Loss Mitigation Specialist
Lafayette Federal Credit Union
Location: Rockville, MD
Welcome to Lafayette Federal Credit Union Careers! Our organization is growing, and we are seeking top-notch individuals to provide support to our members. Our employees are a critical component in our endeavor to be the premier financial partner for every one of our members.
- Do you have experience with the maintenance of severely delinquent accounts?
- Do you have experience reviewing the members overall financial condition and compensating factors?
If so, then Lafayette Federal may have the perfect opportunity for you! We are currently seeking a Loss Mitigation Specialist to join our dynamic team!
Our Difference: What makes Lafayette Federal cutting-edge? Lafayette Federal Credit Union is not only a great place to bank, but also a great place to work! We have been recognized nationally by (1) Newsweek’s America’s Best Bank’s list, (2) we’ve received a 5-star rating from Bauer financial, and (3) we’ve also ranked #12 in S&P Global’ s Top Performing Credit Union’s in 2022 for the second year in a row!
Our Culture: Lafayette Federal is about inclusion, diversity, high performance, and new opportunities. Teamwork and our sense of community also make Lafayette Federal a great place to work. Each person is valued for his or her unique set of skills. We share a common devotion to the people we serve, participating in charity events throughout each year and giving back to the community.
Our Opportunities: Professional development, training, and certification is a priority for our employees. We want you to reach your career goals and provide support that leads to opportunities of advancement within the industry.
About the role:
We are seeking a smart, organized, and resourceful professional to assist the Asset Recovery department with the overall maintenance of severely delinquent accounts to include reviewing and recommending loans for extension and/or workouts. In addition, this position is responsible for reviewing the members overall financial condition and compensating factors as well as serve as a back up to the Mortgage, Bankruptcy and Charge Off Specialists.
A day in the life of a Loss Mitigation Specialist will include:
- Responsible for reviewing and preparing all files for the Loss Mitigation Committee. This process includes an in-depth analysis of the Member’s relationship with the credit union and the financial risk with all parties involved.
- Responsible for monitoring all accounts under an approved modification or workout to ensure the borrower is complying with agreed upon action steps.
- Review all third-party debt management cases.
- Responsible for all follow up calls and memos with respect to financial needs cases.
- Ensures quality control by reviewing such items as vendor invoices, recovery, SCRA and EOscar reports.
- Serves as a back up to the Bankruptcy Specialist by maintaining bankrupt accounts.
Education & Experience
- Three years to five years of similar or related experience. Have and maintain a working knowledge of FDCPA (Fair Debt Collections Practices Act).
- Proficiency in Excel and Word required; knowledge of Corelation and FICS preferred.
Our ideal candidate will:
- Provide all members with professional support, accurate information, and friendly service.
- Ensure all data entry for loans are made with minimal, non-recurring errors.
- Contribute to the successful achievement of Organizational and Departmental goals as set by management and/or the Vice President of Asset Recovery.
- Adhere to Lafayette Federal’s Service Standards Policy.
- Maintains confidentiality at all times.
- Maintain a dependable record of attendance and timeliness.
- Ensure that consumer and mortgage collection queues are followed.
Top benefits or perks:
Joining Lafayette Federal comes with perks to support you in your personal and professional journey.
We provide employees with a generous benefits package including:
- Employer paid (99.9%) health insurance premium for single and family coverage (HMO Plan)
- Fully funded deductible (HMO Plan)
- 401k employer matching contribution
- Income protection with life insurance, short and long-term disability
- Paid time off & holiday leave
- Educational assistance
- Commuter benefits program and more!
The job posting highlights the most critical responsibilities and requirements of the job. It is not all-inclusive. There may be additional duties, responsibilities, and qualifications for this job.
*Lafayette Federal Credit Union is an Equal Opportunity and E-Verify Employer
How to Apply
Please apply using the following link:
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