northern Trust means becoming part of a global financial services institution that is dedicated to providing expert guidance and innovative solutions to its clients. At Northern Trust, we pride ourselves on fostering a culture of leadership, diversity, and innovation, which makes us a premier destination for career growth in the financial industry.

Work You’ll Do

At Northern Trust, you will collaborate with some of the most talented professionals in the financial sector. Our team is committed to excellence and equipped with a diverse range of skills that contribute to our dynamic environment. Here, you will have the opportunity to lead projects that transform our services and drive significant value for our clients across the globe.

Explore Job Opportunities and Internships

Whether you are starting your career or looking to make a significant impact in the financial industry, Northern Trust offers a variety of job opportunities and internships that will help you achieve your professional goals. From entry-level positions to leadership roles, our company is actively hiring individuals who are passionate, curious, and driven to excel.

Innovative Work

Northern Trust is at the forefront of financial innovation. Our employees are encouraged to think creatively and leverage cutting-edge technologies to solve complex problems. By joining our team, you will work on pioneering solutions that redefine the standards of financial services.

Be Part of a Great Team

Our team at Northern Trust is more than just a group of employees – we are a community. We value collaboration, and our culture is built on mutual respect and a commitment to diversity and inclusion. Working with us, you will experience a supportive network that is passionate about sharing knowledge and ideas.

Future-Proof Your Career

Northern Trust is dedicated to your professional development. We offer comprehensive benefits, diversity training, and numerous resources to help you grow your career. With our support, you can expand your skills, gain valuable experience, and achieve professional certifications that will enhance your career trajectory.

Stay Connected

Join Our Team

Discover the perfect role for you at Northern Trust by exploring our current job openings that match your skills and interests. We are looking for professionals who are solution-driven and eager to contribute to our legacy of financial excellence.

Keep Up to Date

Stay informed with the latest career tips, industry insights, and professional growth opportunities—all available through our careers blog. At Northern Trust, we ensure that our team members are always ahead in the industry.

Job Alert Emails

Customize your experience by subscribing to job alerts and insider tips tailored to your preferences. At Northern Trust, exciting and rewarding opportunities are always on the horizon, and we are eager to see where your talents can take us. Join Northern Trust today and be part of a company that values innovation, leadership, and a diverse and inclusive workplace. Here, every position is a chance to contribute to something bigger and to turn your job into a meaningful career.
Learn more about Northern Trust
Size
21,100 employees
Market Cap
$18.1 billion
Industry
Net Income
$1.2 billion
Founded
1889
5 Year Trend
+4.9%
Revenue
$6.1 billion
NASDAQ

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