Loss Mitigation Officer

Job Description

Job Description

SUMMARY

The Loss Mitigation Officer will be responsible, directly or through fellow associates, for protecting the assets of HAR-CO in hardship / forbearance requests, bankruptcies, repossessions, and other legal proceedings, including SCRA accounts and GAP claims. Communicate with attorneys for legal action and research. Responsible for maintaining knowledge with State and Federal laws that as they pertain to bankruptcies, consumer and commercial collections and workout. This position plans, directs, supervises and evaluates work flow for the Loss Mitigation department, coordinates work activities to achieve the volume expected to meet operational requirements, provides process-specific feedback and training to loss mitigation efforts in the unit, recommends operational improvements, monitors performance of staff members according to established standards and conducts performance evaluations, training and coaching of fellow associates.

ESSENTIAL DUTIES AND RESPONSIBILITIES

• Provides thought leadership to the team and to the credit union regarding loss mitigation and the most efficient and effective means to mitigate losses through technology while remaining customer centric.
• Ensure all operational functions are performed in a timely, Cost-effective manner, consistent with established operations procedures and requirements.
• Design, develop, and implement processes that increase yield and improve quality for all Loss Mitigation department matters.
• Coordinate with senior managers and supervisors to establish production and quality control standards.
• Run meetings with associates to review production, process updates, employee acknowledgements, and other related items.
• Provide leadership, communication, and coaching to employees; cultivate a motivated employee environment of trust, teamwork, accountability, self-confidence, and business ownership.
• Perform constant workflow analysis and develop more efficient processes for the production team.
• Supervisory responsibilities include recommending staffing levels and personnel actions such as hiring, firing, terminations, promotions, performance evaluations, transfers, disciplinary activities, salary actions, and staff training.
• Monitors staffing levels to ensure that performance standards are met. Trains new team members and ensures timely completion of technical and other training.
• Manage foreclosure proceedings on assigned cases by advising and instructing various parties involved with the foreclosure process and monitor the preparation and execution of all documents.
• Initiate actions, as needed, to protect the priority of our claim and to minimize losses. Conduct complete review of litigated and contested matters to ensure all default and / or court timeframes are met; escalate appropriate matters for review by the Chief Credit Officer
• Develop relationships with vendors such as attorneys, collection agencies, auction houses. Monitor their foreclosure / collection / timelines to ensure they are completing milestones timely and cost effectively.
• Respond to all correspondence, requests, and communications regarding assigned files in a timely and professional manner.
• Review Sales Scheduled for next business week / month.
• Analyze information and make appropriate recommendations on actions.
• Maintain knowledge of compliance mandates, mortgage and consumer servicing policy and procedural updates and related changes in the mortgage / consumer origination and servicing industry. Ensures that HAR-CO’s loss mitigation efforts meet all regulatory requirements.
• Ensure that credit bureau reporting is correct for all actions taken by the team.
• Approve extensions and deferrals, track and document any TDR status changes.
• Document and report any losses and specific reserves by using the credit union’s evaluation methods including but not limited to individual ASC-310 and Homogeneous Pool Impaired Loan Evaluations in assigned portfolio.
• Analyze delinquent loans to project non-accrual and charge off changes each month.
• Manage the Non-Accrual and Charge Off Report while adhering to credit union policy, seeking proper approval for and documenting any deviation from policy.
• Ensure that all non-accrual and charge off loans are properly recorded in the Credit Union’s loan system.
• Coordinate CCOO and accounting to ensure reconciliation of the charge off GL and submit balanced reports to auditing. Obtain approval for litigation and repossession after confirming that all collection efforts have been exhausted.
• Perform due diligence reviews and obtain approval for any short sale, short payout, DIL, settlement, and debt forgiveness requests.
• Negotiate sales on movable repossessed assets.
• Approve invoices for approved vendors on legal matters.
• Follow departmental and business policies with strict adherence.
• Perform related duties as assigned by manager.
• Represent Har-co at bankruptcy, circuit, and district courts.
• Coordinate with CFO to ensure specific reserves are set and accurate.
• Provide a comprehensive monthly classified loan meeting.
• Engage in critical loan modifications to aid members and C.U.
• Utilize all options to maximize sale proceeds of autos at auction.

QUALIFICATIONS REQUIRED :

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. Additionally, the qualifications listed below are representative of the knowledge, skills, and / or abilities required in this position, including experience in loss mitigation and underwriting mortgage loans.

COMPUTER AND OFFICE EQUIPMENT SKILLS

Preferred : Bachelor (4-year College) degree and 2-5 years of operations management / collections / consumer and or business loss mitigation, default, foreclosure, or special asset resolution experience.

Company Description

Har-co believes in equal employment opportunity for all individuals without regard to race, color, religion, sex, age, national origin, marital status, physical or mental disability, status as a Vietnam Era veteran, or for any other reason or category protected by Federal, State, or local law. This policy extends to all terms, conditions and privileges of employment and participation in all activities sponsored by Har-co.

Company Description

Har-co believes in equal employment opportunity for all individuals without regard to race, color, religion, sex, age, national origin, marital status, physical or mental disability, status as a Vietnam Era veteran, or for any other reason or category protected by Federal, State, or local law. This policy extends to all terms, conditions and privileges of employment and participation in all activities sponsored by Har-co.