Loss Mitigation Representative

Description

Performs collection functions (at beginning 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.

Job Duties:

• Perform collection actions on mortgage and consumer loans (secured and unsecured), credit cards and negative share/share draft accounts that are between 15- and 60-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.
• Support member contact staff in other departments across the organization in dealing with collection accounts to minimize risk and maximize service.
• Perform skip traces to help in locating members.
• Access and interpret force-placed insurance records; file claims as appropriate.
• Post payments on delinquent loans/credit cards, charged-off accounts, and for members working with debt management companies.
• Maintain accurate documentation of collection activity records to ensure effective internal communication and legal processing.
• Review and recommend repayment solutions, including applying for workout loans or in-house debt management programs, to assist members who are experiencing financial difficulties. Be familiar with 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, determine and relay relevant information regarding bankruptcies for analysis by the Credit Union attorney to help protect the Credit Union’s interests.
• May process repossessions from order to disposition, in accordance with all applicable policies, procedures and laws, including UCC requirements regarding consumer collateral.
• Follow all applicable policies, procedures and collection laws to ensure minimal losses to the Credit Union.
• Contribute and help to maintain a productive and positive working environment.
• Perform other duties as assigned by management

Requirements

Experience and Knowledge:

• Minimum 6 months collections experience or one year financial institution experience. Lending experience preferred.
• Basic understanding of applicable laws, including Fair Debt Collections Practices Act, bankruptcy, and UCC requirements.
• Knowledgeable regarding SLFCU loan policies.
• Thorough knowledge of Credit Union products and services, features, and benefits.
• Proficient 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:

• High school diploma or GED equivalent.

Interpersonal Skills:

• Possesses excellent 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.
• 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.