Loss Mitigation Specialist II

Why Join the Sikorsky Credit Union Team?
Sikorsky Credit Union has been named the #1 Credit Union in Connecticut for 5 years in a row. We are one of the largest credit unions in the state, with over $1 billion in assets, and we continue to grow!
If you are passionate about helping people achieve their financial goals and want to make a difference in the local community, we want to hear from you! We are looking for talented people to help us improve the banking experience for our valued members.
Working at Sikorsky Credit Union has its benefits. You’ll enjoy an awesome work-life balance, competitive pay, and an excellent benefits package that includes paid-time off, medical/dental, 401K plan with company match, tuition reimbursement and more! Please check out the details below to learn more about this position.
General Summary:
The Loss Mitigation Specialist II negotiates loan workouts with borrowers to mitigate Credit Union losses. This person also assists with analytics and trending analysis to keep Management up to date with respect to Cure Rate and dynamics contributing to Delinquency Rate.
Key Essential Responsibilities:
- Meets or exceeds phone/mail outreach quotas including extensive skip tracing to solicit Loss Mitigation workouts to Borrowers with delinquent loan accounts. Strives to continuously build/perfect the Member relationship, earning the Member’s trust and building rapport over time.
- Performs effective vendor management for contractual services relating to property inspections, appraisals, title services, and legal representation.
- Employs critical analytical skills and negotiation techniques to determine a Borrower’s capacity to make recurring payments under a loan workout such as a Repayment Plan or a Loan Modification to minimize collection costs, credit losses and charge-offs.
- Negotiates, implements, and monitors the more complex Loss Mitigation dispositions such as Short Sales and Deeds in Lieu of Foreclosure in a manner that minimizes losses to the credit union. Prepares Loss Severity Comparison analyses for presentation to Management.
- Protects SFCU’s interests with respect to insurance claim processing, handling of contested foreclosures, and complex or escalated borrower disputes.
- Drafts legal documentation such as Settlement Agreements, Acceptance of Short Sale Offers, Modification Agreements, and Subordination Agreements.
- On a monthly basis, recalculates the degree to which SFCU is under-secured on its non-performing mortgages by analyzing loan balances and property values considering updated tax and additional lienholder information.
- On a monthly basis, prepares comprehensive referral packages for submission to foreclosure counsel, containing accurate loan history, logs of all default communication with the borrower, and payment research where applicable.
- Promotes and maintains a positive work atmosphere by communicating in a manner consistent with professional standards to work effectively with members, co-workers, management, and vendors.
- Keeps abreast of industry developments including, but not limited to changes in regulations and technology.
- Ensures adherence to company policies and procedures and Banking/Credit Union Regulations.
- Performs additional duties as required.
Essential Skills, Knowledge, and Requirements:
- High school diploma or equivalent. Some college is strongly preferred, however, will consider qualified candidates with exceptional work experience.
- Minimum of 5 years of Collections, Loss Mitigation, or Underwriting experience with a Bank, Credit Union, or Loan Servicer.
- Working knowledge of credit union by-laws, consumer loan products, judicial foreclosure process, and bankruptcy rules, mortgage lending, lien perfection, Consumer Compliance rules, the Fair Debt Collection Practices Act, and Connecticut State statutes.
- Strong communication, influencing and negotiating, time management, and workload skills with keen attention to detail and the ability to adapt easily to change. Must possess a strong sense of urgency, analytical aptitude, and be able to read and understand standard consumer loan documentation and Purchase and Sale Agreements. Willingness and ability to contribute to a team-based environment with a desire to provide best-in-class service to the member.
- Advanced-level proficiency in Word, Excel, Temenos Accelerant, eOscar, and web-based skip tracing tools such as Lexis-Nexis AML. Intermediate-level project management skills.
Sikorsky Credit Union is an equal opportunity employer that is proud of its commitment to diversity and inclusion. Therefore, we welcome applicants from all communities, including age, color, ethnicity, familial or marital status, gender identity or expression, language, national origin, physical or mental disability, military or veteran status, race, religion, sexual orientation, and socioeconomic background.