Dover Federal Credit Union ยท 2 weeks ago
Loss Mitigation Member Solutions Specialist
Dover, DE
Full-time
Onsite
Mid Level
3+ years expDover Federal Credit Union is seeking a Loss Mitigation Member Solutions Specialist to handle overdue accounts and develop strategies to reduce potential financial losses. The role involves collaborating with members to assess their financial situations and suggest payment plans or other solutions to avoid foreclosures and charge-offs.
BankingCreditCredit BureauFinancial ServicesLending
Responsibilities
Contribute to developing and implementing effective collection strategies
Monitor overdue accounts and actively follow up with clients to ensure timely payments
Recommend solutions for delinquent accounts
Engage with members regarding their account status, reviewing and analyzing delinquent accounts to assess potential loss risks
Contact members via phone, email, or written communication to discuss payment arrangements and loss mitigation options
Build and maintain strong relationships to facilitate seamless collections
Understand members specific situations
Request appropriate documents required for loan modification review
Analyze financial documents; determine asset value; assess the members credit rating; negotiate terms to secure repayment; minimize loss for Dover FCU
Work with members to avoid bankruptcy, repossession or foreclosure
Prepare and present insightful reports on collection activities, account statuses, and performance metrics to the Member Solutions Manager
Maintain accurate records of all member communications and agreements to ensure compliance with company policies and regulations, tracks and reports on collection trends for continuous improvement
Work with other departments, such as legal and underwriting, to facilitate loss mitigation strategies
Collaborate with teams to resolve invoice disputes and ensure timely resolutions
Contribute to developing junior team members through training and mentoring on best practices for collections
Stay informed about regulations, industry trends, credit union products and best practices to enhance service delivery and minimize losses
Provide excellent member service by addressing member inquiries and concerns promptly and professionally
Develop and maintain relationships with members to encourage timely communication and cooperation
Ensure compliance with company policies and regulations related to collections
Stay updated on relevant laws and regulations that impact the work
Qualification
Required
3 years minimum experience in collections or accounts receivable management is required
Strong analytical and problem-solving skills
Excellent verbal and written communication skills
Ability to work independently to meet deadlines with excellent follow through skills
Strong negotiation skills
Proficiency in accounting software and Microsoft Office Suite are essential
Preferred
A bachelor's degree in Finance, Business Administration, or a related field is preferred, but not required
Company
Dover Federal Credit Union
Dover Federal Credit Union is a part of the banking industry and helps customers in financial services, loans, credit and banking.
51-200 employees
Funding
Current Stage
Growth StageLeadership Team
Janell Upton
President and CEO
Donna Kiscaden
Chief Financial and Risk Officer
Company data provided by crunchbase