Loss Mitigation & Recovery Specialist
Job Description
It's fun to work in a company where people truly BELIEVE in what they're doing!
We're committed to bringing passion and customer focus to the business.
Position Summary
The Loss Mitigation & Recovery Specialist role makes a difference in our members’ lives building relationships with our members who have encountered financial hardships and providing options for them to mitigate losses and recover outstanding balances for the credit union. This role preserves Credit Union assets by controlling delinquent accounts, collecting delinquent loan payments, counseling with members, and/or recovering collateral. The Specialist will be responsible for auditing and correcting errors to members’ accounts and other member service functions.
Principle Duties and Responsibilities
Willingness and ability to exhibit Wellby Core Values every day.
Works with purpose and is driven to provide the best team member experience.
Assist with member correspondence- member inquiries, complaints, billing questions and payment/extension service requests.
Contact and counsel delinquent members to cure delinquency utilizing all payment options and loss mitigation tools offered by Wellby.
Maintain working knowledge of federal and state consumer protection laws (Unfair, Deceptive, or Abusive Acts or Practices; Fair Debt Collection Practices Act; Fair Credit Reporting Act; Service members Civil Relief Act, etc.), internal policies, procedures which affect Loss Mitigation.
File CPI claims and upload supporting documents.
Maintain an elevated level of member experience and excellent communications with all internal and external business partners.
Document all loss mitigation actions taken, such as telephone conversations, letters mailed, texting and other similar activities.
Ensure required notifications, including breach and collection letters, and any applicable state/regulatory/investor letters are sent to members.
Perform skip tracing routine to locate member.
Review, and recommend which accounts qualify for possible legal action, or charge-off.
Review vendor invoices for accuracy and submit for payment.
Oversee entire repossession process; processing, decisions, and follow up with repo agent or member.
Manage Reworks, Repossessions, Bankruptcy, charge-off negative share accounts.
Make corrections and update credit bureau reports in accordance with FCRA.
Resolve issues related to settlements, bankruptcy, payments, and/or charge-off actions.
Perform Charge off share accounts.
Perform File Sequestration.
Perform share transfers for amountds up to authorized limits.
Implement loss mitigation options, prepare, process and send appropriate notifications.
Perform quality analysis of financial information used to determine accuracy. Align financial figures provided by members with supporting documentation.
Understand and potentially communicate with borrowers or internal departments on specific financial information, including discussing debt to income, and personal financial statements.
Assumes responsibility for related duties and special projects as required or assigned.
Performs other duties as assigned.
Knowledge, Skills, and Abilities (KSA)
Knowledge of Wellby’s organizational functions, and general operating policies and procedures.
Knowledge of secretarial practices and procedures, business English, spelling, and punctuation.
Knowledge of personal computer, utilizing Microsoft Office Suite.
Skilled in operating computer equipment and general office machines such as personal computers, copiers, projection equipment, audio/video, Microsoft Teams, Zoom Video Communications, and adding machines.
Ability to interpret regulations affecting the Credit Union
Ability to communicate information and ideas so others will understand. Must be able to exchange accurate information in these situations.
Ability to work effectively across organizational departments and functions to achieve strategic goals.
Ability to work in a fast-paced team environment with exceptional customer service skills.
Ability to communicate clearly and concisely, orally and in writing.
Ability to motivate others and to work in a large cross-functional team dynamic.
Ability to efficiently understand and follow oral and written instructions, perform routine duties without close supervision and establish and maintain effective working relationships with other team members.
Ability to coordinate several concurrent activities simultaneously.
Supervisory Responsibilities
Team member does not have supervisory responsibilities.
Complexity & Scope of Work
The team member performs a variety of related tasks which are mostly routine but are sensitive in nature.
Non routine situations or conflicts are usually referred to the supervisor for resolution.
Instructions to the team member may be general or specific in nature.
Courses of action are determined by established procedures and/or management.
The team member’s work is reviewed periodically for accuracy, completion, and compliance with the policies and procedures.
Tasks may occasionally have to be coordinated, integrated, and/or prioritized.
Physical Demands & Work Environment
The physical demands and work environment characteristics described here represent those that must be met by a team member to successfully perform the essential functions of this position. Reasonable accommodations may enable individuals with disabilities to perform essential functions.
To perform this job successfully, the team member is frequently required to remain in a stationary position 50% of the time. Daily movements include sitting; standing, reaching, and grasping, operating computers and other office equipment, moving about the office; and attending possible onsite and offsite meetings. The team member must be able to exchange information, in person, in writing, and via telephone. Some degree of stress results from contact with management and other team members.
The ability to observe details at close range (within a few feet of the observer).
Must be able to occasionally lift items weighing up to 25 pounds across the office and load them onto shelves for various needs.
The noise level in the work environment is usually moderate.
Work involves the typical risks and discomforts associated with an office environment but is usually in an area that is adequately cooled, heated, lighted, and ventilated.
Minimum Qualifications
Bachelor’s degree in general studies, business, management, or related field preferred.
Minimum one (1) to three (3) years of experience in collections or similar experience
Credit union or retail banking experience preferred.
Strong communication, problem-solving, administrative, multitasking, and organizational skills required.
In-depth knowledge of laws and policies related to debt collection.
Bilingual preferred
Bondable
For All Candidates:
This is a Full-Time, Hourly role.
Wellby is an equal opportunity and affirmative action employer and gives consideration for employment to qualified applicants without regard to race, color, religion, sex, national origin, age, disability, genetic information, sexual orientation, gender identity or expression, pregnancy, veteran status or any other legally protected characteristic. If you'd like more information about your EEO rights as an applicant under the law, click here for English / Spanish.
Wellby provides equal opportunity to qualified individuals with disabilities and disabled veterans. If you need a reasonable accommodation, please email [email protected] or call 800-940-0708 for assistance.
Disclaimer
The statements herein are intended to describe the general nature and level of work being performed by team members and are not to be construed as an exhaustive list of responsibilities, duties, and skills required of personnel so classified. Furthermore, they do not establish a contract for employment and are subject to change at the discretion of the Company.