Loss Mitigation Specialist

General Electric Credit Union•Blue Ash, OH

12d

About The Position

Loss Mitigation Specialist We are searching for an experienced Loss Mitigation Specialist at our Cornell facility. 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. Overview: In conjunction with the Debt Resolution Manager, the Loss Mitigation Specialist analyses borrowers’ financial information to determine loss mitigation eligibility according to the credit union’s policy and service guidelines (FHLMC). The Loss Mitigation Specialist will review and recommend loan restructuring on defaulted and at-risk residential loans. The Specialist is expected to execute routine and non-routine aspects of the position in addition to maintaining current knowledge on relevant loss mitigation best practices and regulations. The Loss Mitigation Specialist will also be responsible for helping with Bankruptcy and Escrow processes.

Requirements

High school diploma, or GED required
2+ years of experience in Loss Mitigation/bankruptcy/Escrow and reviewing financial information
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
Analytical and computer skills with proven ability to convert large amounts of data into meaningful recommendations
Practical application of Microsoft Office
Effective oral and written communications skills
Ability to maintain a calm demeanor when dealing with emotional/distressed borrowers
Detail oriented with strong organizational skills List KSAs here

Nice To Haves

Associate or bachelor’s degree in finance, business or related field preferred

Responsibilities

Borrower Communication proactively contact delinquent borrowers to discuss hardships and available options.
Financial Analysis review borrower financial documents (pay stubs, tax returns, bank statements) to assess ability to pay.
Solution Development recommend and implement strategies like loan modifications, deferrals, forbearance plans, or short sales.
Documentation gathers, verify, and process required paperwork, ensuring accuracy and completeness.
Compliance adheres to investor guidelines (FHA, VA, Fannie Mae, Freddie Mac) and federal/state mortgage laws.
Record Keeping 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, memo/loss mitigation review sheet for management review
Prepare appropriate documentation based on applications 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 their progress
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
Maintain and oversee the accuracy of tracking reports of all loss mitigation activity
Provide back up to the Debt Resolution Manager for Bankruptcy as needed
Provide back up to the Escrow Specialist as needed
Review and write Procedures in the department
Training other team members in the department
Perform other duties as assigned

Benefits

Health, Dental and Vision insurance
Life and Disability insurance options
Paid Time Off starts accruing once hired and take your birthday off -paid
401k Retirement plan with up to a 10% match of your base gross compensation
Tuition reimbursement opportunities & professional development
Volunteer opportunities -and earn additional PTO hours!
On-site clinics for Vaccines and Mammograms
And many more!
Come join GECU as we are a curated culture of respect, understanding, and mutual recognition. We believe forming bonds and connecting with each other only stands to strengthen the service we provide to our members in our mission of improving the Quality of Financial lives!

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