Loss Mitigation Spec

Pay range: $16.01 USD to $18.41 USD. The listed range is the estimated amount for this position. Final offers are based on various factors, including skill set, experience, location, qualifications and other job-related reasons.

Pay Range: $16.01

USD to $18.41

USD

The Loss Mitigation Specialist I is responsible for initiating and directing the remediation of defaulted accounts, monitoring past-due accounts, and providing management with detailed reports.

The ideal candidate for this role is detail-oriented, proactive, and possesses strong analytical and communication skills. Experience or coursework in finance or banking is highly beneficial.

This role supports the company's financial health, helping recover overdue payments and maintain client relationships, contributing to the organization's stability and growth.

All employees are expected to protect the information and assets of the organization through heightened awareness of information security, cybersecurity, and risk management best practices, as well as complying with all applicable laws, regulations, and organizational policies.

• Process recovery payments as authorized to include assisting customers and branch staff with telephone payments and payments on certain accounts.
• Perform loan remediation, follow-up, crediting returned checks/ACHs taken in payment, and foreclosure procedures.
• Regularly contact delinquent loan accounts in order to discuss their account status and to work out a payment arrangement suitable to the Bank and the customer. Record all contacts in the Bank’s automated remediation system.
• Ensure that remediation and collection activities comply with regulatory standards.
• Report current and closed loans to inquiring organizations, ensuring that the information is accurate and comply with applicable fair credit reporting regulations.
• Prepare default notices including the preparation and filing of FHA, VA, and PMI claims on defaulted loans.
• Distribute and sort mail, code recovery checks, code legal and recovery invoices, and billing.
• Generate and send various customer facing communications regarding account activity.
• Maintain regular contact with all lending units of the Bank, as well as with credit bureaus and other financial organizations.
• Obtain and exchange information with credit bureaus and various mortgage insurance agencies.
• Assume responsibility for additional projects and tasks as assigned.

• High school diploma or equivalent required.

• Excellent communication skills and the ability to communicate effectively, verbally and in writing, with internal and external customers at all levels.
• Ability to interpret various ratios and relationships inherent in common or specialized financial and data-driven reports.
• Ability to complete standard calculations and apply basic mathematical concepts in practical situations.
• A positive and proactive approach to work, demonstrating enthusiasm, adaptability, and the ability to maintain composure and professionalism in stressful or adverse conditions.
• Proficient computer literacy, including comfort with Microsoft systems and Office Suite.
• Intermediate typing skills to meet the needs of this position.
• Current driver’s license and reliable transportation with appropriate insurance coverage; additionally, the ability to drive occasionally in the course of performing assigned duties and responsibilities.
• The ability to work with minimal or no supervision.

• Experience and/or coursework in Accounting, Finance, Business, or a related field preferred.

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this position. Reasonable accommodations may be made to enable individuals with disabilities to perform the functions.

While performing the duties of this position, the employee is regularly required to talk or hear. The employee frequently is required to use hands or fingers; handle or feel objects, tools, or controls. The employee is occasionally required to stand; walk; sit; and…