Member Care Collections and Loss Mitigation - Loss Mitigation Specialist

Member Care Collections and Loss Mitigation - Loss Mitigation Specialist

Join Golden 1 Credit Union as a Loss Mitigation Specialist and help reduce risk by minimizing financial losses associated with member accounts.

This position is responsible for reducing risk to Golden 1 by minimizing financial losses associated with member accounts, including Visa credit cards, lines of credit, secured loans, signature loans, real‑estate loans, and home quality lines of credit. The role provides workout assistance to members in default or at risk via outreach, financial counseling, forbearance, repayment plans, deferrals, and modifications. It also ensures compliance with credit union Board policies, NCUA, state and federal regulations.

• TITLE: Loss Mitigation Specialist
• STATUS: Non‑exempt
• DEPARTMENT: Member Care
• REPORTS TO: Supervisor – Member Care
• JOB CODE: 1724
• PAY RANGE: $25.40 – $29.00 hourly

• Communicate with members to determine reasons for default and gather additional information.
• Analyze member financial documentation to select effective workout options.
• Maintain knowledge of state and federal laws and regulations, including the Bank Secrecy Act/Anti‑Money Laundering statutes.
• Coordinate payment arrangements and document all member contact.
• Promote loan workout solutions that reduce delinquencies while benefiting the member.
• Prepare documentation for loan modifications, repayment and forbearance plans.
• Collaborate with other departments to complete Member Care projects efficiently.
• Have expertise in negative shares, repossessions, suits, foreclosures, and bankruptcies.
• Document account summaries, conversations, financial arrangements, and mailing of letters.
• Maintain positive relations with members, credit union departments, and branches.
• Update relevant systems with member communications, notes, and action items.
• Process and update workout tracking reports daily.
• Process vendor invoices.
• Assist manager/supervisor with other duties as assigned.

• Education: Associate’s degree in a related field or equivalent work experience.
• Experience: Minimum 3 years in default management or loss mitigation or related field (e.g., underwriting, credit) with banks, savings and loans, credit unions or other finance companies.
• Knowledge/
  
  Skills:
  
  Thorough knowledge of collection procedures and related laws and regulations; strong teamwork; excellent written and oral communication; detail oriented; well organized; proficiency in Microsoft Office (Excel, Word, Outlook).

• Prolonged sitting in the office during the workday.
• Corrected vision to read loan documents.
• Corrected hearing; telephone provided if needed.
• Long work hours may be required, including nights and weekends.

None.

This job description provides an overview of the general scope and level of work expected and is not an exhaustive list. The credit union reserves the right to modify, add, or remove duties without advance notice. Employees may be required to perform additional tasks as directed by their supervisor, provided they are within their knowledge, skills, and abilities or can receive reasonable training.

Nothing in this job description alters the at‑will employment relationship or limits the credit union’s right to assign or reassign duties and responsibilities for this position at any time.

Rev. 1/24/2024