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Loss Mitigation Specialist

$79,174 - $105,967/Yr

University of Iowa - North Liberty, IA

posted 2 months ago

Full-time - Mid Level
North Liberty, IA
Educational Services

About the position

The position involves analyzing accounts prior to charge off to ensure all collection efforts have been exhausted, thereby mitigating losses for the business. The role includes approving or recommending accounts for charge off, facilitating accounting requirements for asset transfers, and consulting with the Vice President of Account Resolutions on complex accounts. The position emphasizes a commitment to member service and teamwork, while also supporting a diverse and inclusive work environment.

Responsibilities

  • Analyze accounts prior to charge off to ensure all collection efforts have been exhausted.
  • Approve or recommend accounts for charge off based on company policy qualifications.
  • Facilitate accounting requirements for transferring assets to OREO status.
  • Consult with the Vice President/Account Resolutions on complex accounts.
  • Maintain and update member records and record all communications and collection activity.
  • Possess higher system permissions for deferments, modifications, TDRs, and workout loans.
  • Balance the collection GL and calculate Legal Reserve recovery.
  • Assist with departmental training or job shadowing.
  • Review accounts with supervisory staff and recommend charge offs, repossession, and foreclosure actions.
  • Provide monthly charge off and recovery statistics for reporting purposes.
  • Refer members to financial counseling resources when necessary.
  • Cross-sell Credit Union products and services when appropriate.
  • Support Account Resolution Processors as needed.
  • Participate in community service organizations and credit union events annually.
  • Manage the pipeline of aged accounts to ensure due diligence is completed.
  • Provide coaching to AR Specialists on resolving delinquency issues.
  • Transfer foreclosed properties to OREO and maintain insurance on those properties.
  • Act as a backup contact for 3rd party Recovery Agency inquiries in the absence of the Recovery Coordinator.
  • Manage vendor payments for the department.

Requirements

  • Minimum of three years collection experience, with two years in loss mitigation.
  • Knowledge of collection practices, consumer credit, real estate, and bankruptcy laws and regulations.
  • Two-year college degree or completion of a specialized course of study or extensive in-house training.
  • Ability to work independently and prioritize assignments effectively.
  • Strong interpersonal and persuasive skills for member interactions.
  • Attention to detail and accuracy in handling large volumes of information.
  • Ability to operate related computer applications and office equipment.
  • Must be bondable.

Nice-to-haves

  • Experience in financial counseling or credit union services.
  • Familiarity with OREO processes and management.

Benefits

  • Progressive benefit package including health insurance and retirement plans.
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