Sherri Favata
Mechanicsville
Summary
Professional in loss mitigation with proven track record, and strong analytical and problem-solving skills. Demonstrated ability to lead teams, adapt to changing needs, and achieve results. Reliable team player with a focus on collaboration and effective communication.
Overview
12
12
years of professional experience
Work History
Loss Mitigation Team Lead
TRUIST
04.2020 - Current
- Conduct comprehensive loan reviews, identifying opportunities for modifications and alternative repayment plans resulting in increased efficiency and better outcomes for both borrowers and lenders
- Act as liaison for offshore and onshore set-up teammates
- Developed training materials for new hires to enhance understanding of loan modification options and relevant procedures
- Ensure compliance with all relevant regulations and guidelines by diligently reviewing loss mitigation (LM) documentation and procedures
- Empower teammates by delegating responsibilities according to individual strengths and areas of expertise
- Established open and professional relationships with teammates to achieve quick resolutions for various issues
- Collaborate with other department leaders to establish shared goals and ensure alignment across teams
- Efficiently manage multiple tasks daily meeting deadlines
Hardest Hit Funds Analyst
SunTrust Mortgage
03.2014 - 04.2020
- Managed daily process for reinstatement, payment assistance, loan re-cast, and principle reduction programs for all participating Hardest Hit Funds (HHF) states
- Served as SunTrust HHF liaison between U.S. Treasury, State Housing Finance Program Managers and Housing Counseling Agencies, and SunTrust customers encompassing escalations, implementation of program updates, and changes in guidelines and processes
- Responsible for the daily data file transfer between SunTrust and participating states ensuring accuracy of data received and sent
- Performed daily review of reporting to validate all program participants meet internal, state, and investor guidelines and ensure the client is properly set up in internal systems to reflect program participation
- Responsible for daily and monthly reporting to management and investors
- Collaborated with MBIO to correct data errors and update reporting to reflect program and investor guidelines and internal process changes
- Maintained record retention storage for participation agreements and program state guidelines
- Applied state funding to accounts and wired funds as necessary
Loss Mitigation-Mtg Default Specialist
SunTrust Mortgage
09.2012 - 03.2014
- Processed various residential retention and liquidation mortgage loans including all investors
- Successfully managed production levels 55% higher than the average teammate in Loss Mitigation set-up while consistently maintaining low error rates
- Verified loan documentation for completeness and accuracy
- Reviewed documents to ensure loans complied with federal and state lending regulations.
- Complied with the state-specific laws surrounding the foreclosure process
- Developed and implemented the litigation process while in LM set-up and acted as liaison with in-house and outside counsels and the litigation department
- Commended for excellent communication skills with both internal and external third-party representatives
- Enhanced and strengthened the relationship between attorneys and LM operations (i.e. Foreclosure attorneys, opposing counsel, and in-house legal)
- Transitioned into performing Quality Assurance checks as Processor for LM set-up as a result of performance in LM set-up
Education
Business
Mary Baldwin College
Staunton, VALiberal Arts
Hudson Valley Community College
Troy, NYSkills
- Teamwork and collaboration
- Problem-solving abilities
- Time management
- Attention to detail
- Critical thinking
- Organizational skills
- Team leadership
- Adaptability
Timeline
Loss Mitigation Team Lead
TRUIST
04.2020 - Current
Hardest Hit Funds Analyst
SunTrust Mortgage
03.2014 - 04.2020
Loss Mitigation-Mtg Default Specialist
SunTrust Mortgage
09.2012 - 03.2014
Business
Mary Baldwin College
Liberal Arts
Hudson Valley Community College
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