Real Estate Loss Mitigation Specialist

Position Purpose and Objectives Real Estate Portfolio Management & Early Intervention

• Manage delinquent Texas Home Equity Loans and HELOCs from early-stage delinquency through foreclosure referral or charge-off.
• Proactively engage borrowers to identify hardship causes and evaluate sustainable retention solutions.
• Conduct detailed financial analysis including income verification, expense review, and property valuation assessment.
• Monitor high-risk accounts and intervene prior to foreclosure escalation when viable retention options exist.

• Evaluate, structure, and negotiate loss mitigation options including:
  • Repayment plans
  • Short-term forbearances
  • Long-term forbearance agreements
  • Loan modifications (term extension, rate adjustment, capitalization of arrears where permitted)
  • Partial claim or deferral options (if applicable to product structure)
  • Deed-in-lieu of foreclosure
  • Short sale approvals
  • Cash-for-keys agreements (where applicable)
  • Settlement agreements on charged-off or deficiency balances (where allowed)
• Analyze cost-benefit of each workout option versus foreclosure action.
• Review and validate borrower financial documentation to determine eligibility.
• Evaluate debt-to-income ratios, property equity position, and borrower hardship sustainability.
• Ensure all workout agreements comply with Texas constitutional home equity requirements (Article XVI, Section 50(a)(6)).
• Present complex or exception requests for management approval when outside delegated authority.
• Ensure workout decisions align with investor or participation agreement requirements.

• Determine when foreclosure referral is necessary after evaluating all reasonable retention efforts and refer to foreclosure counsel.
• Ensure compliance with cure notice requirements, 20-day and 60-day provisions, and all constitutional timelines.
• Coordinate with foreclosure counsel to prepare accounts for referral.

• Review property valuations (BPOs, appraisals) to assess collateral exposure.
• Analyze lien position and title considerations.
• Negotiate short sale terms with listing agents, attorneys, and borrowers.
• Coordinate payoff figures and deficiency treatment.
• Review and approve deed-in-lieu documentation ensuring clear title transfer and waiver terms align with policy.

• Ensure strict compliance with:
  • Texas Constitution Article XVI Section 50(a)(6)
  • Texas Finance Code Chapter 392
  • CFPB mortgage servicing rules (Regulation X and Z where applicable)
  • FDCPA (as applicable to 1st party collections)
• Monitor bankruptcy filings and coordinate with legal counsel.
• Maintain audit-ready documentation of financial packages, decision rationales, and workout approvals.
• Escalate potential compliance risks immediately.

• Conduct complex borrower conversations with empathy and authority.
• Clearly explain legal rights, foreclosure implications, and workout eligibility.
• De-escalate emotionally charged situations while maintaining firm boundaries.
• Balance member advocacy with protection of the credit union’s collateral position.

N/A

• Strong analytical, critical thinking and problem-solving skills.
• Excellent interpersonal and communication skills, with the ability to interact effectively at all levels of the organization.
• Detail-oriented with a high level of integrity and professionalism.
• Strong organizational and time management skills with the capability to manage multiple tasks simultaneously.
• Working knowledge of:
  • Texas Home Equity lending regulations (Article XVI, Section 50(a)(6))
  • Texas Finance Code Chapter 392
  • CFPB servicing and debt collection regulations
  • 1st party collection compliance standards
• Experience handling home equity loans and HELOCs in Texas.
• Strong negotiation and conflict-resolution skills.
• Ability to handle difficult conversations with professionalism and composure.
• High attention to detail and documentation accuracy.
• Loss mitigation or modification experience.

• Bachelor’s degree and/or equivalent experience in a credit union or banking environment.

• Minimum of 3-5 years of experience servicing delinquent real estate loans.
• Knowledge of foreclosure processes specific to Texas real property.
• Familiarity with bankruptcy procedures as they relate to secured debt.
• Strong negotiation skills.

Finger Dexterity

Using primarily just the fingers to make small movements such as typing, picking up small objects, or pinching fingers together.

Grasping

Using fingers and palm on an object.

Talking

Especially where one must frequently convey detailed or important instructions or ideas accurately, loudly, or quickly.

Repetitive Motions

Movements frequently and regularly required using the wrists, hands, and/or fingers.

Average Hearing

Able to hear average or normal conversations and receive ordinary…