Loss Mitigation Processor

Job Description

Job Description

Position Summary

The Loss Mitigation Claims Specialist is responsible for managing all aspects of insurance claims, total loss processing, GAP claims, warranty refunds, and related account adjustments within the Loss Mitigation Department. This position ensures timely and accurate processing of claim documentation, effective communication with members, insurance companies, dealers, and internal departments, and compliance with regulatory requirements including the Bank Secrecy Act and other applicable laws. The Specialist provides critical support to Loss Mitigation management by coordinating complex claim activities, identifying challenges, and recommending improvements to enhance efficiency and member experience.

Essential Job Functions and Responsibilities

25% - Screens, classifies, and prioritizes total-loss notifications received from members, insurance carriers, and collateral protection providers. Verifies coverage and lienholder status, issues payoff quotes and letters of guarantee, and secures required claim documentation. Updates and organizes all materials in credit union systems according to established procedures. Monitors claim progress and fund, reconciling insurance proceeds to pay off, posts payments accurately, and documents denials or appeals to ensure the loan and member account are closed or advanced correctly.

25% - The specialist verifies GAP coverage, including post-origination GAP policies purchased directly through TTCU, files GAP claims, and follows up with GAP administrators to ensure timely processing. They track claim status, provide documentation such as insurance checks, payment history, and valuation reports, and record updates in system notes. The specialist also processes GAP claim denials, requests refunds, and ensures refunds are received and applied accurately

20% - This role files warranty refund requests with dealerships or administrators for both direct and indirect loans. The specialist follows up on outstanding warranty refunds, documents denial reasons, and ensures accurate mileage and contract details are included when submitting refund requests. They verify all warranty refunds are properly credited or denied after closing the total loss process.

10% - The specialist provides clear explanations to members regarding claim statuses, GAP / warranty processes, and account impacts. They offer members options for resolving deficiencies, including conversion to unsecured loans, and coordinate with Lending, Titles, and other departments for efficient handling of claims and refunds.

10% - This position ensures all processes comply with regulatory requirements, internal policies, and investor / insurer guidelines. The specialist maintains accurate records for audits and reporting, identifies challenges and recommends improvements to total loss, GAP, and warranty workflows, and supports management in developing written procedures, training materials, and system enhancements.

10% - The specialist assists with related Loss Mitigation functions as assigned, including CPI claims, repossession damage claims, and charge-off processes. They also participate in departmental projects, testing, or training as needed.

Minimum Qualifications

Educational Requirements :

High School Diploma or GED required.

Certificates / Licenses :

Must have and maintain a valid driver’s license.

Must have a clean driving record; an annual MVR may be pulled to ensure compliance.

Experience

Experience in insurance claims processing, lending operations, or loss mitigation preferred.

Knowledge of auto loans, GAP products, and extended warranty programs helpful.

Strong organizational skills with attention to detail and accuracy in documentation.

Ability to work with multiple systems such as Temenos, OnBase, and Microsoft Office Suite.

Effective written and verbal communication skills with the ability to explain complex processes clearly to members and internal partners.

Position Competencies

Collaborates ‐ Is an effective team player who adds complementary skills and contributes valuable ideas, opinions, and feedback; communicates in an open and candid manner and can be counted upon to fulfill any commitments made to others on the team.

Effective Communication ‐ Utilizes a variety of communication modalities effectively and appropriately across multiple channels.

Functional Expertise ‐ Possesses a sufficient level of technical and professional skill or knowledge in position- related areas; keeps up with current developments and trends in areas of expertise; actively seeks ways to grow and be challenged using both formal and informal development activities.

Member Focus ‐ Builds and maintains collaborative relationships with internal and external members which result in member satisfaction with both the process and the outcome.

Resilient ‐ Maintains composure under pressure; handles difficult situations effectively, maintains a positive attitude despite adversity; uses adversity as a learning opportunity.

Self‐Motivated ‐ Proactively takes the initiative to accomplish necessary tasks and seize new and often times challenging opportunities.

Additional Requirements

Job Knowledge

• Familiarity with insurance claim processes, GAP coverage, and extended warranty programs.
• Ability to manage multiple claims simultaneously and track payment / refund status.
• Proficiency in Microsoft Office Suite and aptitude for learning new systems.
• Good organization skills and attention to detail and accuracy

Interpersonal Skills

Working Conditions

Work Environment

Routinely perform work indoors in climate controlled shared workspace with moderate noise.

Perform the job independently and work effectively either on own or as part of a team.

Plan own work activity as well as the work activity of others.

Capable of regular, reliable, and timely attendance.

Physical Demands

Routinely perform primarily sedentary work with limited physical exertion, and lifting up to 10lbs

Must be able to operate office equipment including computers, cell phone, telephone, copier, and calculators

Routinely perform work on a computer for an average of 6-8 hours per day

Capable of climbing / descending stairs in emergency situations

Capable of working extended hours whenever required or requested by management on occasion

Travel

Occasional travel by automobile for meetings, conferences, and industry related events

Occasional travel by commercial airlines, rental vehicles, and public transportation for conferences, seminars, and industry related events

Employee Statement of Understanding

I have read and understand the job description for my position. I understand that my supervisor may assign additional projects and / or responsibilities not covered in the description.

I am able to perform all of the essential functions of this position.

I agree to comply with the corporate compliance policy and all laws, rules, regulations, and standards of conduct relating to my position. As an employee, I understand my duty to report any suspected violations of the law or the standards of conduct to my immediate supervisor.

As an employee, I will strive to uphold the mission and vision of the organization. All employees are required to adhere to the values in all their interactions with members and fellow employees.