Senior Default & Recovery Specialist

The Senior Default & Recovery Specialist is responsible for managing the credit union's most complex delinquent, charged-off, bankruptcy, repossession, foreclosure, and recovery accounts. This role serves as a subject matter expert in loss mitigation strategies, member workout programs, collections compliance, and recovery operations. The incumbent works directly with members experiencing financial hardship, vendors, attorneys, repossession agencies, and internal stakeholders to minimize losses while maintaining the credit union's commitment to member service.

The Senior Default & Recovery Specialist analyzes high-risk loan portfolios, recommends resolution strategies, negotiates repayment arrangements, and ensures adherence to all regulatory requirements and internal policies.

• Manage a portfolio of delinquent consumer, indirect, home equity, and real estate loans.
• Contact members regarding past-due accounts and negotiate repayment solutions.
• Assess member financial situations and recommend appropriate workout options.
• Monitor and manage accounts through all stages of delinquency.

• Develop and implement loss mitigation strategies to reduce charge-offs.
• Negotiate settlements, payment arrangements, modifications, and workout plans.
• Manage repossession and recovery activities for secured collateral.
• Coordinate with auction companies, collection agencies, and recovery vendors.
• Review recovery opportunities on charged-off accounts.

• Monitor bankruptcy filings and coordinate with legal counsel.
• Prepare documentation related to bankruptcies, judgments, and legal actions.
• Track foreclosure and deficiency balance activity where applicable.
• Ensure compliance with applicable court requirements and deadlines.

• Analyze delinquency trends and identify emerging portfolio risks.
• Prepare monthly collection and recovery performance reports.
• Track recovery rates, charge-off ratios, and loss mitigation effectiveness.
• Recommend improvements to collection strategies and procedures.

• Ensure compliance with:
• NCUA regulations
• Fair Debt Collection Practices Act (FDCPA)
• Fair Credit Reporting Act (FCRA)
• Bankruptcy Code requirements
• Massachusetts state collection laws
• Credit union policies and procedures
• Maintain complete and accurate account documentation.
• Support internal and external audits.

• Provide professional and compassionate service to members experiencing hardship.
• Serve as a resource and mentor for junior collections personnel.
• Assist management with department training and process improvements.
• Participate in special projects as assigned.

• Associate’s degree in business, Finance, Accounting, or related field; bachelor’s degree preferred.
• Minimum 5 years of progressive collections, default management, loss mitigation, recovery, or consumer lending experience.
• Experience handling bankruptcies, repossessions, and charged-off loan portfolios.
• Strong knowledge of consumer lending and collections regulations.
• Experience working within a credit union or community financial institution is preferred.
• Proficiency with core banking and collections systems.
• Strong analytical, negotiation, and conflict-resolution skills.
• Excellent written and verbal communication abiliti