Loan Workout Officer

Lever, Inc.; Upper Marlboro (MD); Hybrid; USD 65,000 - 88,000; Full time

Benefits offered by this job

Healthcare

401(k) with match

Paid leave

Remote work options

Job summary

NASA Federal Credit Union is seeking a Loan Workout Officer to help members navigate financial hardship with policy-aligned solutions and to manage a loss mitigation portfolio through underwriting judgment and compliant workout options.

You will evaluate consumer loan assistance requests, analyze members’ financial circumstances, and present well-supported workout solutions to the Loan Review Committee for approval, while maintaining regulatory compliance and responsive member service.

Qualifications

• Three to five years relevant experience and/or training.
• Two years’ experience in consumer or mortgage lending.
• Knowledge of the FDCPA, FCRA, SCRA, MLA as well as any other applicable state/federal laws and regulations.
• Knowledge of 1st Mortgage, Home Equity or Consumer underwriting.
• Proficiency with Microsoft Office Outlook, Excel Intermediate level, and Word Intermediate level.

Responsibilities

• Counsels members and gathers required documentation for hardship assistance requests related to consumer loan products.
• Evaluates loan status and supporting documentation to prepare appropriate 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.

Tools

Microsoft Office

Excel

Word

Job description

NASA Federal Credit Union is seeking a Loan Workout Officer to help members navigate financial hardship with practical, policy-aligned solutions. In this role, you will evaluate consumer loan assistance requests, analyze members’ financial circumstances, recommend modification and repayment options, and present well-supported workout solutions to the Loan Review Committee. You will combine sound underwriting judgment, responsive member service, and careful attention to regulatory and Credit Union requirements to manage a loss mitigation portfolio and implement approved solutions.

Essential Duties and Responsibilities: include the following with other duties as assigned.

• Counsels members and gathers required documentation for hardship assistance requests related to consumer loan products.
• Evaluates loan status and supporting documentation to prepare appropriate 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.

Education and Experience:

• Three to five years relevant experience and/or training.
• Two years’ experience in consumer or mortgage lending.
• Knowledge of the FDCPA, FCRA, SCRA, MLA as well as any other applicable state/federal laws and regulations.
• Knowledge of 1st Mortgage, Home Equity or Consumer underwriting.
• Proficiency with Microsoft Office Outlook, Excel Intermediate level, and Word Intermediate level.

Our Generous Benefit Package Includes:

NASA Federal Credit Union offers an array of benefits including comprehensive healthcare, 401(k), paid leave, remote work options for applicable positions, and more.

+Insurance coverage begins the 1st day of the month, following 30 days after hire date.

*100% Credit Union-Paid

Full-Time Employee Benefits:

• Salary: $65,000 - $87,500 / Annually
• 401(k) with employer match up to 6% and immediate 100% vesting
• Gain Sharing Bonus (eligibility rules apply)*Health Insurance (Choice of two nationwide PPO plans)
• High-Deductible Plan: 100% employer contribution toward premium. (HSA and FSA compatible)+*
• Low-Deductible Plan: Generous employer contribution toward premium. (FSA compatible)+
• Dental Insurance: Generous employer contribution toward premium (HSA and FSA compatible)+
• Vision Insurance: Generous employer contribution toward premium (HSA and FSA compatible)+
• Long-term DisabilityInsurance+*
• Flexible Spending Medical Account (FSA)+
• Flexible Spending Dependent Care Account+
• Health Savings Account (HSA)+
• Voluntary Supplemental Employee and Dependent LifeInsurance+
• VoluntaryShort-term DisabilityInsurance+
• Remote or Remote / Hybrid work options based on position
• Life Insurance/AD&D+*
• Vacation Leave (excluding Outside Loan Officers)
• Sick and Safe Leave
• 11 Paid Holidays
• Education Assistance
• Employee Referral Bonus*
• Credit Union Membership Eligible
• Employee Assistance Program+*
• Identity Theft Protection (Additional premiums to add family members)+*
• Pet Insurance
• Employee Discount Program
• Remote or Remote / Hybrid work options based on position

All benefits are based on meeting NASA Federal Credit Union’s eligibility requirements and the carrier’s terms and conditions.

WE’RE STRONGER TOGETHER

At NASA Federal Credit Union, we strive to ensure a culture of collaboration, inclusion, and opportunity where everyone can feel valued, appreciated, and respected. We commit to recruit and retain a diverse team with the best talents to live our vision, mission, and values. We recognize that respecting different perspectives and experiences makes us stronger together.