Legal Career Center

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COLLECTOR-LOSS MITIGATION, MIT Federal Credit Union (MITFCU), to perform a variety of tasks related to reducing potential losses to the Credit Union. Will support the default management and loss mitigation efforts of the residential-consumer collections team; work with members, representatives of members, or investors to resolve delinquency and avoid default or adverse action; and perform all functions applicable to collection laws. Responsibilities include taking action on loan accounts, including reaching out to borrowers; managing assigned loan queues at all stages of delinquency; assisting with the completion of investor delinquency reporting and expense reimbursement claims in accordance with investor guidelines (i.e., Fannie Mae, FHLB, Freddie Mac, etc.); assisting with processing and resolving bankruptcy, foreclosure, and workout activities, focusing on home ownership counseling activities and ensuring prompt resolution of legal matters; completing updates and reporting watch list updates, delinquency reports, and 1099A & 1099C reports; completing reporting of PMI delinquencies on residential loans; working negative savings/checking accounts; coordinating and working closely with legal counsel to expeditiously resolve litigation; preparing letters, demand notices, attorney packages, and risk rating change forms; reviewing, updating, and maintaining policies/procedures; and performing other duties as requested.

Job Requirements
REQUIRED: high school diploma or its equivalent; at least two years' credit union/bank experience, including experience with investor loss mitigation practices and workout option guidelines; in-depth knowledge of Fair Debt Collection Practices Act (FDCPA), Fair Lending and Fair Housing Acts, and related state and federal mortgage loan servicing requirements, including bankruptcy laws; knowledge of residential mortgage underwriting and the end-to-end collections loss mitigation cycle from early detection through default resolutions or collateral recovery. PREFERRED: college degree. Job #21555-4


This position is located in Lexington, MA.

7/13/22