Loss Mitigation Specialist
This position is responsible for minimizing financial losses to the credit union due to real estate secured loan defaults. The position will provide workout assistance to members who are presently in default or imminent danger of going into default on their real estate secured loan with Golden 1. The position is further responsible for providing support to the Manager Real Estate Loss Mitigation and complying with credit union Board policies and guidelines, NCUA, state and federal regulations.
TASKS, DUTIES, FUNCTIONS:
- Communicate with members to determine the reason for default and request additional pertinent information as needed.
- Analyze member financial documentation to determine the most effective workout option.
- Maintain a thorough understanding of state and federal laws and regulations related to credit union compliance, including bank secrecy act/anti-money laundering laws appropriate to the position..
- Prepare necessary analysis and documentation to complete loan modification agreements, repayment plans, forbearance plans, short sales and other workout options. Identify and submit qualifying workout cases to manager for approval.
- Collaborate with others as appropriate to assist with the efficient, effective, and timely completion of Real Estate Loss Mitigation projects.
- Update relevant systems with member communication, notes and action items.
- Update workout tracking reports on a daily basis.
- Process vendor invoices.
- Assist manager and/or senior loss mitigation specialist with other duties as assigned.
PHYSICAL SKILLS, ABILITIES, AND EXERTION UTIIZED IN THE PERFORMANCE OF THESE TASKS:
- Effective oral and written communications skills required to perform day to day functions.
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- Must possess sufficient manual dexterity to skillfully operate an on-line computer terminal and other standard office equipment, including a typewriter, adding machine, personal computer, facsimile machine, and telephone.
ORGANIZATIONAL CONTACTS & RELATIONSHIPS:
- INTERNAL: All staff levels, including Manager Real Estate Loss Mitigation, Collections, Real Estate, Equity, Accounting, Finance, Internal Audit, Credit Risk Management, and IT.
- EXTERNAL: Members, vendors, and peers in financial institutions.
- EDUCATION: Associates Degree in related field or equivalent work experience.
- EXPERIENCE: Minimum three (3) years experience in loss mitigation or related field (i.e. underwriting, credit etc.) with banks, savings and loans, credit unions or other finance companies.
- KNOWLEDGE/SKILLS: Must be a strong team player. Written and oral communications skills are critical to communicate effectively with members, vendors and peers. Successful candidates must be detail oriented, well organized and motivated to complete daily work in a timely manner. Successful candidate must also exhibit a working knowledge of Microsoft Office, including Excel, Work and Outlook.
- When in the office, prolonged sitting throughout the workday to accomplish tasks.
- Corrected vision in the normal range to read loan documents submitted by members.
- Corrected hearing in the normal range. A telephone device will be provided if needed.
- Long work hours may be required to accomplish tasks, including nights and weekends.