Loss Mitigation & Recovery Specialist

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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.

• Collecting delinquent accounts, Posting Payments, Mortgage Letters, Collection Letters
• Assist with member correspondence- member inquiries, complaints, billing questions and payment/extension service requests
• Contact and counsel delinquent members in an attempt to cure delinquency utilizing all payment options and loss mitigation tools offered by CU
• 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, and other similar activities, within Wellby designated software platform(s) and applicable reporting.
• Ensure required notifications, including breach and collection letters, and any applicable state/regulatory/investor letters are sent to members
• Collect returned checks (NSF, stop payment, refer to maker, etc.) deposited by members
• Monitor activity of members on Consumer Credit Counseling services.
• Prepare and post transfer of available funds from member’s share account to apply to delinquent loan accounts.
• Process skip tracing routine to locate clients
• Review, and recommend which accounts qualify for possible legal action, or charge off
• Pay third party invoice
• Oversee entire repossession process; processing, decisions, follow up on account and forbearance collection.
• Manage Member Correspondence, Reworks, Repossessions, Bankruptcy.
• Make corrections and update credit bureau reports as needed
• Set up payment and forbearance agreements over the phone to meet team goals monthly
• Prepare/Recommend loans for charge off review
• Resolve issues related to settlements, bankruptcy, or charge-off actions
• Perform Charge off share accounts
• Perform File Sequestration
• Perform share transfers for amounts up to authorized limits
• Process disputes and corrections via E-Oscar;
  Perform collections on past due mortgage accounts; verify Mortgage wires for funding
• Implement loss mitigation options, prepare, process and send appropriate notifications, when applicable.
• 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.

• 3-5 years of collections or similar experience
• An associate degree, years of experience and/or certifications
• In-depth knowledge of laws and policies related to debt collection.
• Effective communication, problem solving, administrative and analytical skills required Ability to work independently and to adapt to a fast-changing environment.
• Proficiency in Microsoft Office
• Willingness and ability to exhibit Wellby Core Values every day.

• Must be able to stand or sit for prolonged periods.
• Must be able to remain in a stationary position 50% of the time.
• The person in this position…