Loss Mitigation Specialist

Liberty Bank•Middletown, CT

16h

About The Position

At Liberty, we strive to maximize our impact and exceed goals by investing in our teammates to deepen our relationships in the workplace and communities we serve. We take pride in promoting a socially responsible and sustainable future through initiatives and investment. SUMMARY OF THE JOB: Reporting to the Consumer Loan Workout Manager, with day-to-day guidance from the Team Lead, the Loss Mitigation Specialist is responsible for managing an assigned portfolio of consumer loans and assisting borrowers experiencing financial hardship. This role works directly with borrowers to resolve delinquencies, recommend appropriate workout solutions, and identify charge-off recommendations for management.

Requirements

Excellent communication skills and an ability to effectively manage customers under duress is a must.
Strong negotiation, problem-solving, and communication skills are essential.
Ability to work independently and collaboratively in a team setting.
Minimum of 3-5 years customer service experience.
Highschool diploma required.
Incumbent will need to register with the National Mortgage Licensing System (NMLS).
To be registered with the NMLS, the candidate must pass a background check.
Failure to comply with registration including a background check may result in disqualification or termination.

Nice To Haves

Spanish speaking a plus.
Working knowledge of bank systems is preferred, as well as fluency with the Microsoft Outlook Suite (Word, Excel).

Responsibilities

Manage and resolve an assigned portfolio and queues of consumer problem loans
Conduct daily workout activity on assigned accounts, with a focus on consumer loans
Maintain daily outbound call volumes averaging approximately 75–100 calls
Communicate with borrowers to assess financial situations and determine eligible hardships
Analyze borrower information to recommend appropriate workout or loss mitigation options
Accurately assign and maintain risk ratings
Identify potential losses and recommend charge-offs to management
Work collaboratively with the Loan Workout team to resolve delinquencies
Communicate effectively with Loan Servicing and other internal departments as needed
Contact customers to obtain payments on delinquent accounts
Process customer payments accurately and timely
Assist external legal counsel with efforts to accelerate the collection process
Assist the Workout team with monthly reporting responsibilities
Attend and present at quarterly Charge-Off and Loss Mitigation meetings
Complete all required training (online and in-person) by assigned due dates
Comply with all applicable federal and state regulations and Bank policies, including OFAC, BSA, USA PATRIOT Act, Privacy, and consumer protection regulations
Perform other duties as assigned by management