Collections and Loss Mitigation - Loss Mitigation Specialist

Golden 1 Talent Acquisition Team•Sacramento, CA

3d•$25 - $28•Hybrid

About The Position

Golden 1 Credit Union is seeking a Loss Mitigation Specialist for its Collections and Loss Mitigation Department. The position helps members experiencing financial challenges by analyzing their circumstances, identifying suitable loan workout options, and negotiating solutions that support members while reducing delinquency risk. The role requires maintaining positive relationships and communicating sensitively about personal financial matters, while documenting member interactions and actions in relevant systems.

Requirements

Associate’s degree in a related field or equivalent work experience.
At least 3 years of experience in default management, loss mitigation, or a related field such as underwriting or credit at a bank, savings and loan, credit union, or other finance company.

Responsibilities

Communicate with members to determine the reason for default and request additional pertinent information as needed.
Analyze member financial documentation to determine the most effective workout option.
Maintain knowledge of applicable state and federal laws and regulations, including credit union compliance and relevant Bank Secrecy Act and anti-money laundering requirements.
Coordinate payment arrangements with members, follow up in a timely manner, and document accounts as contact occurs.
Promote loan workout solutions and negotiate outcomes that are mutually beneficial to members and the credit union.
Prepare analyses and documentation for loan modifications, repayment plans, forbearance plans, and other workout options.
Identify qualifying workout cases and submit them to the manager for approval.
Collaborate with others to support efficient, effective, and timely completion of Member Care projects.
Maintain knowledge of Member Care specialty areas, including negative shares, repossessions, suits, foreclosures, and bankruptcies.
Review and document account summaries, including telephone conversations, alternative financial arrangements, and letters mailed, to assess whether escalated Member Care efforts are needed.
Maintain positive relationships with members, credit union departments, and branches while discussing sensitive financial circumstances tactfully.
Update relevant systems with member communications, notes, and action items.
Process and update workout tracking reports daily.
Process vendor invoices.
Assist the manager and/or supervisor with other duties as assigned.