Loss Prevention Specialist

General Summary

The Loss Prevention Specialist mitigates losses to Credit Union assets through successful management of real estate loans, bankruptcy cases, and vehicle repossessions. This role partners with internal and external resources to protect Credit Union security interests, ensuring timely court filings and proper documentation.

Essential Functions

• Real Estate Foreclosure:

  • Obtain Right Party Contact for delinquent real estate and consumer loans; obtain promise to pay arrangements and reason for delinquency; request demand letters when necessary from attorneys.
  • Monitor deceased member accounts, partnering with estate executors to mitigate losses. File estate claims with appropriate Probate Court when necessary.
  • Participate in court and mediation cases; negotiate settlement agreements and payment arrangements with members and attorneys. Manage all aspects of foreclosure proceedings within regulated time frames and ensure compliance with Investor, CFPB, NCUA, Federal, and State law.
  • Coordinate the acquisition, valuation, and liquidation of Real Estate loans in a timely and cost-effective manner. Provide support to the loss prevention team in the areas of bankruptcy, repossession, and recovery activities.

• Bankruptcy:

  • Process incoming Bankruptcy notices for member accounts; includes system maintenance and time-sensitive communication to internal and external stakeholders.
  • Review all Bankruptcy Schedules relating to member income, expenses, and liabilities to identify fraud and substantial abuse. Prepare and obtain necessary signatures for attorneys and members on all proof of claim and reaffirmation agreement documents, file documents with appropriate Bankruptcy Court pursuant to mandated time frames.
  • Follow up with attorneys and courts to ensure documents are executed and filed within stated time frames. Ensure Credit Union interests are protected relating to claim treatment, pre-confirmation payments, adequate protection payments, and Trustee objections. Refer accounts to outside attorneys when additional action is required.
  • Act as a liaison between attorney and Loss Prevention Department. Attend 341 Meetings when appropriate. Maintain a statistical database indicating Bankruptcy filings, case status, and reaffirmation rates.
  • Provide support to the loss prevention team in the areas of foreclosure, repossession, recovery, and fraud activities.

• Automobile Repossession:

  • Responsible for all aspects of asset protection and liquidation for Consumer vehicle secured loans. Coordinate the acquisition, valuation, and liquidation in a timely and cost-effective manner.
  • Initiate pre-skip process for delinquent vehicle loans with CPI in place; follow up with vendor on repossession status, disposition of collateral, and skip claims when needed.
  • Ensure all applicable insurance product refunds and recoveries are received and applied to loans prior to charge off to minimize loan losses. Maintain a statistical database indicating repossession proceeding status and agent performance.
  • Provide support to the loss prevention team in the areas of bankruptcy, foreclosure, and recovery activities.

Education

Associates degree in related field or one year of related work experience required. Three years’ experience in collections or banking is preferred.

Experience

NMLS registration preferred.

Knowledge, Skills and Abilities

• Regulatory knowledge and experience with applicable federal and state laws required.

• Articulate and persuasive leader who can communicate with a broad range of staff.

• Strong organizational skills.

• Excellent verbal, written, and platform communication skills.

• Strong interpersonal, organizational, and problem resolution skills.

• Excellent time management skills.

• Ability to work in a self-managed team environment.

• Ability to develop and implement effective policies and procedures.

• Ability to meet deadlines and changing corporate priorities.

Required Competencies

• Problem Solving

• Dealing with Ambiguity

• Time Management

• Demonstrates Courage

• Drive for Results

• Interpersonal Savvy

• Customer Focus

• Integrity and Trust

• Self-Development

• Business Acumen

• Mental Requirements

• Make high level decisions in an ambiguous environment

• Identify business risks and opportunities

• Work under pressure of time deadlines

• Ability to analyze trends, reports, and statistics

• Ability that reflects depth of knowledge, and recognition of business objectives

• Ability to interpret and apply laws that pertain to collection and fraud

Physical Demands

Work involves standing and walking for brief periods of time, but most work is done from a seated position. A great deal of time is spent on the telephone. There is potential for eyestrain from reading detailed reports and computer screens. Deadlines, workloads, and pressure to achieve goals may cause increased stress levels.

Working Conditions

• Internal - Work is normally performed in a climate-controlled office environment. Noise level is moderate and includes sounds of normal office equipment (computers, telephones, etc.). No known environmental hazards are encountered in normal performance of duties.

• External - Some travel is required; however, information on environmental conditions is not available.