Loss Mitigation & Recovery Specialist

Position Summary

The Loss Mitigation & Recovery Specialist role makes a difference in our members’ lives by building relationships with members who have encountered financial hardships and providing options for mitigating losses and recovering outstanding balances for the credit union.

Principle Duties And Responsibilities

• Willingness and ability to exhibit Wellby Core Values every day.
• Works with purpose and is driven to provide the best team member experience.
• Aid in member correspondence - handling inquiries, complaints, billing questions, and payment/extension service requests.
• Contact and counsel delinquent members to cure delinquency using available payment options and loss mitigation tools.
• Maintain knowledge of federal and state consumer protection laws and internal policies.
• File CPI claims and upload supporting documents.
• Ensure required notifications, including breach and collection letters, and relevant state/regulatory/investor letters are sent to members.
• Perform skip tracing routines to locate members.
• Review and recommend accounts that qualify for possible legal action or charge-off.
• Review vendor invoices for accuracy and submit for payment.
• Manage repossession processes, including processing, decisions, and follow-up with repo agents or members.
• Handle rework, repossession, bankruptcy, charge-off negative share accounts.
• Make corrections and update credit bureau reports in accordance with FCRA.
• Resolve issues related to settlements, bankruptcy, payments, and/or charge-off actions.
• Perform charge-off share accounts, file sequestration, and share transfers within authorized limits.
• Implement loss mitigation options, prepare, process, and send appropriate notifications.
• Conduct quality analysis of financial information to ensure accuracy.
• Align financial figures provided by members with supporting documentation.
• Communicate with borrowers or internal departments regarding specific financial information, including discussing debt to income and personal financial statements.
• Assume responsibility for related duties and special projects as required or assigned.
• Perform other duties as assigned.

Knowledge, Skills, And Abilities (KSA)

• Knowledge of Wellby’s organizational functions and general operating policies and procedures.
• Knowledge of secretarial practices and procedures, business English, spelling, and punctuation.
• Knowledge of personal computer usage, utilizing Microsoft Office Suite.
• Skilled in operating computer equipment and general office machines such as personal computers, copiers, projection equipment, audio/video, Microsoft Teams, Zoom Video Communications, and adding machines.
• Ability to interpret regulations affecting the Credit Union.
• Ability to communicate information and ideas so others will understand.
• Ability to work effectively across organizational departments and functions to achieve strategic goals.
• Ability to work in a fast-paced team environment with exceptional customer service skills.
• Ability to communicate clearly and concisely, orally and in writing.
• Ability to motivate others and work in a large cross-functional team dynamic.
• Ability to efficiently understand and follow oral and written instructions, perform routine duties without close supervision, and establish and maintain effective working relationships with other team members.
• Ability to coordinate several concurrent activities simultaneously.

Complexity & Scope of Work

The team member performs a variety of related tasks which are mostly routine but are sensitive in nature. Non-routine situations or conflicts are usually referred to the supervisor for resolution. Instructions to the team member may be general or specific in nature. Courses of action are determined by established procedures and/or management. The team member’s work is reviewed periodically for accuracy, completion, and compliance with the policies and procedures. Tasks may occasionally have to be coordinated, integrated, and/or prioritized.

Physical Demands & Work Environment

The physical demands and work environment characteristics described here represent those that must be met by a team member to successfully perform the essential functions of this position. Reasonable accommodations may enable individuals with disabilities to perform essential functions. To perform this job successfully, the team member is frequently required to remain in a stationary position 50% of the time. Daily movements include sitting; standing, reaching, and grasping, operating computers and other office equipment, moving about the office; and attending possible onsite and offsite meetings. The team member must be able to exchange information, in person, in writing, and via telephone. Some degree of stress results from contact with management and other team members. The ability to observe details at close range (within a few feet of the observer) is required. Must be able to occasionally lift items weighing up to 25 pounds across the office and load them onto shelves for various needs. The noise level in the work environment is usually moderate. Work involves the typical risks and discomforts associated with an office environment but is usually in an area that is adequately cooled, heated, lighted, and ventilated.