Loan Workout & Loss Mitigation Specialist

NASA Federal Credit Union; South Carolina; Hybrid; USD 65,000 - 88,000; Full time

Benefits offered by this job

Healthcare benefits

401(k) plan with match

Paid leave

Remote work options

Education assistance

Employee discount program

Identity theft protection

Job summary

NASA Federal Credit Union seeks a Loss Mitigation Specialist to counsel members, gather documentation for hardship requests, and evaluate loan status for policy-based recommendations to the Loan Review Committee.

You will present workout options, participate on the Loan Review Committee, maintain the Loss Mitigation portfolio, assist with modification options, and ensure compliance with FDCPA, FCRA, SCRA, MLA and bank regulations.

Qualifications

• Three to five years relevant experience and/or training.
• Two years’ experience in consumer or mortgage lending.
• Knowledge of FDCPA, FCRA, SCRA, MLA and applicable laws.
• Knowledge of 1st Mortgage, Home Equity or Consumer underwriting.
• Proficiency with Microsoft Office Outlook, Excel Intermed., and Word Intermed.

Responsibilities

• Counsels members and gathers required documentation for hardship assistance requests related to consumer loan products.
• Evaluates loan status and supporting documentation to prepare policy-based recommendations for the Loan Review Committee.
• Presents prepared loan workout options to the Loan Review Committee for approval or denial within approved guidelines.
• Participates as a member of the Loan Review Committee.
• Maintains the assigned Loss Mitigation portfolio for consumer loans.
• Assists members with requests for short- and long-term consumer loan modification options.
• Contacts members to obtain additional information required for loan review.
• Resolves member request issues in a timely and professional manner.
• Completes ability-to-repay analysis and scenario outcome reviews.
• Uses specialized underwriting knowledge to evaluate loss mitigation applications and complete risk analysis accurately and timely.
• Analyzes submitted documents and completes the workout sheet for Loan Committee review, clearly presenting the borrower’s financial position and the potential impact of the proposed workout on future payment ability.
• Utilizes policy guidelines and relevant case information to recommend loss mitigation options, including modifications and repayment plans for consumer loans.
• Recommends alternative consumer loan workout solutions based on the initial member conversation and the hardship presented.
• Recommends consumer loan workout options to the Loan Review Committee for final approval.
• Contacts third-party service providers to order and coordinate required services in a timely manner.
• Troubleshoots complex member issues, makes recommendations to management, and follows through on approved actions until resolution.
• Sets up approved loan workout options in the core system.
• Completes the necessary steps to implement approved loss mitigation options.
• Signs into the phone queue daily to help the members with questions concerning their request for assistance.
• Writes routine reports and correspondence.
• Remains cognizant and adheres to lending industry regulations pertaining to consumer loan modification.
• Remains cognizant of and adheres to Credit Union policies and procedures, and regulations pertaining to the Bank Secrecy Act.

Skills

Loan underwriting

Loss mitigation

Documentation gathering

Microsoft Office

Tools

Outlook

Excel

Word

Job description

NASA Federal Credit Union seeks a Loss Mitigation Specialist to counsel members, gather documentation for hardship requests, and evaluate loan status for policy-based recommendations to the Loan Review Committee.

You will present workout options, participate on the Loan Review Committee, maintain the Loss Mitigation portfolio, assist with modification options, and ensure compliance with FDCPA, FCRA, SCRA, MLA and bank regulations.