Loss Mitigation Specialist I

Tennessee Valley Federal Credit Uni; Chattanooga (TN); On-site; USD 42,000 - 62,000; Full time

Job summary

The Loss Mitigation Specialist I at Tennessee Valley Federal Credit Union supports members facing financial hardship from our Chattanooga headquarters. You will help implement loss mitigation strategies and protect member relationships through collaboration with teams and the Loan Appeals Committee.

You will review financial documents, explain programs, facilitate applications, and negotiate payment plans. You will maintain accurate records and demonstrate TVFCU values in every interaction.

Qualifications

• High school diploma or equivalent; bachelor's degree preferred.
• Strong analytical and problem-solving abilities with attention to detail.
• Excellent communication and interpersonal skills with empathy.
• Ability to handle confidential information with discretion.
• Ability to work independently and in a team, meet deadlines.

Responsibilities

• Review member financial documents and hardship letters to evaluate eligibility.
• Initiate contact with members experiencing hardship with empathy.
• Explain loss mitigation programs and required documentation.
• Facilitate completion and verification of loss mitigation applications.
• Communicate status updates to borrowers throughout the process.
• Negotiate eligible loss mitigation options and payment plans.
• Maintain accurate records of communications and actions in the case file.
• Complete all courses assigned in BVS per policy.
• Demonstrate TVFCU values in all member interactions.
• Perform other duties as assigned.

Skills

Analytical thinking

Communication skills

Empathy

Teamwork

Education

Bachelor's degree

Tools

BVS system

Job description

Job Details Job Location: Corporate Headquarters - Chattanooga, TN 37402 Position Type: Full Time Job Shift: M-F 8:00 - 5:00 Job Category: Banking

Job Summary

The Loss Mitigation Specialist I position is an essential part of our member solutions team, responsible for assisting members facing financial hardship and working to find appropriate solutions to prevent potential loan defaults. The Loss Mitigation Specialist I position will collaborate with members, internal departments, and the Loan Appeals Committee to implement loss mitigation strategies and maintain positive relationships.

Essential Duties and Responsibilities

• Review and assess member's financial documents, hardship letters, and other relevant information to evaluate eligibility for loss mitigation options.
• Initiate contact with members experiencing financial difficulties and demonstrate empathy while explaining available loss mitigation programs.
• Provide accurate and comprehensive information to borrowers about loss mitigation procedures, requirements, and documentation needed for the application process.
• Facilitate the completion of loss mitigation applications, ensuring all necessary documentation is collected and verified in a timely manner.
• Communicate effectively with members regarding the status of their applications and provide updates throughout the evaluation process.
• Negotiate and propose alternative repayment plans, loan modifications, forbearance agreements, or other loss mitigation options for eligible borrowers.
• Update and maintain accurate records of all member communications, application activity, and actions taken throughout the loss mitigation process.
• Complete all courses assigned in BVS in accordance with Credit Union policy.
• Proactively demonstrate the TVFCU core values of integrity, honesty, flexibility, teamwork, leadership, accountability and strong relationships in every interaction with members.
• Perform other duties as assigned.

Qualifications

Educational and Work Experience Requirements

• High school diploma or equivalent required; Bachelor's degree in Finance, Accounting, Business, or a related field preferred.
• Previous experience in loss mitigation, loan servicing, collections, or a related financial field is preferred but not required.
• Strong analytical and problem-solving abilities, with attention to detail in evaluating financial documents and loan information.
• Excellent communication and interpersonal skills with the ability to demonstrate empathy while maintaining a professional demeanor.
• Exceptional attention to detail and accuracy in record-keeping.
• Ability to handle confidential and sensitive information with integrity and discretion.
• Ability to work independently and as part of a team, managing multiple tasks and meeting deadlines effectively.
• Demonstrated professionalism, discretion, and integrity when dealing with sensitive member information.
• Willingness to adapt to changing regulations and industry best practices related to loss mitigation.

Pre-Employment Screening Requirements

• Verification of education, employment and other pertinent data included on your employment application, and eligibility to work in the United States.
• Criminal background check and drug screening.
• Pre-employment credit check required.

Pre-employment screening helps TVFCU provide a safe environment for our members and employees, minimize risk, and ensure federal compliance.