Loss Mitigation Specialist

Description

Position Overview:

The Loss Mitigation Specialist is responsible for planning, organizing, and performing collection activities associated with delinquent loans, negative share accounts, and returned checks. Utilizes various techniques, as circumstances indicate, to promptly collect on delinquent accounts. Often deals with escalated member calls and complex collections issues, as well as early and late-stage collections and matters in legal status. Utilizes knowledge of collection policies and procedures to establish goals and objectives. Reviews delinquent accounts, determines probable reasons for account status, and contacts members to resolve the delinquencies. Prepares and completes related documentation. Applies specialized knowledge of Small Claims filing and repossession procedures and utilizes knowledge of collection policies and procedures to establish goals and objectives.  

Essential Functions:

• Reviews delinquent accounts, determines probable reasons for account status, and contacts members to resolve the delinquencies.  
• Corresponds through various mediums (telephone, face-to-face, mail, etc.) to secure satisfactory resolutions delinquencies.  
• Discusses possible financial arrangements and offers financial counseling to arrive at suitable payment arrangements.
• Educates members of potential legal actions, credit impact, and long-term effects of not satisfying obligations.
• Documents all collection actions taken, including telephone conversations, alternative financial arrangements, and correspondence.
• Utilizes effective member service skills and various forms of persuasion to present a positive Credit Union image while acting in the best interest of the credit union.  
• Answers calls from staff and members, handling questions and complaints relevant to job functions.
• Keeps accurate and up-to-date activity reports on late, potentially late, and delinquent loan lists.
• Utilizes further appropriate and legal collection methods if initial attempts do not secure required payment.  
• Skip traces to locate members and checks for other related accounts with resources to enhance the collection efforts; Contacts co-makers and follows up with them until the account is current.
• Properly coordinates legal repossession of collateral on secured agreements; Ensures proper insurance coverage. Involves management and attorneys as needed.  
• Oversees garnishment actions.
• Recommends actions regarding charge-offs.  
• Ensures that collection efforts are performed in accordance with Credit Union policies and procedures and are legally compliant.
• Researches loan accounts that appear on late and potentially late records to ensure that Credit Union errors are detected promptly. 
• Prepares regular reports and summaries that indicate the type and status of delinquent accounts and collection activities.
• Maintains records accurately for collection of accounts charged to reserves.
• Assists in the preparation of monthly delinquency reports, Small Claims Court documents, Bankruptcy, foreclosures, repossession, charge-offs and extensions, and referrals to collection agencies and the attorney.
• Assists area personnel as needed; advises other staff of proper collection techniques.
• Works closely with loan staff. Coordinates collection efforts and ensures that all personnel are appropriately informed.  
• Keeps management informed of activities, progress attained toward established objectives, and of any significant problems.
• Actively and professionally cross-sells Credit Union services, as appropriate.
• Maintains order and security of work, desks, equipment, and surrounding area.
• Performs other duties as assigned. 
• Provides exceptional internal and external member service.
• Understands, applies, and complies with all Credit Union Policies and Procedures, State and Federal laws and regulations, and adheres to requirements set forth by the Bank Secrecy Act (BSA).
• Completes other assigned duties commensurate with position. 

Requirements

• High school graduate or equivalent
• Minimum 4 years Collections experience required; credit union collections highly preferred
• Understanding of credit union loan products and procedures
• Understanding of account products and procedures
• Solid knowledge of collections procedures and related laws and regulations; Must continue to increase and maintain knowledge
• Consistently complies with all state and federal regulations as well as EICU policies and procedures  
• Proficient writing ability to maintain accurate reference of discussions and agreements
• Operate a computer with proficiency of MS Office; Excellent knowledge of report software and processes 
• Ability to learn additional software programs specific to job duties
• Persistence and professionalism are vital to the successful execution of this position and maintaining the professional image of the credit union  
• Communicate with courtesy, tact, and diplomacy in person and over the phone
• Perform job functions independently with limited supervision; work effectively on own and as part of team
• Ability to read and carry out various written instructions and follow verbal directions
• Must remain composed in stressful, high-pressure situations. Calmly and professionally handle different personalities from diverse cultures at various levels within and outside of the organization and demonstrate highest levels of member service
• Demonstrate extreme accuracy and quality, effectively handle multiple tasks and changing priorities, and exercise highest level of discretion on both internal and external matters
• Maintain confidentiality in all matters
• Reports to work regularly; maintains reliable and timely attendance. Available to work the days and hours as dictated by business needs; includes Saturday shifts 

Physical Requirements:

Bend, sit, or stand to perform primarily sedentary work with limited physical exertion; occasional lifting up to 10 lbs. Operate routine office equipment including computer terminals, keyboards, telephones, copiers, and calculators. Work on computer for up to 8 hours per day. Some locations may require ability to climb or descend stairs with minimal assistance in emergency situations.