Manager, Loss Mitigation

Sandia Laboratory Federal Credit Union•Albuquerque, NM

80d•$80,699 - $100,874

About The Position

Job Summary: Oversee all Credit Union collection activities, ensuring workflows align with departmental goals and comply with policies and applicable laws (including bankruptcy and FDCPA, UCC and other governing acts). Coordinates with third parties (attorneys, repossession agencies, insurance agents, and realtors) to mitigate risk and loss. Fosters a positive, growth-oriented team culture and shares loss mitigation expertise across departments. Collaborate with internal partners—including Mortgage, Loan Servicing, Lending, Contact Center, Portfolio Analytics and Branch Operations—to support members' loan needs.

Requirements

Possesses superior interpersonal skills. Demonstrates daily the Credit Union's commitment to maintaining a close and caring touch with its members.
Able to handle difficult situations and people in a positive and professional manner.
Possesses strong leadership skills. Consistently sets a good example and serves as a positive role model to others.
Function well within departmental and cross-functional teams. Able to work proactively with team members in developing and achieving a common goal.
Demonstrates willingness and ability to train others effectively.
Able to supervise and train employees, to include organizing, prioritizing and scheduling work assignments.
Able to review real estate appraisals and credit reports and detect possible errors.
Exhibits exceptional problem-solving skills; identifies and resolves problems in a timely manner and gathers/analyzes information skillfully.
Demonstrates excellent organizational and time management skills; able to handle/prioritize multiple tasks and projects and meet departmental deadlines.
Possesses superior verbal and written communication skills.
Able to explain collection and/or lending-related topics to others clearly and succinctly.
Exceptional understanding of applicable laws, including the Fair Debt Collections Practices Act, the Fair Credit Reporting Act, the Telephone Consumer Protection Act, the UCC, and bankruptcy proceedings, as well as understanding how lawsuits and judgements operate in different states and how to domesticate judgments.
Thorough knowledge of Sunward loan policies.
Thorough knowledge of Credit Union products and services, features, and benefits.
Advanced proficiency with personal computer applications (e.g., Microsoft Office applications, the Internet and artificial intelligence) demonstrates the ability to learn and effectively utilize multiple software systems, including third party collection software.
Minimum six years' collection experience in mortgages, consumer loans and credit cards.
Minimum three years' experience in a supervisory or team lead role.
Associate's degree or completion of a specialized course of study in business or related field, or equivalent experience. Bachelor's degree preferred.
Prolonged periods of sitting at a desk and working on a computer.
Must be able to lift 20 pounds at times.

Nice To Haves

Bachelor's degree preferred.

Responsibilities

Hire, develop and lead the Loss Mitigation staff to ensure proper and timely processing of all collection transactions, making certain that members receive a high quality of service in harmony with the Credit Union's core purpose of being “Our Members' Trusted Partner for Financial Success”.
Write and develop job descriptions as the department continues to grow to ensure the structure of the department is aligned to the organizational goals.
Manage the loss mitigation function to minimize financial loss and legal/compliance risk to the Credit Union while maximizing assistance to members experiencing financial difficulty.
Analyze and develop appropriate recommendations for workflows, loan restructuring, foreclosure, fraud, repossession and charge-offs. Coordinate solutions for recovery with the asset recovery manager. Assist with marketing of foreclosed property and approve repossession of vehicles. Prepare annual tax-reporting documents regarding charge-offs (that is, issue IRS Form 1099Cs as appropriate).
Work closely with legal counsel on pursuing debtors. Participate in mediations and arbitrations and testify in court when required.
Monitor, review and report collection activity performed on all delinquent loans, credit cards, overdrawn deposit accounts and returned checks. Oversee the administration of the Courtesy Pay program, including repayment plans.
Prepare monthly reporting regarding delinquency trends, changes to strategy, and team member KPI's for submission to the VP of Special assets.
Administer and monitor the collection system software AKUVO to ensure efficient and effective collection processes. Analyze and work with portfolio analytics to understand data being imported and to develop effective technical enhancements.
Analyze, develop and recommend effective loss mitigation enhancements to increase service efficiency and effectiveness.
Ensure compliance of documentation retention guidelines and storage for all collection files.
Communicate effectively with senior management, staff, loan officers, peers and executive leadership team.
Review and approves hardship requests from members experiencing financial challenges.
Facilitate workout packets that are higher than the managers approval threshold, providing background and recommendations for each case. Prepare loan modifications.
Oversee processing of garnishments (from all states' agencies and from private parties) and IRS tax levies; understand different processing requirements for different garnishments and levies.
Provide superior member experience by fostering a department where Loss Mitigation reps: · Actively listen to and assess the needs of the members · Explain the features and benefits of targeted products and services · Offer targeted solutions to meet the members' needs
Ensure proper reporting of loan-related information to third parties (including credit reporting agencies).
Ensure accurate development and monitoring of department budget. Collect empirical data to help gauge the volume of the department's work, which should help ensure employees have the proper tools and resources to successfully perform the requirements of their job.
Create development tools to help team members improve their performance and efficiency as it aligns with the credit unions goals.
Performs other duties as assigned.