Loss Mitigation Member Solutions Specialist

Description

The Loss Mitigation Member Solutions Specialist is responsible for handling overdue accounts and developing strategies to reduce potential financial losses. It requires someone dedicated to collaborating with members to assess their financial situations and suggest payment plans or other solutions to avoid foreclosures and charge-offs. A person who is detail-oriented, motivated, and has strong communication skills and relevant experience can make a difference in this position.

Essential Functions

• Contribute to developing and implementing effective collection strategies. 
• Monitor overdue accounts and actively follow up with clients to ensure timely payments. 
• Recommend solutions for delinquent accounts. 
• Engage with members regarding their account status, reviewing and analyzing delinquent accounts to assess potential loss risks. 
• Contact members via phone, email, or written communication to discuss payment arrangements and loss mitigation options. 
• Build and maintain strong relationships to facilitate seamless collections. 
• Understand members specific situations. 
• Request appropriate documents required for loan modification review. 
• Analyze financial documents; determine asset value; assess the members credit rating; negotiate terms to secure repayment; minimize loss for Dover FCU. 
• Work with members to avoid bankruptcy, repossession or foreclosure. 
• Prepare and present insightful reports on collection activities, account statuses, and performance metrics to the Member Solutions Manager. 
• Maintain accurate records of all member communications and agreements to ensure compliance with company policies and regulations, tracks and reports on collection trends for continuous improvement.
• Work with other departments, such as legal and underwriting, to facilitate loss mitigation strategies. 
• Collaborate with teams to resolve invoice disputes and ensure timely resolutions. 
• Contribute to developing junior team members through training and mentoring on best practices for collections.
• Stay informed about regulations, industry trends, credit union products and best practices to enhance service delivery and minimize losses. 
• Provide excellent member service by addressing member inquiries and concerns promptly and professionally. 
• Develop and maintain relationships with members to encourage timely communication and cooperation.
• Ensure compliance with company policies and regulations related to collections. 
• Stay updated on relevant laws and regulations that impact the work.

Requirements

• A bachelor’s degree in Finance, Business Administration, or a related field is preferred, but not required.
• 3 years minimum experience in collections or accounts receivable management is required. 
• Strong analytical and problem-solving skills
• Excellent verbal and written communication skills
• Ability to work independently to meet deadlines with excellent follow through skills. 
• Strong negotiation skills
• Proficiency in accounting software and Microsoft Office Suite are essential. 

Physical Requirements

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties of this job, the employee is frequently required to sit, use hands to finger, handle or feel, reach with hands and arms, and talk or hear. The employee is occasionally required to stand, walk, bend, kneel, and reach above or at shoulder level. The employee must occasionally lift/push/pull and/or carry up to 10 pounds.