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.

Department Hours:

• Monday-Friday 6am PT -6pm PT, Saturdays 6am PT - 2:30pm PT

Open Shift:

• Monday-Friday  from 9am PT - 6pm PT, and Rotating Saturdays from 6am PT - 2:30pm PT

• 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.

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.