Loss Mitigation Specialist

Job Location
United States-IL-Rolling Meadows
Work Status
Loss Prevention & Recovery
FLSA Status
Requisition ID

Start a Rewarding Career with Alliant

Why Alliant?

We’re not a typical financial institution – we’re better. We’re an innovative, strengths-based, highly-engaged group of professionals that are committed to our company and the communities we serve. We love to recognize and celebrate each other and get to wear jeans every day.


Over 90% of our employees say we are a great workplace that is focused on our mission, vision and the future of banking.


What makes this role rewarding?

You will be responsible for managing the operations of the bankruptcy functions within the credit union and charged-off loans to collection agencies and attorneys. Additionally, the Loss Mitigation Specialist is responsible for process improvement efforts. Work involves moderate difficulty in accurately preparing legal documents and making recommendations regarding negotiated resolutions of bankruptcy matters upon notification of bankruptcy filings. Receives and processes charged-off accounts to third-party agencies. Evaluates new software versions and works to support Loss Prevention team with enhancements to Akcelerant. Resources to do the job require reliance on technical knowledge of department policy, state and federal bankruptcy laws, as well as collection guidelines.


Do you see yourself doing this?

  • Process required legal bankruptcy documentation based on Chapter 7 & Chapter 13 bankruptcy laws, and rules and regulations
  • May work directly with members and their attorneys to minimize credit union loss due to bankruptcy
  • Coordinates and manages accounts sent to third party vendors
  • Follows up with vendors to ensure appropriate efforts and aggressive goals are achieved
  • Maintains working relationships with attorneys, vendors, and agencies that work in cooperation with the collections and specialty areas
  • Audits, reconciles, and applies monthly agency remittance statements and bankruptcy trustee payments
  • Responds to charged off member’s questions or concerns via phone or email
  • Ensures accurate understanding and proactive management of charged off inventory
  • Creates and delivers informative reporting to show vendor performance


What makes you a great fit?

You’ll be a great fit if in addition to college degree and minimum two to four years’ experience as a collections/loan servicing representative or an equivalent combination of training and experience you:

  • Must be results and improvement driven, customer-service and quality-focused, and have the ability to work in a fast-paced, team oriented environment
  • Must practice sound judgment and support team engagement activities
  • Must possess excellent communication, organizational and problem solving skills
  • Must possess higher level knowledge of regulations relating to lending or collection laws
  • Must be skilled at MS. Excel
  • Strong oral, written and interpersonal communication skills is required


When you’re happy, we’re happy!

As a thank you for joining our team, you’ll benefit from:

  • Casual dress code
  • Competitive medical, dental, and free vision benefits
  • On-site massages and contributions towards gym memberships
  • Generous PTO and banking holidays off

Still not convinced?

We’re on the list of 100 Best Medium Companies to work for, check it out here. For more details, you can also visit our Glassdoor and LinkedIn profiles.



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