Loss Mitigation Specialist

SRP FEDERAL CREDIT UNION • North Augusta, SC

1d • Onsite

About The Position

Under the general supervision of the Loss Mitigation Manager, this role performs a variety of activities with a major focus on the collection of past-due credit products. Efforts are conducted in a professional, ethical, and empathetic manner to promote and maintain member relations and goodwill. The specialist works to minimize losses and ensure compliance with applicable laws, rules, and regulations. This role requires proactive, innovative, and creative work to meet member and company needs, with familiarity in standard concepts, practices, and procedures within the Recovery field. The position relies on experience and judgment to plan and accomplish goals, performing a variety of tasks where a degree of creativity and latitude is required.

Requirements

• High School Diploma or General Education Degree (GED).
• 4 years related experience required.
• Knowledge of all applicable laws and regulations to collections.
• Good working knowledge of all related policies and procedures.
• Required work ethic to continue progressing in the Loss Mitigation Department.
• Knowledge of Microsoft Office software including Windows, Word, Excel, Outlook Email /Calendar, and Internet Explorer software.

Nice To Haves

• Up to 3 years of additional related experience.
• Experience with financial institution collections software systems is preferred.
• Proficient in the operation of the core processing system and other ancillary software.

Responsibilities

• Responsible for selling and cross-selling Credit Union services to current and potential members, using a "member benefit-based approach".
• Fully complies with the requirements of all Credit Union policies, including but not limited to the Bank Secrecy Act, the Patriot Act, and OFAC Policies.
• Stays abreast of all laws, rules, regulations, and procedures on debtor rights, collections and recovery, and/or credit union policy related to collecting past-due accounts.
• Collects and manages delinquent accounts by telephone, mail, and electronically.
• Documents activity and member contact in a detailed manner on the collection notes.
• Maintains an awareness of other negative balance accounts the member may own during the process of collecting an active loan account and works or refers them appropriately.
• Monitors delinquency reports daily.
• Assists members with financial counseling matters, making suggestions for resolving short-term delinquency.
• Maintains a working knowledge and understanding of contractual documentation, CPI, and other collateral insurance, security interest, and collateral maintenance.
• Utilizes basic system skills to explain payments, and calculate financial terms and credit services.
• Responsible for file maintenance of member personal information, account warnings, and monetary management holds.
• Blocks and Closes Visa Credit Cards and Lines of credit, documenting and removing same in a timely fashion to protect member goodwill and credit union integrity.
• Blocks online banking, documenting and removing same in a timely fashion to protect member goodwill and credit union integrity.
• Diffuses and resolves conflicts and escalates threats and dangerous situations to management.
• Receives and submits deposits, transfers, and payments, and balances daily.
• Gives override approval.
• Works varying schedules that include evenings.
• May be required to travel and undergo periodic training.
• May be assigned other tasks by appropriate line supervision.

Benefits

• Pre-employment background checks, including criminal records, credit reports, and drug tests, will be required. Job offers are contingent on successfully completing all pre-employment background screenings.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: High school or GED
• Number of Employees: 101-250 employees