Summary
The Loan Workout Specialist provides loan workout options to members who risk repossession, foreclosure, or charge-off due to financial hardships by managing their loss mitigation requests. Work directly with members to explain the loan modification process, taking applications, and provide repayment solutions; ensuring that loss mitigation requests, including but not limited to short sales, workout loans, short-term modifications, and debt management proposals, are handled in a timely manner. In addition, the Loan Workout Specialist will work with debt management companies, attorneys and real estate agents based on the type of loss mitigation request.
Duties & Responsibilities
- Correspond directly with members to identify hardships and reasons for non-payment on credit union loans.
- Utilize knowledge and experience to determine suitability of workout plans for members experiencing financial hardships. Evaluate temporary or permanent loss mitigation programs such as, but not limited to account re-ages, loan extensions, repayment plans, forbearance agreements, loan workouts/modifications, and short sales.
- Identify, maintain, track, and log requested documentation from members for loss mitigation review.
- Perform financial analysis, evaluate collateral value, and determine overall risk to mitigate losses.
- Work with members who are experiencing temporary hardships, utilizing credit union emergency/disaster assistance programs, such as the Endurance Plan.
- Negotiate and close short sales, communicating directly with members, attorneys and/or real estate agents; understanding residential real estate contracts, addendums, and effectively negotiate the short sale in the credit union’s best interests.
- Manage modification proposals received from non-profit-third-party debt management companies (i.e. consumer credit counseling), including analysis of the proposal within credit union agreement guidelines, corresponding with the agency the acceptance or denial of the proposal; processing modifications and follow-up on non-payment.
- Obtain Financial Counseling Certification and provide financial counseling to members through the workout process.
- Follow and apply state and federal laws in the review and processing of items.
- Make sound decisions that consider credit union risk and member service.
- Backup other duties within the department.
- Promote honest and open communication throughout the credit union, demonstrating behaviors that are consistent with the credit union’s values, philosophies, and leadership characteristics.
- Work with other credit union departments to ensure the workflow or process is providing the best service to the members.
- Other duties as assigned.
Requirements
Education and Experience Requirements:
- Associate degree in business administration or two (2) years of experience in a financial institution in an operations/back office or teller position.
- One (1) year Contact Center or Customer Service experience.
Required Knowledge, Skills and Abilities:
- Extensive knowledge of financial institution operations processes.
- Knowledge of standard loss mitigation requirements and programs.
- Knowledge and ability to apply rules and regulations pertaining to direct responsibilities and other duties within the department.
- Knowledge of credit union services and products.
- Ability to communicate effectively in writing and verbally.
- Ability to handle highly emotional chats and phone calls with professionalism and empathy while still adhering to the departments policies and guidelines.
- Ability to resolve interpersonal conflict and miscommunications.
- Knowledge of spreadsheet software and ability to use word processing software.
- Must be able to be bonded.
Preferred Knowledge, Skills and Abilities:
- Bachelor’s degree preferred.
- Extensive CommunityAmerica experience preferred.