Debt Resolution Specialist

General Electric Credit Union•Blue Ash, OH

1d•Onsite

About The Position

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. The Debt Resolution Specialist is responsible for handling all collection issues including, but not limited to, the entire process for both bankruptcies and loss mitigation. This role will follow up on accounts from preliminary phone calls through foreclosure as necessary. In conjunction with the Debt Resolution Manager, the Debt Resolution specialist will review and recommend loan restructuring on defaulted and at-risk residential loans. The Specialist is expected to maintain knowledge on relevant loss mitigation best practices, the credit union’s policy, and service guidelines (FHLMC) to perform this role effectively.

Requirements

High school diploma or GED required
At least 2 years of experience in loss mitigation/bankruptcy/escrow and reviewing financial information required
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
Solid analytical skills with proven ability to convert large amounts of data into meaningful recommendations
Proficient computer skills with the ability to learn multiple systems
Effective oral and written communications skills
Ability to maintain a calm demeanor when dealing with emotional/distressed borrowers
Detail oriented with strong organizational skills

Nice To Haves

associates degree in finance or business preferred
Knowledge of escrow is preferred

Responsibilities

Proactively contact delinquent borrowers to discuss hardships and available options
Handle all serious collection matters, ensuring effective management from the initial stages through resolution
Facilitate the bankruptcy process, addressing each phase with diligence and accuracy
Review borrower financial documents (pay stubs, tax returns, bank statements) to assess ability to pay
Recommend and implement strategies such as loan modifications, deferrals, forbearance plans, or short sales
Collect, verify, and process required paperwork, ensuring accuracy and completeness
Understand and 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, which includes but not limited to ordering valuations, running credit reports, property searches, etc.
Prepare recommendations and memo/loss mitigation review sheet 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
Maintain accuracy of tracking reports of all loss mitigation activity
Interact with investors and MI companies to synchronize the loss mitigation process for serviced and insured loans
Prepare legal decision worksheet for management to approve loans for foreclosure
Submit delinquency reporting for Freddie Mac loans and loans with private mortgage insurance
Serve as a back up to the Escrow Specialist as needed