Loss Mitigation Specialist

POSITION SUMMARY

The Loss Mitigation Specialist is responsible for managing delinquent real estate-secured loans, including mortgages and home equity lines of credit. This role also is responsible for managing delinquent commercial accounts, including unsecured loans and credit cards. This role involves working directly with members to assess financial hardship, provide counseling, and offer solutions such as loan modifications, forbearance, or repayment plans. The associate ensures compliance with internal policies and regulatory requirements while minimizing financial losses to the credit union.

ESSENTIAL FUNCTIONS

• Contact members with delinquent real estate loans to assess financial situations and determine appropriate loss mitigation options.
• Review and process loan modification, forbearance, and repayment plan applications.
• Collaborate with legal counsel, foreclosure attorneys, and third-party vendors to manage foreclosure timelines and ensure compliance.
• Maintain accurate records of member communications, decisions, and loan status updates.
• Analyze financial documents including income statements, tax returns, and credit reports to determine eligibility for assistance.
• Recommend appropriate action for non-performing loans, including foreclosure or short sale.
• Order property inspections and broker price opinions (BPOs) as needed to support accurate property valuation and decision-making.
• Work with real estate agents, property preservation companies, and other vendors to coordinate property marketing, maintenance, and liquidation efforts
• Ensure compliance with federal and state regulations.
• Participate in audits and provide documentation as needed.
• Support continuous improvement of loss mitigation processes and systems, maintaining and updating policies/procedures.
• Support investor-specific loss mitigation programs and reporting requirements for Freddie Mac, Fannie Mae, and other servicing vendors.
• Stay current on investor guidelines and participate in training or updates related to Freddie Mac, Fannie Mae, and other investor servicing protocols. And updating policies/procedures accordingly.
• Provide regular updates to management regarding high-risk accounts, delinquency trends, and loss mitigation outcomes.
• Prepare and present reports to management summarizing portfolio performance and loss mitigation activities.
• Participate in scheduled meetings with Business Banking and other internal stakeholders to support coordinated member service and risk management efforts
• Attend regular interdepartmental meetings to share updates, discuss trends, and support cross-functional initiatives.
• Contact members with delinquent commercial loans to assess financial situations and determine appropriate loss mitigation options.
• Assist with consumer loss mitigation, as needed.
• Other duties as assigned.

Education/Certification

• High school diploma or equivalent required.
• Associate or bachelor's degree in finance, Business Administration, or a related field preferred.

Required Knowledge

• Strong understanding of lending fundamentals, loan collection practices, and loss mitigation strategies.
• Knowledge of legal aspects of collections, including bankruptcy, foreclosure, and repossession.
• Familiarity with lien priority, equity calculations, and redemption rights.
• Working knowledge of court systems (Small Claims, Circuit, District, Bankruptcy).
• Understanding of federal and state regulations governing collections and credit reporting.

Experience Required

• Minimum of 5 years of collection experience with a full-service financial institution.
• At least 2 years of experience managing delinquent real estate and/or commercial loans.
• Experience working with investor guidelines (e.g., Freddie Mac, Fannie Mae) is preferred.

HARD/TECHNICAL SKills/Abilities

• Proficiency in Microsoft Office suite (Word, Excel, Outlook).
• Ability to use loan servicing systems and collection software.
• Strong analytical skills to interpret financial data and assess risk.
• Excellent written and verbal communication skills, including professional telephone etiquette.
• Ability to manage multiple priorities and maintain detailed documentation.

WORKING CONDITIONS

• Standard office conditions
• Low to moderate noise
• Limited lifting up to 10 lbs.

This description has been reviewed to ensure that only essential functions and basic duties have been included. Peripheral tasks, only incidentally related to each position, have been excluded. Essential functions, requirements, skills, and abilities included have been determined to be the minimal standards required to successfully perform the positions. In no instance, however, should the duties, responsibilities, and requirements delineated be interpreted as all-inclusive. Additional functions and requirements may be assigned by supervisors as deemed appropriate.

In accordance with the Americans with Disabilities Act, it is possible that requirements may be modified to reasonably accommodate disabled individuals. However, no accommodations will be made which may pose serious health or safety risks to the employee or others or which impose undue hardships on the organization.

The Credit Union believes that each employee makes a significant contribution to our success. That contribution should not be limited by the assigned responsibilities. Therefore, this job description is designed to outline primary duties, qualifications, and job scope, but not limit the incumbent. It is our expectation that each employee will offer his/her services wherever and whenever necessary to ensure the success of our endeavors.

Job descriptions are not intended as and do not create employment contracts. The organization maintains its status as an at-will employer. Employees can be terminated for any reason not prohibited by law.