Loss Mitigation Manager

About the role

The Loss Mitigation Manager is responsible for managing the Loss Mitigation Team and their efforts to proactively manage delinquent accounts by contacting Credit Union members. This role involves identifying potential risks, working with internal team and members to resolve payment issues and escalated situations, providing advanced oversight of repayment solutions, and implementing strategies to mitigate loan losses.

Responsibilities

• Manages early and late-stage delinquency management efforts by ensuring the Loss Mitigation Team monitors loan accounts and identifies members who are at risk of becoming delinquent.
• Oversees and provides leadership guidance to Loss Mitigation Team Leaders in accordance with organizational strategy and principles.
• Provides primary oversight of Loss Mitigation workforce management and scheduling.
• Recommends strategic collection efforts and assists in operational implementation of strategy.
• Aids in creating and maintaining oversight of all front end collection efforts to ensure team goals and KPIs are met.
• Approves escalated repayment plans and settlements.
• Approves strategic loan modifications and workout plans for approval.
• Provides primary escalation assistance to active and charged-off accounts.
• Safeguards the accurate documentation of all member interactions, payment agreements, and action plans in the core collection system.
• Shares information on financial education resources and tools to help members manage their finances and avoid future delinquencies.
• Fosters a culture of cross-team collaboration and bench-strength within the Loss Mitigation Team, including functions of escalated collection actions and Default Management.
• Maintains and trains knowledge of Loss Mitigation Team practices and procedures to best aid in cross-team communication.
• Serves as primary resource for knowledge of elevated account actions, insurance claims, and collateral recovery efforts to best assist with membership communication pre and post charge off.
• Collaborates as necessary with other internal business units and resources to ensure a coordinated approach to loss prevention.
• Partners with the AVP of Risk Assessment and Loss Mitigation in reviewing reports on delinquency trends, member interactions, and recovery efforts.
• Ensures all activities are in compliance with federal and state regulations, as well as Credit Union policies, guidelines, and procedures.
• Takes ownership for actions, decisions, and results; openly accepts feedback and demonstrates both the willingness and ability to improve.

Qualifications

• Minimum 7 – 9 years’ experience in Consumer, Commercial, and Real Estate collections, or combination of experience and advanced education.
• Minimum 1-3 years of experience in a lead or leadership role in financial services.
• Practical experience analyzing consumer credit reports, income statements, and credit principles.
• Demonstrated understanding of accounting principles and business financial statements and tax returns.
• Demonstrated experience with credit procedures, policies, regulations and laws, in addition to knowledge of bankruptcy and consumer law.
• Must be able to work onsite at Credit Union administrative headquarters.
• 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.

Preferred Qualities

• Bachelor's degree in Business Management or related field.
• 1 – 3 years of experience in credit underwriting, portfolio evaluation, or administration.
• Prior escalated collections experience including repossession, foreclosure, and small claims management.

Contact Us

If you have questions about this position description, please feel welcome to ask. You can reach our HR Department at: Civic Human Resources 3600 Wake Forest Road, Raleigh, NC 27609 careers@civicfcu.org