Loss Mitigation Specialist

POSITION SUMMARY:

Responsible for administration and duties on Collection Accounts for the Credit Union. The Loss Mitigation Specialist position possesses the knowledge, skills, and techniques relative to the collection of past due Residential, Consumer, Investor and Commercial loan products, including but not limited to Fair Debt Collection practices, Federal and State requirements. 

POSITION RESPONSIBILITIES:

The following duties are normal for this position.  These are not to be construed as exclusive or all-inclusive.  Other duties may be required and assigned. 

• Understands and follows Collection Policies and Procedures of the credit union, state and federal agencies as well as Investor Loan requirements. 
• Telephone contact with delinquent loan customers.
• Works constructively with the delinquent customers to ultimately cure the delinquent accounts.
• Ensure that collection performance adheres to Investor and PMI requirements.
• Maintains and documents accurate collection records via the Collection System.
• Advises and recommends to Management the proper action to be taken to cure a delinquent loan account.
• Recognizes and takes the necessary action required to prepare an account for foreclosure or repossession including a recommendation to Management for approval.
• Perform or order property inspections on delinquent accounts as directed by Management. 
• Receive and review delinquent loan notices, verify the status of the loan and mail past-due notice to member. 
• Prepare and recommend deferment agreements, modifications, repayment plans or forbearance agreements. 
• Monthly reporting on delinquent loan accounts as required by the Credit Union and Investors. 
• Monitor non-accrual activity and recommendation to management as to the required charge-offs on a monthly basis. 
• Assign charged-off debt to a third party collection attorney. 
• Monitor monthly recoveries. 
• Performs skip tracing actions. 
• Prepares the required demand letters based on collateral. 
• Order updated appraisal and current credit bureau.
• Oversight of the collection activity as performed by outside Attorney’s and reviewing their monthly status reports. 

REQUIRED EDUCATION, EXPERIENCE, AND SKILLS:

• High school diploma or equivalent with two to four years of experience in a financial institution that included collection responsibilities and duties.
• Strong oral and written communication skills with an emphasis on superior customer service.
• Solid understanding of the organization’s loan products and services.
• Working knowledge of loan documents, mortgages, security agreements and their requirements.
• Working knowledge of all regulatory lending compliance regulations along with Investor and PMI requirements. .
• Working knowledge of the Credit Union’s policies and procedures.
• Demonstrates a comprehensive understanding of accounting principles and applies knowledge to the processing of Charge Offs and other Collection type activities.
• Excellent follow-up and organizational skills.
• Perform independently while still demonstrating a team contribution.
• Proficient operation of Microsoft Software such as Word, Excel, and Outlook.
• Ability to learn quickly with a strong attention to detail and problem-solving.
• Ability to perform under stress when confronted with critical timeline constraints and large work volumes.