Loss Mitigation Manager Jobs

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, will ensure strict compliance with state and federal credit and collection rules and regulations in all collection practices. This position's location is listed as On-Site with Flexible Work Arrangements (people must work in site the building where their department is located and can use the flexible work arrangements with one remote work-from-home day per week, and a flexible schedule, if applicable).

Essential Responsibilities:

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

Bank Secrecy Act Job Duties and Responsibilities:

• 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 be aware of all suspicious practices and be able to recognize them.
• Be familiar with and be aware of members’ activity and report any suspicious actions by the members to the Compliance Officer.
• Must complete required compliance training courses (BSA/Identity Theft) on an annual basis.

Requirements:

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

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.

Benefits: We provide a challenging and friendly work environment as well as a competitive salary and benefits package including an employer-paid medical insurance plan, 401(k) plan (with a substantial company match), employer paid life and disability plan and generous paid time off to maintain a healthy work/life balance.

Latino Community Credit Union is an equal opportunity employer, and all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability status, protected veteran status, or any other characteristic protected by law. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.