Manager, Loss Mitigation

Description

Oversee all Credit Union collection activities, ensuring workflows align with departmental goals and comply with policies and applicable laws (including bankruptcy and FDCPA, UCC and other governing acts). Coordinates with third parties (attorneys, repossession agencies, insurance agents, and realtors) to mitigate risk and loss. Fosters a positive, growth-oriented team culture and shares loss mitigation expertise across departments. Collaborate with internal partners—including Mortgage, Loan Servicing, Lending, Contact Center, Portfolio Analytics and Branch Operations—to support members' loan needs.

• Hire, develop and lead the Loss Mitigation staff to ensure proper and timely processing of all collection transactions, making certain that members receive a high quality of service in harmony with the Credit Union’s core purpose of being “Our Members’ Trusted Partner for Financial Success”.
• Write and develop job descriptions as the department continues to grow to ensure the structure of the department is aligned to the organizational goals.
• Manage the loss mitigation function to minimize financial loss and legal/compliance risk to the Credit Union while maximizing assistance to members experiencing financial difficulty.
• Analyze and develop appropriate recommendations for workflows, loan restructuring, foreclosure, fraud, repossession and charge-offs. Coordinate solutions for recovery with the asset recovery manager. Assist with marketing of foreclosed property and approve repossession of vehicles. Prepare annual tax-reporting documents regarding charge-offs (that is, issue IRS Form 1099
  
  Cs as appropriate).
• Work closely with legal counsel on pursuing debtors. Participate in mediations and arbitrations and testify in court when required.
• Monitor, review and report collection activity performed on all delinquent loans, credit cards, overdrawn deposit accounts and returned checks. Oversee the administration of the Courtesy Pay program, including repayment plans.
• Prepare monthly reporting regarding delinquency trends, changes to strategy, and team member KPI’s for submission to the VP of Special assets.
• Administer and monitor the collection system software AKUVO to ensure efficient and effective collection processes. Analyze and work with portfolio analytics to understand data being imported and to develop effective technical enhancements.
• Analyze, develop and recommend effective loss mitigation enhancements to increase service efficiency and effectiveness.
• Ensure compliance of documentation retention guidelines and storage for all collection files.
• Communicate effectively with senior management, staff, loan officers, peers and executive leadership team.
• Review and approves hardship requests from members experiencing financial challenges.
• Facilitate workout packets that are higher than the managers approval threshold, providing background and recommendations for each case. Prepare loan modifications.
• Oversee processing of garnishments (from all states’ agencies and from private parties) and IRS tax levies; understand different processing requirements for different garnishments and levies.
• Provide superior member experience by fostering a department where Loss Mitigation reps:

• Actively listen to and assess the needs of the members
• Explain the features and benefits of targeted products and services
• Offer targeted solutions to meet the members’ needs

• Ensure proper reporting of loan-related information to third parties (including credit reporting agencies).
• Ensure accurate development and monitoring of department budget. Collect empirical data to help gauge the volume of the department’s work, which should help ensure employees have the proper tools and resources to successfully perform the requirements of their job.
• Create development tools to help team members improve their performance and efficiency as it aligns with the credit unions goals.
• Performs other duties as assigned.

• Possesses superior interpersonal skills. Demonstrates daily the Credit Union's commitment to maintaining a close and caring touch with its members.
• Able…