Loss Mitigation Manager (Durham)

Job Type

Full-time

Description

The Loss Mitigation Manager will oversee collections staff. The manager will support LCCU branches with related collection questions, provide leadership and guidance, and ensure that the collection policies and procedures of the credit union best serve the credit union and its members. In addition, the manager will ensure strict compliance with state and federal credit and collection rules and regulations in all collection practices.

Essential Duties and Responsibilities:

• Determine a set of options a lender can use to help members avoid repossession.
• Propose strategies to reduce the financial losses for the portfolio.
• Manage the day-to-day operation of the Loss Mitigation department.
• Ensure lending practices comply with state and federal laws and regulations.
• Ensure that credit and collection policies, procedures, practices, and documentation meet federal and state regulations.
• Assign and supervise the workload in the Collections department to ensure smooth and efficient workflow. Ensure all interactions with members regarding the collection process are courteous and considerate.
• Monitor and establish effective control procedures for late and/or delinquent or potentially delinquent loans.
• Guide and monitor the performance of the collections procedures to ensure staff protects the credit union's interests and handles members courteously.
• Manage and train staff on alternative collection techniques to resolve issues positively.
• Review accounts where action beyond routine collection procedures must be approved or implemented, handle complex situations, and resolve difficult or non-routine member issues.
• Review all billings from attorneys retained for collection work.
• Approve legal proceedings. Review default notices, surrender notices, bankruptcy procedures, foreclosure notices, and related documents for accuracy and completeness.
• Review all accounts that are to be written off as uncollectible.
• Evaluate the procedures, guidelines, policies, document processing, and workflows.
• Develop proper reporting procedures on collection activities and review them regularly.
• Prepare and examine reports for senior management and/or the Board.
• Establish and maintain effective employee relations.
• Prepare, implement, and supervise that the budget for the department is consistent with the credit union's overall strategic plan and budget.
• Evaluate subordinates' job performance to ensure quality work and service to members.
• Perform audit of repossession files to ensure quality and compliance with lending policies.
• Supervise and review the loss mitigation database to ensure the accuracy of all data.
• Develop and assess monthly reports and reporting procedures and tools for effective information flow through the department.

Bank Secrecy Act Job Duties and Responsibilities

• Be familiar with and be aware of members' activity and report any suspicious actions by the members to the Compliance Officer.
• Must be aware of all suspicious practices and be able to recognize them.
• Report all structured transactions by the members to the pertinent supervisor and file a Suspicious Activity Report (SAR) to submit to the compliance department for review, approval, and filing.
• Must complete required compliance training courses (BSA/Identity Theft) on an annual basis.

Requirements

• Bachelor's degree preferred, with at least 7 years related experience or equivalent combination of education and experience working with loss mitigation.
• Excellent written and verbal communication skills in Spanish and English.
• Knowledge about state and federal regulations and LCCU policies and practices regarding Loss Mitigation and Lending.
• Knowledge about consumer lending products and services offered by credit unions.
• Ability to calculate figures for interest and comprehend financial information and loans.
• Must be a team player capable of managing multiple tasks in a fast-paced environment while paying attention to detail.
• Experience in consumer loan and credit card collection laws and regulations.
• Thorough knowledge and experience in cease communication protocols/rules/laws, SCRA, and discharge bankruptcy.
• Knowledge of compliance and regulatory standards in terms of collection, delinquency control, and documentation.
• Excellent communication skills and a friendly, helpful manner are essential. Must be willing to engage in ongoing training and professional development.
• Strong relationship management skills to facilitate and support communication among lending staff.
• Proficiency with Microsoft Office and basic computer skills.
• Knowledge of Default Manager, LOS Platform, and FDR.

Physical requirements: Must be able to sit for extended periods of time, use the computer and telephone to complete work, and lift up to 30 pounds at times.

The above statements are intended to describe the general nature of work being performed by individuals assigned to this position. They are not intended to be an exhaustive list of all responsibilities, duties, knowledge, skills, and abilities required of individuals so classified.