Loss Mitigation Representative 3

Job Type

Full-time

Description

Performs collection functions (at intermediate to advanced level) on past due mortgages, consumer loans, credit cards, overdrawn share draft/share accounts and return items according to Credit Union policy and applicable collection laws. Provides support, including motivation and training, to other representatives within the department.

Job Duties

• Assist Loss Mitigation Representatives with members in difficult situations in order to achieve resolution, to include handling appropriate call escalations.
• Perform collection actions on mortgage and consumer loans (secured and unsecured) and credit cards that are more than 90 days delinquent to ensure losses are minimized. May perform collection actions on mortgage and consumer loans (secured and unsecured), credit cards and negative share/share draft accounts that are between 15 and 90 days delinquent to ensure losses are minimized. Collection actions include, but are not limited to, making phone calls and generating letters. Utilize collections software to manage collections activity.
• Assist Loss Mitigation Representatives with collection questions and procedures, including working through complex situations.
• Assist Loss Mitigation Representatives with performing skip traces to help locate members, request attorney letters, post payments on delinquent loans/credit cards, and with members working with debt management companies.
• Support the Loss Mitigation Representatives in their daily operations to help ensure that procedures and training are in alignment with department and personal professional goals. Support includes, but is not limited to, updating procedures as instructed by the department manager or supervisor, tracking team productivity and progress, and providing refresher training to staff.
• Conduct monthly call monitoring to ensure quality member service, compliance, and KPI's are being met.
• Provide overflow and out of office coverage for Loss Mitigation Representatives and Overdrawn Account Specialists.
• Provide orientation and training to new Loss Mitigation employees as needed; support management in successfully onboarding new team members and helping set the proper tone.
• Review and recommend repayment solutions, including applying for workout loans or in-house debt management programs, to members who are experiencing financial difficulties. Be familiar with internal and external debt management programs.
• Provide a superior member experience by actively listening to and assessing the needs of the member, identifying and recommending solutions, and referring members to the appropriate person or department.
• Review and collect on reclamations to ensure minimal loss to the Credit Union. Collection efforts include phone calls to the estate, attorney demand letters, and charge offs. Review all deceased account notifications, locate open probate cases and determine if additional legal action is required.
• Support member contact staff in other departments across the organization in dealing with collection accounts to minimize risk and maximize service.
• Maintain accurate documentation of collection activity records to ensure effective internal communication and legal processing.
• Access and interpret force-placed insurance records; file claims as appropriate.
• Contribute and help maintain a productive and positive working environment.
• Function as a liaison between team, department specialists, supervisors, and other departments.
• Perform other duties as assigned by management.
  
  
  

Requirements

Experience and Knowledge:

• Minimum three years’ collection experience.
• Lending experience required.
• Thorough understanding of applicable laws, including the Fair Debt Collections Practices Act, the Fair Credit Reporting Act, the UCC, and bankruptcy proceedings, as well as understanding when a Release of Judgment can be processed.
• Knowledgeable regarding deceased account handling, various state probate requirements, and reclamations.
• Troubled debt restructuring (TDR) or TLM experience preferred.
• Collections on loans serviced for the secondary market (FNMA) preferred.
• Knowledgeable regarding SLFCU loan policies.
• Thorough knowledge of Credit Union products and services, features, and benefits.
• Advanced proficiency with personal computer applications (e.g., Microsoft Office applications and the Internet); demonstrates ability to learn and effectively utilize multiple software systems, including third-party collection software.
  
  
  

Education

• Associate’s degree (bachelor’s degree desired) and/or successful completion of a specialized course or study in business or related field, or equivalent work experience in lieu of education.
  
  
  

Interpersonal Skills

• Possesses exceptional interpersonal skills. Demonstrates daily the Credit Union's commitment to maintaining a close and caring touch with its members.
• Able to handle difficult situations in a positive and professional manner.
• Consistently sets a good example and serves as a positive role model to others.
• Functions well within departmental and cross-functional teams. Able to collaborate proactively with team members in developing and achieving a common goal.
• Demonstrates willingness and ability to train others effectively.
  
  
  

Communication

• Possesses excellent verbal and written communication skills.
• Able to explain collection and/or lending-related topics to others clearly and succinctly.
  
  
  

Other Skills

• Exhibits exceptional problem-solving skills; identifies and resolves problems in a timely manner and gathers/analyzes information skillfully.
• Demonstrates excellent organizational and time management skills; able to handle/prioritize multiple tasks and projects, organize workflow and meet departmental deadlines.
  
  
  

Salary Description

$26.22-$32.78 (Depending on Experience)