Consumer Loan Modification Specialist

Consumer Loan Modification Specialist

At VyStar, we offer competitive pay, an excellent benefit package that includes a 401(k) Plan, an extensive paid technical and on-the-job training program, and tuition reimbursement available to all full and part time employees. Part time positions start at a minimum of 30 hours per week. We encourage you to become a part of VyStar Credit Union's family of employees.

The Consumer Loan Modification Specialist processes consumer loan modification requests received from members that are experiencing a change in their financial position that is affecting their ability to maintain timely payments. All activities related to processing a consumer loan modification request must be conducted in compliance with credit union policies, procedures as well as all State, Federal and local regulations. Proficiency with all software, core systems and loan origination systems to include any applicable system coding required for tracking and reporting purposes. The incumbent will report to the Collections Operations Supervisor and will work collaboratively with the Sr. Loan Modification Coordinator on a day-to-day basis.

Essential Functions :

• Reviews incoming consumer loan modification requests and accompanying documentation for completeness. Incumbent must possess an astute attention to detail and follow-up at all times to ensure accuracy and timeliness of all documents pertaining to consumer loan modification and trouble debt restructure (TDRs) requests.
• Requests additional documentation required from member to complete the consumer loan modification process.
• Pulls and reviews credit report to ensure the accurate calculation of debt to income ratios.
• Verifies that NADA values are accurate on secured loans.
• Prepares required modification worksheets and makes a recommendation for management consideration and Sr. Consumer Loan Modification Coordinator.
• Communicates final consumer loan modification decision to the member, including terms and conditions of modification approval or reasons for modification declination.
• Completes documents and coordinates with member as to time and location of execution of documents needed for modification.
• Prepares consumer loan modification documentation and places the modification package in the appropriate branch folder in Laserfiche.
• Prepares and sends notice of adverse action for disapproved consumer loan modification requests.
• Completes quality assurance review of completed modification documentation and takes appropriate steps to correct any errors notated during the review process.
• Completes the core system loan changes required to ensure loan is serviced in conjunction with the terms and conditions of consumer loan modification.
• Notates special payment plans such as reages and reduced payment plans in the collections system. Follow up to ensure payments are being made as per arrangements and review to ensure proper follow up by collector.
• Cross-trained to work the collection system queues to ensure each delinquent account has been followed for activity and account is accurately documented in the core collections systems.
• Cross-sells other credit union services.
• Counsels member and provides alternative recommendations should their request be denied.
• Performs the activities and projects as assigned and requested by the Consumer Loan Modification Coordinator, Collections Operations Supervisor, Collections Operations Manager and Vice President of Lending Service Operations.
• Identify and make recommendations to Sr. Consumer Loan Modification Coordinator, Collections Operations Supervisor, Collection Operations Manager and Vice President of Lending Service Operations regarding process improvements, quality service and increased efficiencies.
• Performs other duties as assigned.
• All employees and business units, as first line of defense, are expected to proactively help identify, assess, manage, and report risks within their domain of work. To enhance a healthy risk culture and support our growth for good pillar, employees will maintain vigilance in safeguarding our operations while ensuring compliance with regulatory mandates. The Risk team serves as the second line of defense by providing risk oversight and credible challenge whereas the Audit team serves as the third line of defense by providing risk assurance.

VyStar Excellence :

Qualifications : Experience :

Education :

Disclaimers and Work Environment :

Nothing in this position description is an implied contract for employment. The functions are not all encompassing and are subject to change at any time by management.

The work environment characteristics described here are representative of those that an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

As required or requested, may exert up to 20 pounds of force occasionally and / or negligible amount of force constantly to lift, carry, push, pull, or otherwise move objects.