Loss Mitigation Specialist
Job Summary
Dominion Financial Services (DFS) is seeking a Loss Mitigation Specialist to join our team. This role serves as the first escalation point for loans experiencing performance challenges and plays a critical role in preventing loans from transitioning to Special Assets.
About the Role
We are committed to building a culture of continuous improvement and innovation, embracing emerging technologies like AI to enhance our team's productivity and impact.
Responsibilities
- 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, and exit strategy adjustments.
- Recommend appropriate mitigation strategies aligned with company risk guidelines.
- Maintain professional communication with borrowers regarding delinquent accounts and mitigation options.
- Document borrower interactions and action plans within servicing systems.
- Track the status of all active mitigation cases and 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.
- Continuously look for opportunities to improve workflows, increase efficiency, and enhance the borrower experience.
- Leverage available technology and AI-powered tools to streamline administrative tasks, improve communication, and support decision-making.
- Contribute ideas that help the team scale effectively while maintaining a high standard of service and risk management.
Requirements
- 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.
- Prior experience with real estate lending, bridge loans, or construction lending.
- Preferred: Experience with AI tools, familiarity with loan servicing platforms and CRM systems.
Company Core Values
- Integrity
- Accountable & Dependable
- Team Centric
- System & Process Oriented
- Service Ethic
- Efficiency - Risk Management & Compliance
Benefits
- Health insurance
- Dental insurance
- Vision insurance
- 401(k)
- 401(k) matching
- Paid time off
Company Culture
We actively incorporate artificial intelligence into daily operations and expect team members to utilize AI tools as part of their standard workflow. All employees are provided with access to Claude, including unlimited token usage, and are encouraged to leverage AI to increase productivity, automate routine tasks, improve communication, enhance decision-making, and drive innovation.
Workplace Environment
We offer professional development and AI training opportunities, access to leading AI tools, including Claude, companywide competitions and raffles, personal financial workshops, Orioles season tickets, and company outings & social events.