Loss Mitigation Specialist

Meritrust Credit Union; Wichita (KS); On-site; USD 45,000 - 65,000; Full time

Job summary

Meritrust Credit Union in Wichita is seeking a Loss Mitigation Specialist to manage delinquent real estate-secured loans and delinquent commercial accounts. You will assess financial hardship, provide counseling, and offer solutions such as loan modifications, forbearance, or repayment plans while ensuring adherence to policies and regulatory requirements.

You will work with members, legal counsel, and vendors to manage foreclosures, coordinate property valuations, and prepare reports for

Qualifications

• Experience analyzing income statements, tax returns and credit reports.
• Familiarity with loss mitigation processes and loan modifications.
• Understanding of regulatory requirements in consumer and real estate lending.

Responsibilities

• Contact members with delinquent real estate loans to assess financial situations and determine 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.

Skills

Financial analysis

Regulatory compliance

Communication skills

Job description

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.