Member Care Collections And Loss Mitigation - Loss Mitigation Specialist

 

This position is responsible for reducing risk to Golden 1 by minimizing financial losses associated with member accounts including Visa credit cards, line of credit, secured loans, signature loans, real estate loans, and home quality lines of credit. The position will provide workout assistance to members who are presently in default or imminent danger of going into default by providing member outreach, financial counseling, offering loan forbearance, repayment plans, deferrals, and/or modifications. The position is further responsible for complying with credit union Board policies and guidelines, NCUA, state and federal regulations.

1. Communicate with members to determine the reason for default and request additional pertinent information as needed.

2. Analyze member financial documentation to determine the most effective workout option.

3. Maintain a thorough understanding of state and federal laws and regulations related to credit union compliance, including bank secrecy act/anti-money laundering laws appropriate to the position.

4. Coordinate payment arrangements with members and follow up in a timely manner on such arrangements, properly documenting accounts as contact with each member is made.

5. Promote loan workout solutions to support Golden 1's membership and contribute to a reduction of overall delinquencies by negotiating solutions that are mutually beneficial to the client and Company.

6. Prepare necessary analysis and documentation to complete loan modification agreements, repayment plans, forbearance plans, and other workout options. Identify and submit qualifying workout cases to manager for approval.

7. Collaborate with others as appropriate to assist with the efficient, effective, and timely completion of Member Care projects.

8. Possess a high level of knowledge in all Member Care Department specialty areas such as negative shares, repossessions, suits, foreclosures, and bankruptcies.

9. Ability to thoroughly review and document account summaries on all actions taken, such as telephone conversations, alternative financial arrangements, and letters mailed to assess the need for escalated Member Care efforts.

10. Maintain positive relations with all members, credit union departments, and branches discussing sensitive personal financial circumstances in a tactful manner.

11. Update relevant systems with member communication, notes, and action items.

12. Process and update workout tracking reports on a daily basis.

13. Process vendor invoices.

14. Assist manager and/or supervisor with other duties as assigned.

1. Effective oral and written communications skills required to perform day to day functions.

2. Must possess sufficient manual dexterity to skillfully operate an on-line computer terminal and other standard office equipment, including a typewriter, adding machine, personal computer, facsimile machine, and telephone.

1. INTERNAL: All staff levels, including Manager Real Estate Loss Mitigation, Collections, Consumer Loan Servicing, Real Estate, Equity, Accounting, Finance, Internal Audit, Credit Risk Management, and IT.

2. EXTERNAL: Members, vendors, and peers in financial institutions.
 

1. EDUCATION: Associates Degree in related field or equivalent work experience.

2. EXPERIENCE: Minimum three (3) years' experience in default management or Loss Mitigation or related field (i.e., underwriting, credit etc.) with banks, savings and loans, credit unions or other finance companies.

3. KNOWLEDGE/SKILLS: Thorough knowledge of collection procedures, and related laws and regulations. Must be a strong team player. Written and oral communications skills are critical to communicate effectively with members, vendors, and peers. Successful candidates must be detail oriented, well organized and motivated to complete daily work in a timely manner. Successful candidate must also exhibit a working knowledge of Microsoft Office, including Excel, Work and Outlook.

1. When in the office, prolonged sitting throughout the workday to accomplish tasks.

2. Corrected vision in the normal range to read loan documents submitted by members.

3. Corrected hearing in the normal range. A telephone device will be provided if needed.

4. Long work hours may be required to accomplish tasks, including nights and weekends.

 

Valid California driver's license desirable but not essential.