Loss Mitigation Specialist

Under the direction of the manager is responsible for performing collection activities associated with various negative shares and delinquent member accounts, including Visa credit and debit cards, lines of credit, secured loans, signature loans, real estate loans, home equity lines of credit, overdrawn shares and over limit VISA credit. Looks for trending fraud activity including loan fraud and fraud rings. Reviews delinquent and or negative shares and problem accounts, determines probable reasons for account status, and contacts members to resolve the delinquencies.

Utilizes various techniques, as circumstances indicate, to promptly collect on delinquent and or negative share accounts. Has basic knowledge to assist Real Estate, Bankruptcy, Garnishment/Levy, Consumer Loan and Credit Bureau areas. Ensures that the Credit Union's professional image is always maintained.

• The effective and professional performance of Loss Mitigation functions.
• Receives daily/monthly reports to be worked in a prompt manner.
• 45 Day Negative Checking
• Returned Checks
• Accounts Negative 120+ Day
• Negative Share - No Return Items
• Over Limit Visa and or Line of Credit
• $500 Negative Over the Dynamic Limit
• Kiting
• Exception List on closed accounts receiving Direct Deposits
• Follows up the all reports and problem accounts by telephone, personal contact, and correspondence to secure a satisfactory resolution to the repayment problem. Discusses possible financial arrangements, informs members of potential legal actions, and suggests financial counseling to arrive at suitable payment arrangements. Continues to collect until share(s) becomes a write-off, bankruptcy, or attorney account. Makes early contact with members and joint owner(s) to collect and keep them informed of share status.
  
  Uses Collection tools for problem resolution.
• Educated on and up to date on the Service Member Civil Relief Act, Fair Debt Collection Act and Federal Credit Union Act - NCUA Overdraft Guidelines.
• Updates systems associated with fraud and or losses caused to the credit union including Chex Systems (FIS) and True Checks. As well as all internal AFCU systems.
• Complies with the Bank Secrecy Act by gathering information and reporting SAR’s when warranted.
• Utilizes effective human relations skills and various forms of persuasion to present a positive Credit Union image in an already negative situation. Calms irate members and answers member questions and complaints relevant to department functions. Determines reasons for negative and works toward permanent solutions. Minimizes losses by early actions.
• Counsels members on Overdraft Service to help understand how the service works.
• Utilizes further appropriate collection methods if initial attempts do not secure required payment. Suggests consolidations, financial counseling, and repossessions as needed. Recommends extensions of due dates.
• Recommends Pre-Litigation on negative deposit accounts. Performs skip tracing to locate the member, assets and or place of employment.
• Recommends accounts for charge off and completes related processing. Prepares documentation on approved accounts.
• Recommends small claims court complaints and post judgment actions including garnishments, supplemental orders and executions.
• Refers accounts to Legal Collector for civil matters, bankruptcy, foreclosure and related legal actions.
• Performs collections efforts in accordance with Credit Union policies and procedures and ensures they are legally compliant.
• Collects payments on losses the credit union has suffered. Looks at reestablishing accounts after loss has been paid in full.
• The efficient administration of Loss Mitigation activities.
• Documents all collection actions taken, including telephone conversations, alternative financial arrangements, and correspondence via email or written.
• Cross collateralizes assets when the credit union has taken a loss.
• When possible fraud has been discovered a lock down of the account is done immediately including deactivating PIN, blocking cards, removing Overdraft Service and coding account to protect the member and credit union from further loss.
• Ensuring that professional business relations are established and…