Loss Mitigation Associate

Frontier Credit Union•Idaho Falls, ID

About The Position

Position Overview: The Loss Mitigation Associate is responsible for planning, organizing, and performing collection activities associated with delinquent loans, negative share accounts, and returned checks. Utilizes knowledge of collection policies and procedures to establish goals and objectives. Reviews delinquent 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 accounts. Prepares and completes related documentation.

Requirements

High school graduate or equivalent
Collections experience preferred
Understanding of credit union loan products and procedures
Understanding of account products and procedures
Ability to learn collections procedures and related laws and regulations; Must continue to increase and maintain knowledge
Consistently complies with all state and federal regulations as well as EICU policies and procedures
Proficient writing ability to maintain accurate reference of discussions and agreements
Operate a computer with proficiency of MS Office; Excellent knowledge of report software and processes
Ability to learn additional software programs specific to job duties
Persistence and professionalism are vital to the successful execution of this position and maintaining the professional image of the credit union
Communicate with courtesy, tact, and diplomacy in person and over the phone
Perform job functions independently with limited supervision; work effectively on own and as part of team
Ability to read and carry out various written instructions and follow verbal directions
Must remain composed in stressful, high-pressure situations. Calmly and professionally handle different personalities from diverse cultures at various levels within and outside of the organization and demonstrate highest levels of member service
Demonstrate extreme accuracy and quality, effectively handle multiple tasks and changing priorities, and exercise highest level of discretion on both internal and external matters
Maintain confidentiality in all matters
Reports to work regularly; maintains reliable and timely attendance. Available to work days and hours as dictated by business needs; includes Saturday shifts

Nice To Haves

Bilingual (English/Spanish) preferred

Responsibilities

Performs collection activities associated with delinquent loans, negative shares, and returned checks
Follows delinquency, negative shares and returned check notices
Contacts members by telephone and through other methods, provides them an opportunity to fully explain their loan status, discusses possible financial arrangements, and seeks to secure a satisfactory resolution to loan delinquencies and negative accounts
Educates members of potential legal actions, credit impact, and long-term effects of not satisfying obligations
Utilizes further appropriate collection methods if initial attempts do not secure required payment; Follows up on assigned accounts until delinquency is resolved
Documents all collection actions taken, including telephone conversations, alternative financial arrangements, and correspondence; Updates files with accurate record of activity
Prepares regular reports and summaries that indicate the type and status of delinquent accounts and collection activities
Researches loan accounts that appear on late/potentially late records to ensure that Credit Union errors are detected promptly
Maintains records accurately for collection of accounts charged to reserves
Utilizes effective tact and various forms of persuasion to collect while presenting a positive Credit Union image
Maintains composure and respect under stressful circumstances such as talking to potentially irate and insulting members
Answers member questions and complaints relevant to Department functions
Extends due dates or refers members to Loan Officers for refinancing of delinquent loans
Recommends actions regarding charge-offs. Continues related collection efforts
Ensures that collection efforts are performed in accordance with Credit Union policies and procedures and are legally compliant
Keeps accurate and up-to-date activity reports on late, potentially late, and delinquent loan lists.
Provides exceptional internal and external member service
Understands, applies, and complies with all Credit Union Policies and Procedures, State and Federal laws and regulations, and adheres to requirements set forth by the Bank Secrecy Act (BSA)