Loss Mitigation Specialist

Schedule

Overview

Under the direction of the manager is responsible for performing collection activities associated with various negative shares and delinquent member accounts, including Visa credit and debit cards, lines of credit, secured loans, signature loans, real estate loans, home equity lines of credit, overdrawn shares and over limit VISA credit. Looks for trending fraud activity including loan fraud and fraud rings.  Reviews delinquent and or negative shares and problem accounts, determines probable reasons for account status, and contacts members to resolve the delinquencies. Utilizes various techniques, as circumstances indicate, to promptly collect on delinquent and or negative share accounts. Has basic knowledge to assist Real Estate, Bankruptcy, Garnishment/Levy, Consumer Loan and Credit Bureau areas.  Ensures that the Credit Union's professional image is always maintained.

Responsibilities

1. The effective and professional performance of Loss Mitigation functions.

a. Receives daily/monthly reports to be worked in a prompt manner.

• 45 Day Negative Checking • Returned Checks• Accounts Negative 120 Day• Negative Share – No Return Items• Over Limit Visa and or Line of Credit• $500 Negative Over the Dynamic Limit• Kiting• Exception List on closed accounts receiving Direct Deposits

b. Follows up the all reports and problem accounts by telephone, personal contact, and correspondence to secure a satisfactory resolution to the repayment problem. Discusses possible financial arrangements, informs members of potential legal actions, and suggests financial counseling to arrive at suitable payment arrangements. Continues to collect until share(s) becomes a write-off, bankruptcy, or attorney account. Makes early contact with members and joint owner(s) to collect and keep them informed of share status. Uses Collection tools for problem resolution.

c. Educated on and up to date on the Service Member Civil Relief Act, Fair Debt Collection Act and Federal Credit Union Act – NCUA Overdraft Guidelines.

d. Updates systems associated with fraud and or losses caused to the credit union including Chex Systems (FIS) and True Checks. As well as all internal AFCU systems.

e. Complies with the Bank Secrecy Act by gathering information and reporting SAR’s when warranted.

f. Utilizes effective human relations skills and various forms of persuasion to present a positive Credit Union image in an already negative situation. Calms irate members and answers member questions and complaints relevant to department functions. Determines reasons for negative and works toward permanent solutions. Minimizes losses by early actions.

g. Counsels members on Overdraft Service to help understand how the service works.

h. Utilizes further appropriate collection methods if initial attempts do not secure required payment. Suggests consolidations, financial counseling, and repossessions as needed. Recommends extensions of due dates.

i. Recommends Pre-Litigation on negative deposit accounts. Performs skip tracing to locate the member, assets and or place of employment.

j. Recommends accounts for charge off and completes related processing. Prepares documentation on approved accounts.

k. Recommends small claims court complaints and post judgment actions including garnishments, supplemental orders and executions.

l. Refers accounts to Legal Collector for civil matters, bankruptcy, foreclosure and related legal actions.

m. Performs collections efforts in accordance with Credit Union policies and procedures and ensures they are legally compliant.

n. Collects payments on losses the credit union has suffered. Looks at reestablishing accounts after loss has been paid in full.

2. The efficient administration of Loss Mitigation activities.

a. Documents all collection actions taken, including telephone conversations, alternative financial arrangements, and correspondence via email or written.

b. Cross collateralizes assets when the credit union has taken a loss.

c. When possible fraud has been discovered a lock down of the account is done immediately including deactivating PIN, blocking cards, removing Overdraft Service and coding account to protect the member and credit union from further loss.

3. Ensuring that professional business relations are established and maintained with Credit Union members.

a. Maintains the Credit Union's professional reputation throughout Loss Mitigation operations and in all contacts with members

b. Maintains confidentiality.

c. Develops contacts with the NUCI and other financial institutions. Attends meeting regularly to keep up to date with current financial fraud trends.

4. Establishing and maintaining effective communication and coordination with Credit Union personnel.

a. Assists area personnel as needed.

b. Keeps management informed of activities, progress attained toward established objectives, and of any significant problems.

c. Coordinates efforts with the Fraud Department to reduce the risk of loss.

d. Attends and participates in meetings as required.

5. Other related duties as required or assigned.

a. Stays informed of changes in Loss Mitigation policies, procedures, and related legal requirements.

b. Actively and professionally cross-sells Credit Union services.

c. Maintains cleanliness and security of work area, desks, and equipment.

Qualifications

Training/Education/Certification:

• High school graduate or equivalent.

Required Knowledge:

• Knowledge of Loss Mitigation procedures and related laws and regulations.• Understanding of Credit Union loan products and policies. Familiar with default and enforcement clauses.• Familiar with deposit programs and understands account ownership.• Basic understanding of the U.S. Bankruptcy Code, Real Estate Collection, Garnishments/Levy, Consumer Collections and Credit Bureau.• Understanding of Pre-Litigation requirements and Small Claims Court system.

Experience Required:

• Previous collection experience with full-service financial institution helpful.• Previous investigation experience helpful.

Skills/Abilities:

• Accuracy and thoroughness in work.• Excellent communication, telephone, and public relations skills.• Ability to work well independently.• Professional attitude and appearance.• Ability to work well in stressful situations.• Ability to operate related computer applications, and other business equipment including calculator, typewriter, copy machine, printer, telephone, fax.