Loss Mitigation Specialist (Collections)

Civic Credit Union•Raleigh, NC

About The Position

Loss Mitigation Specialist is responsible for proactively managing delinquent accounts by contacting Credit Union members. This role involves identifying potential risks, working with members to resolve payment issues, providing repayment solutions, and implementing strategies to mitigate loan losses.

Requirements

Minimum 4-6 years experience in consumer loan product collections, financial services or related field.
Must have an understanding of accounting principles and business financial statements and tax returns.
Must be knowledgeable in the process of analyzing personal tax returns, personal financial statements, and credit bureau reports.
Experience with credit procedures, policies, regulations and laws, in addition to knowledge of bankruptcy and consumer law.
Strong interpersonal skills with ability to work in a team environment.
Ability to function in a Consumer business office environment and utilize standard office equipment including but not limited to: PC, copier, telephone, etc.
Ability to lift a minimum of 25 lbs. (file boxes, computer).
Travel required on occasion.

Nice To Haves

Bachelor’s degree in finance, Accounting, Economics, Business or related field required.
Prefer a minimum of 2-4 years of Credit Union consumer credit experience.
Knowledge of loan structuring and work-out solutions in desirable.

Responsibilities

Provide early and late-stage delinquency management by monitoring loan accounts and identify members who are at risk of becoming delinquent.
Proactively contact members via phone, email, or other communication methods to discuss their accounts and identify reasons for delinquency
Work with members to develop repayment plans, loan modifications, or other solutions to bring accounts current.
Ensure a consultative member approach to restructuring loans as necessary, providing direction on improving the financial outlook of the member in the future.
Accurately document all member interactions, payment agreements, and actions plans in the core collection system.
Provide members with information on financial education resources and tools to help them manage their finances and avoid future delinquencies.
Collaborate as necessary with other internal business units and resources to ensure a coordinated approach to loss prevention.
Assist the AVP of Risk Assessment and Loss Mitigation with reviewing reports on delinquency trends, member interactions, and recovery efforts.
Ensure all activities are in compliance with federal and state regulations, as well as Credit Union policies, guidelines, and procedures.
Take ownership for actions, decisions, and results; openly accept feedback and demonstrate both the willingness and ability to improve.