Loss Mitigation Specialist
Company: CFCU Community Credit Union
Posted on: November 18, 2021
CFCU Community Credit Union (CFCU) is seeking a detail-oriented
and self-motivated Loss Mitigation Specialist to join the Asset
Recovery department. This individual will assist with periodic
reporting, written communications with members, file maintenance of
delinquent accounts and other administrative duties.
- Ensures quality control with the Collections Department to be
in compliance with CU's policies and procedures as well as State
and Federal laws and regulations.
- Ensures compliance in all legal and regulatory responsibilities
including bankruptcy, foreclosures, and accuracy in credit bureau
- Processing negative share draft account closures, including
charging off accounts, and reporting to ChexSystems when
- Processing approved Loan Modifications and Extensions in the
- Assisting in preparation of monthly charge off report and
processing of loan charge off transactions.
- Send notices of default and deficiency balance letters to
- Processing and tracking recovery payments on charged off loans
and deposit accounts.
- Processing of title documentation and auction proceeds
post-repossession and remarketing.
- Responsible for filing of various insurance claims, such as
borrower security, collateral protection, and lenders protection,
and processing of any resulting payments.
- Sorting and processing of departmental mail.
- Processing bankruptcy notifications and preparing files to send
for attorneys, ensuring that the Credit Union is in compliance with
- Flag bankrupt accounts to cease collections, pull schedules and
other important bankruptcy documents in PACER, communicate with
attorneys regarding filing proof of claims, reaffirmations, relief
from stay and coordination of repossessions when needed.
- Responsible for reviewing credit report disputes and updating
credit reports in eOscar.
- Filing foreclosure notices with New York State and preparing
foreclosure files for attorneys.
- Corresponding with members, vendors, and internal staff
regarding the above processes and transactions.
- Maintain Bankruptcy Spreadsheet to include, name, acct no, type
of BK, date of filing, type of loan, balance of loan and if there
will be a loss. Maintain and update by year for figures to be
included in the Call Report.
- Update internal Alerts and Memos as necessary.
- Performs other job-related duties as assigned.
Desired skills and experiences:
- One to three years of similar or related experience. Experience
in legal or banking fields a plus.
- Minimum of a high school education or GED.
- Strong organizational abilities.
- Knowledge of Excel software.
- Ability to multi-task.
- Excellent communication skills.
- Ability to negotiate with a high degree of tact and ability to
Equal Employment Opportunity:Equal employment opportunity has been
and will continue to be a basic principle at the Credit Union. CFCU
provides equal employment opportunities, without discrimination
because of race, color, religion, creed, sex, sexual orientation,
gender identity or expression, pregnancy, marital status, age,
national origin, citizenship, handicap or disability, veteran or
military status, political beliefs, victim of domestic violence
status, familial status, or predisposing genetic characteristics or
status, or any other status protected by federal, state, local or
other law. This policy includes, but is not limited to recruitment,
hiring, compensation, training, and apprenticeship, promotion,
upgrading, demotion, downgrading, transfer, lay-off and
termination, and all other terms and conditions of employment.
Keywords: CFCU Community Credit Union, Binghamton , Loss Mitigation Specialist, Other , Binghamton, New York
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