Loss Mitigation & Recovery Specialist

Wellby Financial • Webster, TX

1d • Onsite

About The Position

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.

Requirements

• Minimum one (1) to three (3) years of experience in collections or similar experience
• Strong communication, problem-solving, administrative, multitasking, and organizational skills required.
• In-depth knowledge of laws and policies related to debt collection.
• Bondable

Nice To Haves

• Bachelor’s degree in general studies, business, management, or related field preferred.
• Credit union or retail banking experience preferred.
• Bilingual preferred

Responsibilities

• Assist with member correspondence- member inquiries, complaints, billing questions and payment/extension service requests.
• Contact and counsel delinquent members to cure delinquency utilizing all payment options and loss mitigation tools offered by Wellby.
• 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, texting and other similar activities.
• Ensure required notifications, including breach and collection letters, and any applicable state/regulatory/investor letters are sent to members.
• Perform skip tracing routine to locate member.
• Review, and recommend which accounts qualify for possible legal action, or charge-off.
• Review vendor invoices for accuracy and submit for payment.
• Oversee entire repossession process; processing, decisions, and follow up with repo agent or member.
• Manage Reworks, Repossessions, Bankruptcy, charge-off negative share accounts.
• Make corrections and update credit bureau reports in accordance with FCRA.
• Resolve issues related to settlements, bankruptcy, payments, and/or charge-off actions.
• Perform Charge off share accounts.
• Perform File Sequestration.
• Perform share transfers for amounts up to authorized limits.
• Implement loss mitigation options, prepare, process and send appropriate notifications.
• 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.
• Performs other duties as assigned.

Benefits

• Wellby is an equal opportunity and affirmative action employer and gives consideration for employment to qualified applicants without regard to race, color, religion, sex, national origin, age, disability, genetic information, sexual orientation, gender identity or expression, pregnancy, veteran status or any other legally protected characteristic.
• Wellby provides equal opportunity to qualified individuals with disabilities and disabled veterans.
• If you need a reasonable accommodation, please email [email protected] or call 800-940-0708 for assistance.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level