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Loss Mitigation
3 months ago
We take care of our people: Joining Soarion Credit Union is the career move to make in 2024 Soarion Credit Union offers FREE Health and Dental Coverage for you as an employee, as well as a GENEROUS Paid Time Off (PTO) bank for rest and relaxation away from work We also offer all paid days off for Federal holidays
Role:
The role is accountable for managing the credit union loan charge-offs and severe loan delinquency portfolio for all loan products, facilitating the mitigation of loan losses and defaults to the credit union. The incumbent will ensure follow up and recovery of insurance total loss and GAP claims, back-end product refunds, and insured loan product claims for recovery of charged-off loans and deficiency balances. The incumbent will also be accountable for coordinating the effective and efficient recovery of money owed on secured and unsecured charged-off loans, to eliminate and/or reduce loan default deficiency. To include, but not limited to negotiating settlements on deficiency or charged-off balances, prior to and after legal proceedings. The incumbent is also responsible for recording and registering the necessary documentation to proceed with legal actions, to recover monies owed to the credit union, including abstract judgements, garnishments, and writs of execution. Incumbent is also required to work with 3rd party collection agencies and mortgage servicers, outside legal agencies, including attorneys, courts, law enforcement, Debt Settlement and Credit Counseling Agencies to facilitate efforts within the authorities of the role with minimal to no supervision
Work Location:
This is an onsite position at our Corporate HQ. Occasional remote work may be available for select positions and is subject to prior approval by management.
What you will be doing:
- Maintain effective and efficient call, skip and recovery efforts to resolve charge-off accounts.
- Ensure effective follow up processes for recovery of insurance loss, GAP claims, back-end product refunds and insured product claims.
- Efficiently process correspondence and information from attorney, courts and members regarding charged-off accounts.
- Ensure all applicable claims are filed with the third-party insurers to reduce charge-off loan balances.
- Review charge-off accounts and make arrangements with members for loan repayment.
- Negotiate loan settlements within authority limits and seek management approval for exceptions outside of settlement guidelines.
- Interface with legal counsel, with regards to collecting deficiency balances over $10,000 and submit appropriate information to begin debt recovery litigation.
- File petitions with appropriate courthouse, for judgment to recover deficiency balances on charged-off accounts under $10,000.00.
- Recommends legal action to be taken based on thorough analysis, i.e., of charged-off accounts to recover monies owed.
- Initiate foreclosure process with attorney on core mortgage products when satisfactory arrangements cannot be made.
- Serve as a liaison between all 3rd party mortgage servicers and the credit union to determine next steps on severe delinquent accounts and deceased borrowers.
- Work with Bankruptcy Team in monitoring the performance of the bankruptcy portfolio to determine next steps on nonperforming accounts.
- Handle more complex, time-consuming account research related to charged-off and legal accounts and mortgages in severe delinquency and foreclosure.
- Ensure necessary correspondence on default accounts, settled and charged-off accounts are sent to the member.
- Oversee and manage accounts assigned to third party collection agency. To include, but not limited to reporting, payments and vendor management.
- Prepare and file all abstracts of judgments for the applicable real estate records.
- Prepare account packets that require legal action.
- Respond promptly to legal requests, inquiries or questions from the members’ legal representative or seek guidance from our legal counsel or division AVP.
- Maintain and manage a portfolio of attorneys utilized for legal recovery efforts.
- Create and maintain thorough tracking and reporting of all charged-off accounts and accounts in legal action.
- Ensure legal documents and letters are imaged in the appropriate platforms.
- Ensure accounts are notated and legal tracking records are created in the core system and updated at each stage of the legal process.
- Ensure the credit bureau reporting of these accounts is accurate and adheres to FCRA regulations.
- Process and approve vendor invoices within levels of authority.
- Coordinate and oversee all activities involving attorneys, precinct coordinators, and process servers for all stages of the litigation process for all 50 states.
- Ensure all settled and charged-off accounts are appropriately file maintenance for end of year tax filing.
- Maintain tracking and reporting of all charged-off and settled accounts for end of year 1099c filing.
- Ensure member debt deemed as “canceled debt” is issued a 1099c following IRS requirements.
- Monitor and audit all accounts in late-stage delinquency, ensuring all steps in the collection process were met and submit recommendations for charge-off to the AVP, monthly.
- Effectively act as the primary point of contact for all charged-off accounts and accounts in legal recovery and foreclosure.
- Provide monthly reports to the AVP for charge-offs, legal and foreclosure cases, settlements and the monthly board packet.
- Sets up and maintain accurate files and reports on all post charge-off recovery activities.
- Partner with the Credit Solutions Manager to ensure timely and proper collection activities of accounts are being conducted for maximum recovery and to minimize charge-off balances.
- Stays current on collection process knowledge and trends in loan underwriting that contribute to delinquent/charged-off loans.
- Complete all assigned tasks within established deadlines.
- Provide excellent customer service and adhere to all collection and regulatory policies including the Fair Debt Collection Practice Act.
- As needed, provide back-up support to the Credit Solutions Team and/or department peers.
- Complete other duties, tasks and projects as assigned by the Deposit and Loan Servicing, AVP.
What you'll bring along:
- Bachelor’s degree (B.A.) in Business Administration from a four-year college or university; or three to five years related experience and/or training; ore equivalent combination of education and experience.
- Expert knowledge and understanding of Fair Debt Collection Practices (FDCPA), federal Fair Credit Reporting, Reg Z and the Credit Card Act, as well as other lending, credit card and mortgage laws and regulations for all 50 states.
We are Committed to Equal Opportunity.
Soarion Credit Union believes in equal opportunity for all and is committed to ensuring all individuals have an opportunity to apply for the positions that they are interested in and qualify for without regard to race, religion, ethnicity, national origin, citizenship, gender, gender identity, sexual orientation, age, veteran status, disability, genetic information, or any other protected characteristic. Our equal employment opportunity policy statement, pay transparency nondiscrimination agreement, and the Know Your Rights: Workplace Discrimination is Illegal Poster reaffirm this commitment.
Soarion Credit Union is also committed to providing reasonable accommodations to qualified individuals with a disability so that an individual can perform job-related duties. If you are interested in applying for an employment opportunity and require special assistance or an accommodation to apply due to a disability, please contact our Human Resources team at humanresources@soarion.org.