Lead Residential Loss Mitigation Analyst

Alliant Credit Union•Chicago, IL

17d•$76,600 - $119,100•Hybrid

About The Position

In this hybrid role base at our Chicago Headquarters you will manage and approve borrower assistance reviews, default operations, and REO‑related activities. Oversee and provide guidance to our sub-servicer regarding the full default lifecycle from early intervention through loss mitigation, property preservation, REO disposition, and charge‑off documentation. Ensure regulatory compliance, risk mitigation, and asset recovery through proactive portfolio management, stakeholder coordination, and data-driven decision-making.

Requirements

Minimum - High School or equivalent
Minimum - 5 Years of Loss mitigation, default servicing, REO property preservation or related

Responsibilities

Act as the subject matter expert (SME) for loss mitigation, default, REO, and property preservation activities and oversee review and decisioning of borrower assistance applications with sub-servicer.
Ensure compliance with ACU, NACU, Fannie Mae, Freddie Mac, FHA, VA, USDA, Investor, and CFPB servicing requirements, while meeting federal/state regulations and investor/insurer guidelines.
Complete equity analysis to determine the most financially appropriate resolution, including liquidation vs. retention options and work with sub-servicer and any third parties regarding REO property preservation, safety compliance, and remediation activities after foreclosure.
Prepare charge‑off or loss documentation packages, including financial justification and final file write‑up to be presented for approval.
Coordinate with sub-servicer to ensure timely securing, maintenance, and repairs. Provide updates to management or additional department to manage expectations across the enterprise. Ensure accurate write‑ups for charge‑off, loss recognition, and final disposition reporting. Validate property valuations (BPOs, appraisals), cost estimates, and liquidation timelines.
Partner with team such as quality assurance, risk, audit, and compliance on reviews and corrective actions.
Develop, update, and maintain policies, procedures, job aids, and process documentation for loss mitigation, default operations, and REO workflows. Identify process gaps and recommend operational risk mitigation strategies.
Ensure documentation reflects regulatory changes, investor updates, and best‑practice controls.
Provide SME support for regulatory exams, audits, and internal risk assessments.
Track KPIs such as application aging, cycle times, mod conversion, REO timelines, property preservation expenses, and portfolio trends.
Prepare reports and present performance insights to leadership.
Support business initiatives, system enhancements, and operational optimization efforts.
Adhere to and ensure compliance of all business transactions with policy and process of the Bank Secrecy Act. Ensures compliance with all applicable state and federal laws, company procedures and policies. Maintains integrity and ethics in all actions and conversations with or regarding credit union members and their accounts; complies with Privacy Act directives.