The Loss Mitigation Specialist performs the critical function of managing the charged off debt portfolio. Management of the charged off portfolio entails the charging-off of accounts, collecting on charged off accounts, and analyzing the accounts to determine the best possible outcome for the member and achieve the most beneficial solution for the Credit Union. This role also includes processing of liens and garnishment documents, and other responsibilities within the Loss Mitigation department.
Responsibilities
Responsible for the total maintenance of all accounts and loans that have been charged off
Responsible for all member contact with respect to charged off loans
Act as a liaison with attorney's and collection agencies
Responsible for reviewing credit reports and loan documents prior to outsourcing the file
Responsible for tracking legal expenses on all charged off debt
Represents the Credit Union in person for the General District Court
Responsible for filing all documents to proceed with appropriate legal action
Manages all payments made to the credit union to charged-off debts
Responsible for maintaining all procedures with respect to the charge off process
Complete work for advanced situations with a limited degree of supervision within established procedures
Has broad knowledge of operational procedures and tools
Utilize multiple skills or capabilities gained through job-related training and considerable work experience
Takes a broad perspective to solving problems and spots new, less obvious solutions
Performs other related duties as assigned
Remains cognizant of and adheres to all NWFCU policies, procedures and regulations pertaining to the Bank Secrecy Act (BSA)
Qualifications
Required
High school diploma or equivalent
Minimum 3 years of Collections experience
Ability to demonstrate a high degree of professionalism and trust in dealing with confidential and sensitive matters
Effective oral and written communication skills
Maintain working knowledge of FDCPA (Fair Debt Collection Practices Act)
Ability to use standard office equipment and systems; working knowledge of Microsoft Office products, especially Word and Excel
Ability to work effectively on-site in our Herndon, VA headquarters and equally effectively remotely
Ability to work the hours of Monday - Friday 8AM-4:30PM
Preferred
The ability to read and interpret the law regarding the collection of accounts and procedure manuals
Previous Loss Mitigation experience; including bankruptcy, credit reporting, and foreclosures
EEO Notice
Northwest Federal Credit Union is an Equal Opportunity Employer and will consider all qualified applicants without regard to race, color, age, religion, sex, sexual orientation, gender identity, genetic information, national origin, disability, protected veteran status or any other classification protected by law.
NWFCU complies with federal and state disability laws and makes reasonable accommodations for applicants and employees with disabilities. If reasonable accommodation is needed to participate in the job application or interview process, to perform essential job functions, and/or to receive other benefits and privileges of employment, please contact the Human Resources Department at 703-709-8900 or HRDepartment@nwfcu.org.
