What are the responsibilities and job description for the Loss Mitigation Specialist position at Dominion Financial?
Who We Are
Dominion Financial Services is seeking a proactive and analytical Loss Mitigation Specialist to support the stabilization of underperforming or at-risk loans within our servicing portfolio.
This role serves as the first escalation point for loans experiencing performance challenges, including payment delinquency, project delays, borrower liquidity constraints, or maturity default risk. The Loss Mitigation Specialist will work directly with borrowers and internal teams to identify solutions that restore loan performance and protect portfolio value.
This position plays a critical role in preventing loans from transitioning to Special Assets by developing practical, borrower-focused resolution strategies.
Our Company Core Values:
Early-Stage Risk Intervention
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Dominion Financial Services is seeking a proactive and analytical Loss Mitigation Specialist to support the stabilization of underperforming or at-risk loans within our servicing portfolio.
This role serves as the first escalation point for loans experiencing performance challenges, including payment delinquency, project delays, borrower liquidity constraints, or maturity default risk. The Loss Mitigation Specialist will work directly with borrowers and internal teams to identify solutions that restore loan performance and protect portfolio value.
This position plays a critical role in preventing loans from transitioning to Special Assets by developing practical, borrower-focused resolution strategies.
Our Company Core Values:
- Integrity
- Accountable & Dependable
- Team Centric
- System & Process Oriented
- Service Ethic
- Organized Efficiency - Risk Management & Compliance
Early-Stage Risk Intervention
- Monitor and review loans flagged for delinquency, performance issues, or borrower distress.
- Partner with Relationship Managers to evaluate borrower circumstances and identify potential resolution paths.
- Conduct borrower outreach to gather updated financial and project information
- Evaluate potential solutions including:
- Loan payment plans
- Short-term forbearance
- Loan extensions
- Partial paydowns
- Exit strategy adjustments
- Recommend appropriate mitigation strategies aligned with company risk guidelines
- Maintain professional communication with borrowers regarding delinquent accounts and mitigation options.
- Clearly outline expectations, documentation requirements, and resolution timelines.
- Document borrower interactions and action plans within servicing systems
- Track the status of all active mitigation cases.
- Ensure follow-up actions and deadlines are met.
- Maintain accurate records and reporting related to mitigation efforts.
- Collaborate with Servicing, Relationship Managers, Legal, and Special Assets teams when necessary.
- Escalate cases that cannot be resolved through mitigation to the appropriate internal stakeholders
- Bachelor’s Degree in Finance, Business, Real Estate, or related field.
- 3–5 years of experience in loan servicing, loss mitigation, collections, or asset management.
- Strong borrower communication and negotiation skills.
- Ability to analyze borrower financial information and assess repayment capacity.
- Experience managing delinquent or at-risk loan portfolios.
- Experience with real estate lending, bridge loans, or construction lending.
- Background in private lending, mortgage servicing, or commercial lending.
- Familiarity with loan servicing platforms and CRM systems
- Health insurance
- Dental insurance
- Vision insurance
- 401(k)
- 401(k) matching
- Paid time off
- Company outings & social events
- Virtual events
- Companywide competitions and raffles
- Personal financial workshops
- Orioles season tickets
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