Loss Mitigation Specialist

6 days ago

Raleigh, North Carolina, United States Local Government Federal Credit Union Full time
About the Role

Civic Culture is a values-driven organization that prioritizes the success and well-being of its employees. We believe in the importance of supporting a healthy environment and contributing to the prosperity of our community.

We are seeking a skilled Loss Mitigation Specialist to join our team. In this role, you will be responsible for proactively managing delinquent accounts by contacting Credit Union members. Your primary objective will be to identify potential risks, work with members to resolve payment issues, and implement strategies to mitigate loan losses.

Key Responsibilities
  1. Monitor loan accounts and identify members who are at risk of becoming delinquent.
  2. Proactively contact members via phone, email, or other communication methods to discuss their accounts and identify reasons for delinquency.
  3. Work with members to develop repayment plans, loan modifications, or other solutions to bring accounts current.
  4. Ensure a consultative member approach to restructuring loans as necessary, providing direction on improving the financial outlook of the member in the future.
  5. Accurately document all member interactions, payment agreements, and actions plans in the core collection system.
  6. Provide members with information on financial education resources and tools to help them manage their finances and avoid future delinquencies.
  7. Collaborate with other internal business units and resources to ensure a coordinated approach to loss prevention.
  8. Assist the AVP of Risk Assessment and Loss Mitigation with reviewing reports on delinquency trends, member interactions, and recovery efforts.
  9. Ensure all activities are in compliance with federal and state regulations, as well as Credit Union policies, guidelines, and procedures.
Requirements

To be successful in this role, you will need:

  1. Minimum 4-6 years of experience in consumer loan product collections, financial services, or a related field.
  2. Strong understanding of accounting principles and business financial statements and tax returns.
  3. Knowledge of credit procedures, policies, regulations, and laws, including bankruptcy and consumer law.
  4. Excellent interpersonal skills with the ability to work in a team environment.
  5. Ability to function in a Consumer business office environment and utilize standard office equipment.
  6. Ability to lift a minimum of 25 lbs.
  7. Travel required on occasion.
Preferred Qualifications

We prefer candidates with:

  1. Bachelor's degree in finance, accounting, economics, business, or a related field.
  2. Minimum 2-4 years of Credit Union consumer credit experience.
  3. Knowledge of loan structuring and work-out solutions.

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