Loss Mitigation Specialist I

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.