Loss Mitigation Specialist

Primary Duties and Responsibilities

We are searching for an experienced Loss Mitigation Specialist at our Cornell facility. General Electric Credit Union is a not‑for‑profit, member‑owned full‑service financial institution headquartered in Cincinnati with branches in Ohio and Kentucky. At GECU, we pride ourselves on maintaining quality service, being an employee‑friendly workplace, and developing our team members while teaching you the skills to lead you to career advancement opportunities.

In conjunction with the Debt Resolution Manager, the Loss Mitigation Specialist analyzes borrowers’ financial information to determine loss mitigation eligibility according to the credit union’s policy and service guidelines (FHLMC). The Loss Mitigation Specialist will review and recommend loan restructuring on defaulted and at‑risk residential loans. The Specialist is expected to execute routine and non‑routine aspects of the position in addition to maintaining current knowledge on relevant loss mitigation best practices and regulations.

The Loss Mitigation Specialist will also be responsible for helping with Bankruptcy and Escrow processes.

• Proactively contact delinquent borrowers to discuss hardships and available options.
• Review borrower financial documents (pay stubs, tax returns, bank statements) to assess ability to pay.
• Recommend and implement strategies like loan modifications, deferrals, forbearance plans, or short sales.
• Gather, verify, and process required paperwork, ensuring accuracy and completeness.
• Adhere to investor guidelines (FHA, VA, Fannie Mae, Freddie Mac) and federal/state mortgage laws.
• Maintain detailed and accurate records of all communications and actions.
• Analyze borrowers’ financial information to determine loss mitigation eligibility, including ordering valuations, running credit reports, property searches, etc.
• Prepare recommendations and memo/loss mitigation review sheets for management review.
• Prepare appropriate documentation based on application approval.
• Monitor the execution of loss mitigation agreements, processing and filing in accordance with investor and GECU policy.
• Create and maintain management reports of all loss mitigation activity and progress.
• Interact with investors and MI companies to synchronize the loss mitigation process for serviced and insured loans.
• Prepare legal decision worksheets for management to approve loans for foreclosure.
• Submit delinquency reporting for Freddie Mac loans and loans with private mortgage insurance.
• Maintain and oversee the accuracy of tracking reports of all loss mitigation activity.
• Provide backup to the Debt Resolution Manager for Bankruptcy as needed.
• Provide backup to the Escrow Specialist as needed.
• Review and write procedures in the department.
• Train other team members in the department.
• Perform other duties as assigned.

• High school diploma or GED required.
• Associate or bachelor’s degree in finance, business or related field preferred.
• 2+ years of experience in loss mitigation/bankruptcy/escrow and reviewing financial information.

• Extensive knowledge in financial analysis and loss mitigation practices.
• Well‑rounded knowledge of foreclosures and bankruptcies.
• Extensive knowledge of Freddie Mac (FHLMC) servicing/loss mitigation guidelines.
• Analytical and computer skills with proven ability to convert large amounts of data into meaningful recommendations.
• Practical application of Microsoft Office.
• Effective oral and written communication skills.
• Ability to maintain a calm demeanor when dealing with emotional/distressed borrowers.
• Detail oriented with strong organizational skills.

At GECU, we want to support your wellbeing by offering a wide range of benefits:

• Health, dental and vision insurance.
• Life and disability insurance options.
• Paid time off starts accruing once hired and includes paid birthday off.
• 401k retirement plan with up to a 10% match of your base gross compensation.
• Tuition reimbursement opportunities and professional development.
• Volunteer opportunities – and earn additional PTO hours.
• On‑site clinics for vaccines and mammograms.

And many more!

Come join GECU as we are a curated culture of respect, understanding, and mutual recognition. We believe forming bonds and connecting with each other only stands to strengthen the service we provide to our members in our mission of improving the quality of financial lives!

General Electric Credit Union is an Equal Opportunity Employer.

Non‑Exempt.

Our company provides equal employment opportunities (EEO) to all employees and applicants for employment without regard to race, color, religion, sex, national origin, age, disability or genetics.