Retail Collection Services Representative III

Retail Collection Services Representative III

The Retail Collection Services Representative III is responsible for the resolution of delinquent retail loans, mortgages and home equity real estate loans from initial delinquency through liquidation. This position will oversee the foreclosure process for regulatory compliance as well as manage the default servicing, collection and liquidation of all portfolio, investor loans, and home equity loan participations. The Representative will assist in the resolution of troubled debt restructuring or foreclosure alternatives including negotiation of short sale transactions, deeds in lieu or identification of possible modification options.

Finally, the Representative III is knowledgeable and participates in the execution all responsibilities of the junior positions in this department as needed.

Essential Duties

· Responsible for management and control of assigned collection queue(s) and views. Ensures goals assigned for the individual collection queue(s) as well as departmental goals are achieved on a consistent basis.

· Ensures collection calls are conducted and documented in a respectful and professional manner and in full compliance with the Technology Credit Union's (TCU) standards, policies and procedures. Effectively discusses foreclosure alternatives with the members.

· Performs initial eligibility review and hardship analysis of the borrower's financial situation for recommendation of appropriate workout solutions.

· Monitors and applies California and federal foreclosure, anti-deficiency, and collection laws, including CA Assembly Bill (AB) 130, as well as applicable state and federal regulatory guidelines. Ensures legal documentation is accurate, complete, and maintained in compliance with requirements.

· Reviews, interprets, and implements investor and insurer procedural and policy changes to maintain compliance with Fannie Mae and Freddie Mac default servicing guidelines.

· Responsible for researching and responding to credit report disputes, ensures compliance with Fair Credit Reporting Act (FCRA).

· Completes property research and risk assessment (including recourse and bankruptcy analysis) and recommends delinquent real estate loans for foreclosure proceedings, specific reserves and/or charge-off.

· With management, coordinates foreclosure process including required due diligence, SCRA compliance, NOD recording, substation of trustee processing, authorization to publish, notice of sale approval and foreclosure bid instructions.

· Communicates with all parties of a 1st and/or 2nd mortgage short sale transaction to ensure regulatory compliance and a net result in the best interests of the Credit Union. Provides written analysis and recommendations to management for review and approval.

· Assists with management of real estate owned (REO) properties, ensures properties are maintained and manages relationships with outside vendor for REO process.

· Coordinates the closing process of all REO sales, follows up on removal of contingencies and coordinates with escrow to ensure property closes in a timely manner in accordance with contract terms.

· Maintains knowledge of bankruptcy procedure, including but not limited to Proof of Claims and Reaffirmations, and serves as back-up for bankruptcy processing as needed.

· Successfully utilizes collection framework and core systems to document all collection efforts on accounts. Maintains accurate collection statuses on internal and related vendor systems (RDI, FDI, SWBC, PACER) for seamless processing of account related services.

· Assist within-house post charge-off collection accounts, recommends settlements or repayment plans when appropriate.

· Presents various reports at Credit Loss Allowance Committee (CLAC) meetings as well as takes, transcribes and circulates for approval, CLAC Meeting Minutes.

· Maintains awareness of departmental workflow and priorities and assists coworkers with escalations and complex collection issues as needed.

· Provides support to junior positions when management is not available, including review of repossession recommendations and legal notices for approval.

· Supports and promotes…