Loss Prevention Specialist
The Loss Prevention Specialist is responsible for mitigating losses to Credit Union assets through successful management of real estate loans through the delinquency life cycle, including processing and handling of bankruptcy cases. This position will partner with internal and external resources to protect Credit Union security interests, ensure timely court filings are executed and filed with the appropriate Bankruptcy Courts, and ensure all applicable notices are properly documented and mailed in a timely manner. Responsible for negotiating settlement agreements and payment arrangements. The Loss Prevention Specialist assists the Director of Loss Prevention & Assets Recovery in recommending policy and procedure changes through the preparation of monthly reports detailing statistics and trends related to bankruptcy and real estate delinquency and foreclosure or repossession. Primary focus for this position may vary with other LP Specialists as necessary among Real Estate Foreclosure, Bankruptcy, and Vehicle Repossession services.
Essential Functions, in Priority Order
For Real Estate Foreclosure: Time: 30%
- Obtain Right Party Contact for delinquent real estate and consumer loans; obtain promise to pay arrangements as well as reason for delinquency; request demand letters when necessary from attorneys.
- Monitor deceased member accounts, partnering with estate executors to mitigate losses. When necessary, file estate claims with appropriate Probate Court. Time: 20%
- Participate in court and mediation cases; negotiate settlement agreements and payment arrangements with members and attorneys.
- Manage all aspects of foreclosure proceedings through the foreclosure timeline within regulated time frames and ensure compliance with Investor, CFPB, NCUA, Federal, and State law. Responsible for all aspects of asset protection and liquidation for Real Estate loans. Coordinates the acquisition, valuation, and liquidation in a timely and cost-effective manner.
- Provide support to the loss prevention team as needed in the areas of bankruptcy, repossession, and recovery activities.
For Bankruptcy: Time: 30%
- 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 to protect Credit Union security interests or treatment of claims. 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 as needed in the areas of foreclosure, repossession, recovery, and fraud activities.
For Automobile Repossession: Time: 30%
- Responsible for all aspects of asset protection and liquidation for Consumer vehicle secured loans. Coordinates 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 as needed in the areas of bankruptcy, foreclosure, and recovery activities.
- All other duties assigned by the Director of Loss Prevention & Assets Recovery. Time: 10%
Education
Associates degree in related field or one year of related work experience required.
Experience
In addition to the education requirement: Minimum of three years' experience in collections or banking is required. 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. Interpret and apply laws that pertain to collection and fraud. Ability to concentrate in a multi-task environment. Ability to understand strategic objectives. Ability to maintain a positive attitude and professional image.
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 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. Length of day is unpredictable; extended hours may be required. External - Some travel is required; however, information on environmental conditions is not available.
EOE/Vets/Disability
Loss Prevention Specialist
The Loss Prevention Specialist is responsible for mitigating losses to Credit Union assets through successful management of real estate loans through the delinquency life cycle, including processing and handling of bankruptcy cases. This position will partner with internal and external resources to protect Credit Union security interests, ensure timely court filings are executed and filed with the appropriate Bankruptcy Courts, and ensure all applicable notices are properly documented and mailed in a timely manner. Responsible for negotiating settlement agreements and payment arrangements. The Loss Prevention Specialist assists the Director of Loss Prevention & Assets Recovery in recommending policy and procedure changes through the preparation of monthly reports detailing statistics and trends related to bankruptcy and real estate delinquency and foreclosure or repossession. Primary focus for this position may vary with other LP Specialists as necessary among Real Estate Foreclosure, Bankruptcy, and Vehicle Repossession services.
Essential Functions, in Priority Order
For Real Estate Foreclosure: Time: 30%
- Obtain Right Party Contact for delinquent real estate and consumer loans; obtain promise to pay arrangements as well as reason for delinquency; request demand letters when necessary from attorneys.
- Monitor deceased member accounts, partnering with estate executors to mitigate losses. When necessary, file estate claims with appropriate Probate Court. Time: 20%
- Participate in court and mediation cases; negotiate settlement agreements and payment arrangements with members and attorneys.
- Manage all aspects of foreclosure proceedings through the foreclosure timeline within regulated time frames and ensure compliance with Investor, CFPB, NCUA, Federal, and State law. Responsible for all aspects of asset protection and liquidation for Real Estate loans. Coordinates the acquisition, valuation, and liquidation in a timely and cost-effective manner.
- Provide support to the loss prevention team as needed in the areas of bankruptcy, repossession, and recovery activities.
For Bankruptcy: Time: 30%
- 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 to protect Credit Union security interests or treatment of claims. 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 as needed in the areas of foreclosure, repossession, recovery, and fraud activities.
For Automobile Repossession: Time: 30%
- Responsible for all aspects of asset protection and liquidation for Consumer vehicle secured loans. Coordinates 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 as needed in the areas of bankruptcy, foreclosure, and recovery activities.
- All other duties assigned by the Director of Loss Prevention & Assets Recovery. Time: 10%
Education
Associates degree in related field or one year of related work experience required.
Experience
In addition to the education requirement: Minimum of three years' experience in collections or banking is required. 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. Interpret and apply laws that pertain to collection and fraud. Ability to concentrate in a multi-task environment. Ability to understand strategic objectives. Ability to maintain a positive attitude and professional image.
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 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. Length of day is unpredictable; extended hours may be required. External - Some travel is required; however, information on environmental conditions is not available.
EOE/Vets/Disability
