Loss Mitigation Specialist
About The Position
Beginnings Credit Union (Beginnings) is seeking a detail-oriented and self-motivated Loss Mitigation Specialist to join the Asset Recovery department. This individual will assist with periodic reporting, written communications with members, file maintenance of delinquent accounts and other administrative duties. Responsibilities: Ensures quality control with the Collections Department to be in compliance with CU’s policies and procedures as well as State and Federal laws and regulations. Ensures compliance in all legal and regulatory responsibilities including bankruptcy, foreclosures, and accuracy in credit bureau reporting. Processing negative share draft account closures, including charging off accounts, and reporting to ChexSystems when applicable. Processing approved Loan Modifications and Extensions in the core system. Assisting in preparation of monthly charge off report and processing of loan charge off transactions. Send notices of default and deficiency balance letters to members. Processing and tracking recovery payments on charged off loans and deposit accounts. Processing of title documentation and auction proceeds post-repossession and remarketing. Responsible for filing of various insurance claims, such as borrower security, collateral protection, and lenders protection, and processing of any resulting payments. Sorting and processing of departmental mail. Processing bankruptcy notifications and preparing files to send for attorneys, ensuring that the Credit Union is in compliance with bankruptcy laws. Flag bankrupt accounts to cease collections, pull schedules and other important bankruptcy documents in PACER, communicate with attorneys regarding filing proof of claims, reaffirmations, relief from stay and coordination of repossessions when needed. Responsible for reviewing credit report disputes and updating credit reports in eOscar. Filing foreclosure notices with New York State and preparing foreclosure files for attorneys. Corresponding with members, vendors, and internal staff regarding the above processes and transactions. Maintain Bankruptcy Spreadsheet to include, name, acct no, type of BK, date of filing, type of loan, balance of loan and if there will be a loss. Maintain and update by year for figures to be included in the Call Report. Reports delinquent loan information and PMI to Secondary Market Investors. Update internal Alerts and Memos as necessary. Performs other related duties as assigned. Adhere to Bank Secrecy Act (BSA) regulations and all related Credit Union policies and procedures. Assist Asset Recovery with collection activities as needed.
Requirements
- One to three years of similar or related experience (Credit Reporting, Collections, Customer Service, Loss Mitigation/Hardship Solicitation)
- Minimum of a high school education or GED.
- Strong organizational abilities.
- Knowledge of Excel software.
- Ability to multi-task.
- Excellent communication skills.
- Ability to negotiate with a high degree of tact and ability to build trust.
Responsibilities
- Ensures quality control with the Collections Department to be in compliance with CU’s policies and procedures as well as State and Federal laws and regulations.
- Ensures compliance in all legal and regulatory responsibilities including bankruptcy, foreclosures, and accuracy in credit bureau reporting.
- Processing negative share draft account closures, including charging off accounts, and reporting to ChexSystems when applicable.
- Processing approved Loan Modifications and Extensions in the core system.
- Assisting in preparation of monthly charge off report and processing of loan charge off transactions.
- Send notices of default and deficiency balance letters to members.
- Processing and tracking recovery payments on charged off loans and deposit accounts.
- Processing of title documentation and auction proceeds post-repossession and remarketing.
- Responsible for filing of various insurance claims, such as borrower security, collateral protection, and lenders protection, and processing of any resulting payments.
- Sorting and processing of departmental mail.
- Processing bankruptcy notifications and preparing files to send for attorneys, ensuring that the Credit Union is in compliance with bankruptcy laws.
- Flag bankrupt accounts to cease collections, pull schedules and other important bankruptcy documents in PACER, communicate with attorneys regarding filing proof of claims, reaffirmations, relief from stay and coordination of repossessions when needed.
- Responsible for reviewing credit report disputes and updating credit reports in eOscar.
- Filing foreclosure notices with New York State and preparing foreclosure files for attorneys.
- Corresponding with members, vendors, and internal staff regarding the above processes and transactions.
- Maintain Bankruptcy Spreadsheet to include, name, acct no, type of BK, date of filing, type of loan, balance of loan and if there will be a loss.
- Maintain and update by year for figures to be included in the Call Report.
- Reports delinquent loan information and PMI to Secondary Market Investors.
- Update internal Alerts and Memos as necessary.
- Performs other related duties as assigned.
- Adhere to Bank Secrecy Act (BSA) regulations and all related Credit Union policies and procedures.
- Assist Asset Recovery with collection activities as needed.
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What This Job Offers
Job Type
Full-time
Career Level
Entry Level
Education Level
High school or GED
