Loss Mitigation Specialist
Rockville, MD Default Prevention & Recovery
Job Type

Lafayette Federal Credit Union has earned the 2024 Top Workplaces award from USA Today!

Welcome to Lafayette Federal Credit Union Careers! Our organization is growing, and we are seeking top-notch individuals to provide support to our members. Our employees are a critical component in in our endeavor to be the premier financial partner for every one of our members. 

  • Do you have experience with the maintenance of severely delinquent accounts?
  • Do you have experience reviewing the members overall financial condition and compensating factors?

If so, then Lafayette Federal may have the perfect opportunity for you! We are currently seeking a Loss Mitigation Specialist to join our dynamic team! 

About us:

Our Difference: What makes Lafayette Federal cutting-edge? Lafayette Federal Credit Union is not only a great place to bank, but also a great place to work! We have been recognized nationally by (1) Newsweek’s America’s Best Bank’s list, (2) we’ve received a 5-star rating from Bauer financial, and (3) we’ve also ranked #12 in S&P Global’ s Top Performing Credit Union’s in 2022 for the second year in a row!

Our Culture: Lafayette Federal is about inclusion, diversity, high performance, and new opportunities. Teamwork and our sense of community also make Lafayette Federal a great place to work. Each person is valued for his or her unique set of skills. We share a common devotion to the people we serve, participating in charity events throughout each year and giving back to the community. 

Our Opportunities: Professional development, training, and certification is a priority for our employees. We want you to reach your career goals and provide support that leads to opportunities of advancement within the industry.

About the role:

We are seeking a smart, organized, and resourceful professional to assist the Asset Recovery department with the overall maintenance of severely delinquent accounts to include reviewing and recommending loans for extension and/or workouts. In addition, this position is responsible for reviewing the members overall financial condition and compensating factors as well as serve as a back up to the Mortgage, Bankruptcy and Charge Off Specialists.


 A day in the life of a Loss Mitigation Specialist will include:

  • Responsible for reviewing and preparing all files for the Loss Mitigation Committee. This process includes an in-depth analysis of the Member’s relationship with the credit union and the financial risk with all parties involved.
  • Responsible for monitoring all accounts under an approved modification or workout to ensure the borrower is complying with agreed upon action steps.
  • Review all third-party debt management cases.
  • Responsible for all follow up calls and memos with respect to financial needs cases.
  • Ensures quality control by reviewing such items as vendor invoices, recovery, SCRA and EOscar reports.
  • Serves as a back up to the Bankruptcy Specialist by maintaining bankrupt accounts.

Our ideal candidate will:

  • Provide all members with professional support, accurate information, and friendly service.
  • Ensure all data entry for loans are made with minimal, non-recurring errors.
  • Adhere to Lafayette Federal’s Service Standards Policy.
  • Maintain confidentiality at all times.
  • Maintain a dependable record of attendance and timeliness.
  • Ensure that consumer and mortgage collection queues are followed.

Top benefits or perks:

Joining Lafayette Federal comes with perks to support you in your personal and professional journey.

We provide employees with a generous benefits package including:

  • Employer paid (99.9%) health insurance premium for single and family coverage (HMO Plan) 
  • Fully funded deductible (HMO Plan)
  • 401k employer matching contribution 
  • Income protection with life insurance, short and long-term disability
  • Paid time off & holiday leave
  • Educational assistance
  • Commuter benefits program and more

The job posting highlights the most critical responsibilities and requirements of the job. It is not all-inclusive. There may be additional duties, responsibilities, and qualifications for this job.

*Lafayette Federal Credit Union is an Equal Opportunity and E-Verify Employer