Consumer Loan Modification Specialist

VyStar Credit Union•Jacksonville, FL

About The Position

At VyStar, we offer competitive pay, an excellent benefit package that includes a 401(k) Plan, an extensive paid technical and on-the-job training program, and tuition reimbursement--available to all full and part time employees. Part time positions start at a minimum of 30 hours per week. We encourage you to become a part of VyStar Credit Union's family of employees. Consumer Loan Modification Specialist ACCOUNTABILITY STATEMENT The Consumer Loan Modification Specialist processes consumer loan modification requests received from members that are experiencing a change in their financial position that is affecting their ability to maintain timely payments. All activities related to processing a consumer loan modification request must be conducted in compliance with credit union policies, procedures as well as all State, Federal and local regulations. Proficiency with all software, core systems and loan origination systems to include any applicable system coding required for tracking and reporting purposes. The incumbent will report to the Collections Operations Supervisor and will work collaboratively with the Sr. Loan Modification Coordinator on a day-to-day basis. ESSENTIAL FUNCTIONS Reviews incoming consumer loan modification requests and accompanying documentation for completeness. Incumbent must possess an astute attention to detail and follow-up at all times to ensure accuracy and timeliness of all documents pertaining to consumer loan modification and trouble debt restructure (TDRs) requests. Requests additional documentation required from member to complete the consumer loan modification process. Pulls and reviews credit report to ensure the accurate calculation of debt to income ratios. Verifies that NADA values are accurate on secured loans. Prepares required modification worksheets and makes a recommendation for management consideration and Sr. Consumer Loan Modification Coordinator. Communicates final consumer loan modification decision to the member, including terms and conditions of modification approval or reasons for modification declination. Completes documents and coordinates with member as to time and location of execution of documents needed for modification. Prepares consumer loan modification documentation and places the modification package in the appropriate branch folder in Laserfiche. Prepares and sends notice of adverse action for disapproved consumer loan modification requests. Completes quality assurance review of completed modification documentation and takes appropriate steps to correct any errors notated during the review process. Completes the core system loan changes required to ensure loan is serviced in conjunction with the terms and conditions of consumer loan modification. Notates special payment plans such as reages and reduced payment plans in the collections system. Follow up to ensure payments are being made as per arrangements and review to ensure proper follow up by collector. Cross-trained to work the collection system queues to ensure each delinquent account has been followed for activity and account is accurately documented in the core collections systems. Cross-sells other credit union services. Counsels member and provides alternative recommendations should their request be denied. Performs the activities and projects as assigned and requested by the Consumer Loan Modification Coordinator, Collections Operations Supervisor, Collections Operations Manager and Vice President of Lending Service Operations. Identify and make recommendations to Sr. Consumer Loan Modification Coordinator, Collections Operations Supervisor, Collection Operations Manager and Vice President of Lending Service Operations regarding process improvements, quality service and increased efficiencies. Performs other duties as assigned. All employees and business units, as first line of defense, are expected to proactively help identify, assess, manage, and report risks within their domain of work. To enhance a healthy risk culture and support our growth for good pillar, employees will maintain vigilance in safeguarding our operations while ensuring compliance with regulatory mandates. The Risk team serves as the second line of defense by providing risk oversight and credible challenge whereas the Audit team serves as the third line of defense by providing risk assurance. VYSTAR EXCELLENCE Incumbent is expected to demonstrate each of the following VyStar Excellence behaviors in performing the duties and responsibilities of their job: Focus Focus your full attention by carefully listening to and observing client or member. Connect Consistently be friendly and approachable. Demonstrate your care. Understand Listen empathetically and ask questions (70%/30% rule). Counsel Recommend solutions based on your member’s needs and objectives. Advance Ensure that member’s expectations were exceeded. Verify necessary follow-up actions.

Requirements

A minimum of three years experience in consumer loan processing and/or consumer loan collections within a financial environment is required.
Knowledge of Federal and State regulations related to consumer lending such as the Equal Credit Opportunity Act, Truth in Lending Act, as well as the regulations related to collection activities such as the Fair Credit Reporting Act, Fair Debt Collections Practice Act (FDCPA), and Federal Bankruptcy Laws.
Applicant must exhibit and demonstrate positive, well-developed communication skills, both written and verbal, be detail oriented, have excellent organizational and active listening skills, the ability to work in a fast paced environment, and proven ability to work with others at all levels.
Must have professional conduct and appearance at all times and be self-motivated.
Must work under the philosophy of “people helping people” and be able to communicate with members and legal council at all levels.
Applicants must demonstrate the qualities of a self-starter and one who follows through on all job duties.
Equipment to be used in the daily performance of job duties include HP calculator, PC, and multi-function equipment (fax, scanner, and copier) is required.
Knowledge of all Microsoft Office applications and credit union software and/or core operating systems pertinent to completing various tasks and responsibilities of the position is required.
The minimum formal education required is completion of high school.
Incumbent must be knowledgeable of Federal and State regulations governing collections and loan consumer modification documentation.
Continuing education via local conferences and workshops is required for updates on federal and state regulations, as necessary.

Responsibilities

Reviews incoming consumer loan modification requests and accompanying documentation for completeness.
Requests additional documentation required from member to complete the consumer loan modification process.
Pulls and reviews credit report to ensure the accurate calculation of debt to income ratios.
Verifies that NADA values are accurate on secured loans.
Prepares required modification worksheets and makes a recommendation for management consideration and Sr. Consumer Loan Modification Coordinator.
Communicates final consumer loan modification decision to the member, including terms and conditions of modification approval or reasons for modification declination.
Completes documents and coordinates with member as to time and location of execution of documents needed for modification.
Prepares consumer loan modification documentation and places the modification package in the appropriate branch folder in Laserfiche.
Prepares and sends notice of adverse action for disapproved consumer loan modification requests.
Completes quality assurance review of completed modification documentation and takes appropriate steps to correct any errors notated during the review process.
Completes the core system loan changes required to ensure loan is serviced in conjunction with the terms and conditions of consumer loan modification.
Notates special payment plans such as reages and reduced payment plans in the collections system.
Cross-trained to work the collection system queues to ensure each delinquent account has been followed for activity and account is accurately documented in the core collections systems.
Cross-sells other credit union services.
Counsels member and provides alternative recommendations should their request be denied.
Performs the activities and projects as assigned and requested by the Consumer Loan Modification Coordinator, Collections Operations Supervisor, Collections Operations Manager and Vice President of Lending Service Operations.
Identify and make recommendations to Sr. Consumer Loan Modification Coordinator, Collections Operations Supervisor, Collection Operations Manager and Vice President of Lending Service Operations regarding process improvements, quality service and increased efficiencies.
Performs other duties as assigned.
All employees and business units, as first line of defense, are expected to proactively help identify, assess, manage, and report risks within their domain of work.
To enhance a healthy risk culture and support our growth for good pillar, employees will maintain vigilance in safeguarding our operations while ensuring compliance with regulatory mandates.