Description:
CFCU Community Credit Union (CFCU) is seeking a detail-oriented and self-motivated Asset Recovery and Loss Mitigation Specialist to join the Asset Recovery department. The ideal candidate will preserve the credit union's assets by controlling delinquent loan accounts, collecting delinquent loan payments and/or recovering collateral. In addition, the candidate will be responsible for period reporting, written communications with members, file maintenance of delinquent accounts and other administrative duties to help minimize the risk of loss to the Credit Union by ensuring that all collections efforts are professionally and ethically conducted in a consistent, timely and diligent manner.
Requirements and Responsibilities:
- Ensures quality control within the Asset Recovery Department follows CFCU Community Credit Union policies and procedures as well as State and Federal Laws and Regulations.
- Adhere to the Bank Secrecy Act (BSA) regulations and all related Credit Union policies and procedures.
- Sorting and processing of departmental mail.
- Update internal Alerts and Memos as necessary.
- Maintain accurate files and reports on collections activity.
- Respond to questions from members, colleagues, and management.
- Ensures compliance in all legal and regulatory responsibilities including bankruptcy, foreclosures, and credit bureau reporting accuracy.
- Processing negative share draft account closures, including charging off accounts, and reporting to ChexSystems when applicable.
- Processing and tracking recovery payments on charged off loans and deposit accounts.
- Processing bankruptcy notifications and preparing files to send for attorneys, ensuring that the Credit Union follows all Bankruptcy Laws.
- Flag bankrupt accounts to cease collections, pull schedules and other important bankruptcy documents in PACER, communicate with attorneys regarding filing proof of claims, reaffirmations, relief from stay and coordination of repossessions when needed.
- Maintain Bankruptcy Spreadsheet to include, name, acct no, type of BK, date of filing, type of loan, balance of loan and if there will be a loss. Maintain and update by year for figures to be included in the Call Report.
- Responsible for reviewing credit report disputes and accurately updating credit reports in eOscar.
- Make outbound collection calls and receive inbound calls on assigned delinquent accounts. Correspond with members via letters and emails to encourage payment of assigned delinquent accounts.
- Motivate/influence members to bring their loans current by negotiating a re-payment and obtaining promises to pay.
- Provide timely follow-up on promise to pay and payment commitment accounts to ensure a positive resolution and member satisfaction.
- Send notices of default and deficiency balance letters to members.
- Evaluate, assign, and maintain repossession and foreclosure accounts.
- Processing of title documentation and auction proceeds post-repossession and remarketing.
- Informs management of trends in loan underwriting contributing to delinquent/charged off loans.
- Filing foreclosure notices with New York State and preparing foreclosure files for attorneys.
- Review and suggest accounts for charge off to management.
- Assisting in preparation of monthly charge off report and processing of loan charge off transactions.
- Analyze members financial situation to provide delinquency “work out” plans, bringing the delinquent accounts current in the fastest, most efficient manner possible.
- Prepare and/or process documents and information received from members for a loan workout; review for accuracy and completeness; update information as needed and submit request for approval.
- Processing approved Loan Modifications and Extensions in the core system.
- Responsible for filing of various insurance claims, such as borrower security, collateral protection, and lenders protection, and processing of any resulting payments.
- Meet monthly collection goals as assigned by management.
- Corresponding with members, vendors, and internal staff regarding the above processes and transactions.
- Performs other related duties as assigned.
Desired Skills and Experiences:
- One to three years of collections or similar experience.
- Minimum of a high school education or GED.
- Excellent member facing skills.
- Strong organizational abilities.
- Knowledge of Excel software.
- Ability to multi-task.
- Excellent verbal and written communication skills.
- Ability to negotiate with a high degree of tact and ability to build trust.
Equal Employment Opportunity:
Equal employment opportunity has been and will continue to be a basic principle at the Credit Union. CFCU provides equal employment opportunities, without discrimination because of race, color, religion, creed, sex, sexual orientation, gender identity or expression, pregnancy, marital status, age, national origin, citizenship, handicap or disability, veteran or military status, political beliefs, victim of domestic violence status, familial status, or predisposing genetic characteristics or status, or any other status protected by federal, state, local or other law. This policy includes, but is not limited to recruitment, hiring, compensation, training, and apprenticeship, promotion, upgrading, demotion, downgrading, transfer, lay-off and termination, and all other terms and conditions of employment.
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