Loss Mitigation Professional
3 weeks ago
Civic Culture
Our organization believes in the power of doing good while doing well. We value the contributions of diverse minds and prioritize the success and well-being of our employees. We strive to create a dynamic workplace that presents opportunities for professional advancement and individual growth. We display integrity, self-awareness, courage, and respect for one another while continuing to seek opportunities to learn.
About the PositionThe Loss Mitigation Specialist is responsible for proactively managing delinquent accounts by contacting Credit Union members. This role involves identifying potential risks, working with members to resolve payment issues, providing repayment solutions, and implementing strategies to mitigate loan losses.
Day-to-Day Work- Monitor loan accounts and identify members who are at risk of becoming delinquent.
- Proactively contact members via phone, email, or other communication methods to discuss their accounts and identify reasons for delinquency.
- Work with members to develop repayment plans, loan modifications, or other solutions to bring accounts current.
- Ensure a consultative member approach to restructuring loans as necessary, providing direction on improving the financial outlook of the member in the future.
- Accurately document all member interactions, payment agreements, and actions plans in the core collection system.
- Provide members with information on financial education resources and tools to help them manage their finances and avoid future delinquencies.
- Collaborate as necessary with other internal business units and resources to ensure a coordinated approach to loss prevention.
- Assist the AVP of Risk Assessment and Loss Mitigation with reviewing reports on delinquency trends, member interactions, and recovery efforts.
- Ensure all activities are in compliance with federal and state regulations, as well as Credit Union policies, guidelines, and procedures.
- Take ownership for actions, decisions, and results; openly accept feedback and demonstrate both the willingness and ability to improve.
To be qualified for this position, you must have:
- Minimum 4-6 years experience in consumer loan product collections, financial services or related field.
- Must have an understanding of accounting principles and business financial statements and tax returns.
- Must be knowledgeable in the process of analyzing personal tax returns, personal financial statements, and credit bureau reports.
- Experience with credit procedures, policies, regulations and laws, in addition to knowledge of bankruptcy and consumer law.
- Strong interpersonal skills with ability to work in a team environment.
- Ability to function in a Consumer business office environment and utilize standard office equipment including but not limited to: PC, copier, telephone, etc.
- Ability to lift a minimum of 25 lbs. (file boxes, computer).
- Travel required on occasion.
We prefer candidates with:
- Bachelor's degree in finance, Accounting, Economics, Business or related field.
- Prefer a minimum of 2-4 years of Credit Union consumer credit experience.
- Knowledge of loan structuring and work-out solutions.
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