Loss Mitigation Specialist

J  o  b    D  e  s  c  r  i  p  t  i  o  n

THE DETAILS

Job Code:

1724

Grade:

17H

Status:

Non-exempt

POSITION AND PURPOSE

This position is responsible for reducing risk to Golden 1 by minimizing financial losses associated with member accounts including Visa credit cards, line of credit, secured loans, signature loans, real estate loans, and home quality lines of credit. The position will provide workout assistance to members who are presently in default or imminent danger of going into default by providing member outreach, financial counseling, offering loan forbearance, repayment plans, deferrals, and/or modifications. The position is further responsible for complying with credit union Board policies and guidelines, NCUA, state and federal regulations.

WHO WE ARE

Golden 1 Credit Union is among the top credit unions in the country. As a member-owned, not-for-profit cooperative, Golden 1 is guided by the credit union philosophy of “people helping people.” We are committed to empowering our members and uplifting our communities as we create a more equitable and financially inclusive California. We welcome all who embrace our Core Values.

WHO YOU ARE

You are someone who enjoys bringing clarity and direction to complex situations. You combine empathy, financial analysis, and problem-solving skills to help members overcome financial challenges while reducing risk and preserving long-term relationships.

THE WORK

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Communicate with members to determine the reason for default and request additional pertinent information as needed.

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Analyze member financial documentation to determine the most effective workout option.

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Maintain a thorough understanding of state and federal laws and regulations related to credit union compliance, including bank secrecy act/anti-money laundering laws appropriate to the position.

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Coordinate payment arrangements with members and follow up in a timely manner on such arrangements, properly documenting accounts as contact with each member is made.

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Promote loan workout solutions to support Golden 1’s membership and contribute to a reduction of overall delinquencies by negotiating solutions that are mutually beneficial to the client and Company.

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Prepare necessary analysis and documentation to complete loan modification agreements, repayment plans, forbearance plans, and other workout options. Identify and submit qualifying workout cases to manager for approval.

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Collaborate with others as appropriate to assist with the efficient, effective, and timely completion of Member Care projects.

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Possess a high level of knowledge in all Member Care Department specialty areas such as negative shares, repossessions, suits, foreclosures, and bankruptcies.

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Ability to thoroughly review and document account summaries on all actions taken, such as telephone conversations, alternative financial arrangements, and letters mailed to assess the need for escalated Member Care efforts.

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Maintain positive relations with all members, credit union departments, and branches discussing sensitive personal financial circumstances in a tactful manner.

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Update relevant systems with member communication, notes, and action items.

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Process and update workout tracking reports on a daily basis.

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Process vendor invoices.

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Assist manager and/or supervisor with other duties as assigned.

QUALIFICATIONS

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Associate’s Degree in related field or equivalent work experience required

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3+ years in default management or loss mitigation or related field (i.e., underwriting, credit etc.) with banks, savings and loans, credit unions or other finance companies required

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Thorough knowledge of collection procedures, and related laws and regulations. Must be strong team player. Written and oral communications skills are critical to communicate effectively with members, vendors, and peers. Successful candidates must be detail oriented, well organized, and motivated to complete daily work in a timely manner. Successful candidate must also exhibit a working knowledge of Microsoft Office, including Excel, Word and Outlook.

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Valid California driver's license preferred

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Takes Initiative - Owns tasks and responsibilities 

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Delivers Results with Agility - Meets deadlines and adapts

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Collaborates Across Teams - Works well within the team Solves Problems Proactively

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Handles day-to-day challenges Builds Trust and Credibility - Demonstrates reliability 

ORGANIZATIONAL CONTACTS AND RELATIONSHIPS

INTERNAL:

All staff levels, including Manager Real Estate Loss Mitigation, Collections, Consumer Loan Servicing, Real Estate, Equity, Accounting, Finance, Internal Audit, Credit Risk Management, and IT.

EXTERNAL:

Members, vendors, and peers in financial institutions.

WORKING CONDITIONS

Work time includes weekend and after-hours time, based on organizational needs. This position works in-office where working conditions, lighting, temperature, audio, and workspace are all sufficient.

PHYSICAL REQUIREMENTS

Work requires the ability to constantly operate a computer and the ability to read, type, and communicate. Work may require the ability to move work-related supplies weighing up to 10-15 pounds.

DISCLAIMER/INTENT AND FUNCTION OF JOB DESCRIPTIONS

The above information on this description has been designed to indicate the general nature and level of work performed by team members within this classification. Because the nature of positions and job functions can change over time, this job description is not designed to contain or be interpreted as a comprehensive inventory of all essential functions, duties, responsibilities and qualifications requirements of team members assigned to this job. Job duties may be changed or modified in the Credit Union’s discretion. The Credit Union will keep team members updated on key functions, duties, and requirements of their position by communications from the Credit Union and by updating the job description from time to time. Any team member with questions about the nature of their job duties is encouraged to consult with their supervisor.

DECLARATION/ACKNOWLEDGEMENT

This job description outlines the essential functions and physical/mental requirements necessary to perform this role. Reasonable accommodations may be made to enable individuals with disabilities to perform these essential functions.