Loss Mitigation Specialist
Heritage Family Credit Union | Rutland, VT
Under direction from AVP-Member Solutions, this position is responsible for performing collection activities associated with various delinquent accounts as assigned. Coordinate loans in Bankruptcy, legal activity and monthly delinquency reporting. Utilize various techniques, as circumstances indicate, to promptly collect on delinquent accounts. Optimize collections on accounts while balancing the goodwill of members with the overall business interests of the Credit Union. Ensure the Credit Union’s professional image is maintained.
ESSENTIAL FUNCTIONS AND BASIC RESPONSIBILITIES:
Manages accounts over 60 days for potential loss and charge-offs. Work with members to set up payment plans or plan modification. Evaluates and provides timely responses to member inquiries for loss mitigation relief, including payment modifications.
Prepares and maintains required records and reports regarding loss mitigation loan servicing activities to remain in compliance with SOX regulations and internal controls. Prepare month-end Board and delinquency reports including calculation of potential losses. Assist in preparation of quarterly NCUA Call Report
Manage loans in Bankruptcy including monitoring, timely filing of appropriate documents, and reporting. Coordinate collection activity with attorneys and third-party collection vendors.
Reach out and follow up with members on deficiency balances by telephone, personal contact, and correspondence to secure a satisfactory resolution to the repayment problem, including direct repayment plan, referrals to attorneys, or collection agencies. Provide budget analysis and financial counseling as required. Negotiate appropriate and reasonable remedies to bring accounts current through the analysis of member’s financial standings.
Be aware of departmental goals and deadline requirements and attain as required. Ensure all collection actions/activities are performed in accordance with establish Credit Union policies and are legally compliant.
Report monthly charge-offs and advises of loss trends with management. Analyzes Risk Management trends and communicates results to management.
Proactively analyzes monthly losses, identifying and projecting subsequent month’s losses and delinquency ratios and numbers. Recommends strategies to address negative trends and isolation of impacting factors and/or risk factors which have been identified to management.
Manage VISA accounts over 30 days, including working with members to set up payment plans or plan modification. Evaluates and provides timely responses to member inquiries for loss mitigation relief, including payment modifications.
Oversee and manage day-to-day collection software platform.
Keep accurate and up-to-date activity reports on delinquent accounts. Document all collection actions taken, including telephone conversations, alternative financial arrangements, and correspondence. Update member files and system accounts via the Credit Union’s collections software.
Perform skip tracing on accounts and pull credit reports as necessary to locate members and update member information.
Research accounts that appear on late and potentially late records to ensure that Credit Union errors are detected promptly.
Maintain the Credit Union’s professional reputation throughout collections operations and in all contacts with members. Maintain confidentiality.
Attend training sessions (CUPATs) and complete required training in a timely manner. Attend and participate in other group or company meetings as required.
Maintain a clean, secure, and well organized work area and contribute to the overall cleanliness of the HFCU properties.
Perform miscellaneous requests and other duties as assigned. Respond to email and phone inquiries, file, fax, and mail information.
· Have a good understanding of the Bankruptcy Laws and procedures. Be comfortable and willing to testify in Court when required to collect a debt.
· Ability to work a flexible work schedule including evening and weekend hours.
· Handle all information/documents in a confidential and secure manner. Be aware of surroundings when working with member files and when speaking with members, both in person or over the phone, when discussing or gathering personal and confidential information.
· Friendly, outgoing, and creative. Comfortable reaching out to members, attorneys, third-party vendors and working both face-to-face and on the telephone with people.
· Good organizational, communication and business writing skills to exhibit professionalism and deal effectively with internal and external contacts.
· Ability to be adaptable; to adjust to change with reasonable instruction.
· Conscientious, comfortable with detail, and the ability to be multi-tasked to coordinate and prioritize the workday efficiently. Comfortable working under pressure, self-motivated and able to work in a team environment.
· Ability to understand and monitor compliance functions and responsibilities assigned within a credit union and the ability to stay current in the changing environment of compliance.
· Ability to work cooperatively with others to identify, recommend and implement opportunities for increased efficiency.
EDUCATION/KNOWLEDGE AND EXPERIENCE:
Bachelor’s degree required. Education (para legal degree/certificate) and/or experience working in a legal field preferred. Knowledge of collection procedures and familiarity with related laws and regulations highly desired. Prior experience within the financial industry a plus.
This position requires a highly organized, detail oriented self-starter with good writing and verbal communication skills. Excellent phone skills/etiquette and the ability to communicate clearly and effectively over the phone and in writing is critical.
Excellent computer knowledge and a high level of experience with Microsoft Office Products as well as other business software and equipment required.
This position requires sitting for long periods of time and working primarily at a workstation or desk in an open office environment. Daily tasks include extensive use of a computer performing standard keyboard functions, requiring repeated motion, as well as extensive use of the phone. Stretching breaks are recommended to avoid injury.
This Job Description is not a complete statement of all duties and responsibilities comprising this position. Heritage Family Credit Union reserves the right to revise or change the essential functions and employment standards as the need arises. This description does not constitute a written or implied contract of employment.