登录查看更多内容

Last updated on 2024年5月31日

How do you update your loss mitigation underwriting skills and knowledge in a changing market?

由人工智能和领英社区提供技术支持

Loss mitigation underwriting is the process of evaluating borrowers' financial situations and determining the best options to avoid or minimize foreclosure. As a loss mitigation underwriter, you need to keep up with the changing market conditions, regulations, and best practices that affect your work. Here are some tips on how to update your loss mitigation underwriting skills and knowledge in a changing market.

此文章中的业界达人

由社区从 7 条内容中精选。了解更多

1 Follow industry standards

One of the most important sources of information for loss mitigation underwriting is the industry standards and guidelines issued by major investors and servicers, such as Fannie Mae, Freddie Mac, FHA, VA, and USDA. These entities provide detailed criteria and procedures for various loss mitigation options, such as forbearance, loan modification, short sale, and deed-in-lieu. You should regularly review and familiarize yourself with these standards and guidelines, as they may change frequently in response to market conditions and regulatory requirements.

添加您的观点

Scott Pullan, MBA - CRU, USMC Retired

Sr Underwriter at Envoy Mortgage
举报内容
From what I'm gathering, your saying that AI will replace all of the operation side of a mortgage. It will replace the Processor, Underwriter, Closer, etc. The only interaction the borrower will have during the qualification process will be with the LO (loan officer). I know humans do make mistakes but they also can determine if a document will be ok for different situations. AI won't be able to determine the difference. Fewer people will qualify because AI wasn't programed to except and determine if a alternate document can be used. The way I look at it, people with 10, 20, 30, etc years experience in the industry that were laid-off in 2022 and still can't get a job in the industry are SOL'd because of AI. Am I right? Please let me know.

已翻译

赞
Talha Shams

Senior Underwriter at MetLife Gulf (Product and Reinsurance)| Group Life, Disability and Group Medical | MBA | ALMI
举报内容
In my opinion if you want to replace Underwriting and operations with AI. You need to build AI for all companies individually because no one wants to give their confidential information of their companies and clients as well to an open AI platform, just to replace the human effort/ cost. On the other hand, AI extensions can be introduced in daily working activity improvement like data sorting and analyzing perspective.

已翻译

赞
Anass Maksi

Chief @ BrightStar Protective Services | Security, Risk Management, Axon Taser Master Instructor & Training, Private Investigator, Fugitive Recovery Agent
举报内容
- Beyond the Standards: Consider the Borrower's Story. Industry guidelines are crucial, but understanding the borrower's situation (financial hardship, future outlook) helps tailor a solution and increase success rates. - Track Industry Trends: Anticipate Changes. Staying ahead of regulatory shifts and investor preferences allows for proactive adjustments to your loss mitigation approach. - Experience Builds Expertise. Witnessing various loss mitigation scenarios firsthand provides valuable insights for future underwriting decisions. - Communication is Key. Clear and consistent communication with borrowers throughout the process builds trust and improves overall outcomes.

已翻译

赞
David D. McElroy

Managing Director @ First Fusion Capital & Real Estate Broker in Dallas Texas since 2001
举报内容
Stay informed about regulatory changes: Keep up-to-date with regulatory changes that impact the loss mitigation underwriting m the market.

已翻译

赞

加载更多内容

2 Take online courses

Another way to update your loss mitigation underwriting skills and knowledge is to take online courses that cover relevant topics and concepts. There are many online platforms and providers that offer courses on loss mitigation underwriting, such as Mortgage Bankers Association, National Association of Mortgage Underwriters, and AllRegs. These courses can help you learn about the latest trends, tools, and techniques in loss mitigation underwriting, as well as refresh your basic knowledge and skills.

添加您的观点

Anass Maksi

Chief @ BrightStar Protective Services | Security, Risk Management, Axon Taser Master Instructor & Training, Private Investigator, Fugitive Recovery Agent
举报内容
- Sharpen your saw: Don't just rely on courses. Network with other loss mitigation underwriters online or through industry groups. Sharing real-world scenarios can be invaluable. ? Dig into data: Look beyond course materials. Analyze your past cases to identify areas for improvement. Did a specific communication style resonate with borrowers? ? Embrace empathy: Understanding the borrower's situation is key. Tailor your approach to their needs and anxieties for better outcomes. ? Celebrate successes: Don't forget to acknowledge your wins! Reflecting on positive results keeps you motivated and reinforces effective strategies.

已翻译

赞

3 Join professional networks

A third way to update your loss mitigation underwriting skills and knowledge is to join professional networks and communities that focus on loss mitigation and underwriting. These networks can provide you with opportunities to interact with other professionals, share experiences and insights, ask questions, and get feedback. You can also access valuable resources, such as webinars, podcasts, newsletters, blogs, and forums, that can keep you informed and updated on the current issues and developments in loss mitigation underwriting.

添加您的观点

Patti Bailey

Loss Mitigation Manager, AVP
举报内容
What networks have you found benefit from? Looking for networking opportunities and making friends in the Loss Mitigation field….thanks!

已翻译

赞

4 Seek feedback and mentoring

A fourth way to update your loss mitigation underwriting skills and knowledge is to seek feedback and mentoring from your peers, managers, or mentors. Feedback and mentoring can help you identify your strengths and weaknesses, improve your performance and quality, and learn from best practices and mistakes. You can ask for feedback and mentoring on specific cases, scenarios, or challenges that you encounter in your loss mitigation underwriting work, or on your overall skills and knowledge.

添加您的观点

5 Conduct research and analysis

A fifth way to update your loss mitigation underwriting skills and knowledge is to conduct research and analysis on the market conditions, borrower profiles, and loss mitigation outcomes that affect your work. Research and analysis can help you understand the factors and trends that influence the demand and supply of loss mitigation options, the characteristics and needs of borrowers who seek loss mitigation assistance, and the effectiveness and impact of different loss mitigation strategies. You can use various sources of data and information, such as reports, surveys, statistics, and case studies, to conduct your research and analysis.

添加您的观点

6 Stay curious and adaptable

A sixth way to update your loss mitigation underwriting skills and knowledge is to stay curious and adaptable. Curiosity and adaptability can help you embrace new challenges, learn new skills, and explore new possibilities in loss mitigation underwriting. You should always be willing to ask questions, seek new information, try new methods, and adjust to new situations in your loss mitigation underwriting work.

添加您的观点

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

添加您的观点

Loss Mitigation

+ 关注

给文章评分

我们借助人工智能创建了此文章。您认为这篇文章怎么样？

很棒不太好

举报此文章

查看全部

How do you update your loss mitigation underwriting skills and knowledge in a changing market?

1

2

3

4

5

6

7

1 Follow industry standards

2 Take online courses

3 Join professional networks

4 Seek feedback and mentoring

5 Conduct research and analysis

6 Stay curious and adaptable

7 Here’s what else to consider

Loss Mitigation

给文章评分

感谢您的反馈

更多Loss Mitigation相关文章

更多相关阅读内容