Loss Mitigation Specialist

2 weeks ago


Midland, Michigan, United States Dow Credit Union Full time
Delinquency Resolution Expert

Dow Credit Union is seeking a dedicated Delinquency Resolution Expert to join our team. This role is crucial in mitigating losses by resolving delinquency on high-risk accounts (60+ days past due) and driving the repossession process. The ideal candidate will have a strong background in collections, repossession, and loss mitigation, along with excellent negotiation skills and a commitment to providing high-quality member service.

Key Responsibilities:
  • Manage loss mitigation accounts including Bankruptcy, Repossession, Estate, Garnishment, Student Loans, and Legal accounts to reduce losses.
  • Serve as the key contact throughout the repossession process, coordinating with third-party agents, maintaining required member communications, and ensuring compliance with procedures.
  • Perform collections activities on various account types, including final stage past dues and charged-off balances, negotiating arrangements that benefit both the member and the credit union.
  • Provide monthly reports on late-stage and high-risk collections to the Member Solutions Manager.
  • Monitor deposit accounts to identify fraud risks and trends, offering recommendations to management.
  • Meet with members to discuss past due accounts and recommend solutions, including budgeting advice, loan workout options, and external support resources.
  • Support Member Solution Specialists with skip tracing and member research to locate members or collateral for collection efforts.
  • Represent the credit union at court hearings related to small claims, subpoenas, bankruptcy, and fraud cases.
  • Advise members on mortgage options, such as foreclosure, short sales, modifications, and forbearance.
Required Skills:
  • Strong knowledge of financial collections procedures, regulations, and acceptable practices.
  • Familiarity with the Fair Credit Reporting Act, Fair Debt Collection Practices Act, and relevant bankruptcy and fraud regulations.
  • Understanding of consumer and mortgage lending processes.
  • Ability to communicate effectively with members regarding delinquency issues.
  • Basic conflict management skills with the ability to maintain emotional control under stress.
  • Proficiency in computer and software applications, with strong data analysis capabilities.
  • Ability to work independently and make decisions to resolve problems.
Working Conditions:
  • Office environment with frequent interruptions from employees, members, and third parties.
  • Requires repetitive hand motions for typing and occasional standing for prolonged periods.
  • Must be able to travel by vehicle up to 50 miles per month.
Equipment Used:
  • Standard office equipment, including computers, printers, calculators, and dual monitors.
  • Personal vehicle required for travel.
Qualifications:
  • High school diploma required; some postsecondary education preferred.
  • Minimum of three years of collections experience, with repossession, foreclosure, and bankruptcy experience preferred.
  • Valid driver's license required.


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