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Sunward · 1 month ago

Manager, Loss Mitigation

Albuquerque, NM

Full-time

Onsite

Mid, Senior Level

$81K/yr - $101K/yr

6+ years exp

Sunward is a Credit Union focused on providing trusted financial services to its members. The Manager of Loss Mitigation will oversee all collection activities, ensuring compliance with policies and laws while coordinating with various internal and external partners to mitigate risk and loss. This role also involves leading the Loss Mitigation staff and enhancing service efficiency to support members experiencing financial difficulties.

BankingFinancial ServicesNon Profit

Comp. & Benefits

H1B Sponsor Likely

Responsibilities

Hire, develop and lead the Loss Mitigation staff to ensure proper and timely processing of all collection transactions, making certain that members receive a high quality of service in harmony with the Credit Union’s core purpose of being 'Our Members’ Trusted Partner for Financial Success'

Write and develop job descriptions as the department continues to grow to ensure the structure of the department is aligned to the organizational goals

Manage the loss mitigation function to minimize financial loss and legal/compliance risk to the Credit Union while maximizing assistance to members experiencing financial difficulty

Analyze and develop appropriate recommendations for workflows, loan restructuring, foreclosure, fraud, repossession and charge-offs. Coordinate solutions for recovery with the asset recovery manager. Assist with marketing of foreclosed property and approve repossession of vehicles. Prepare annual tax-reporting documents regarding charge-offs (that is, issue IRS Form 1099Cs as appropriate)

Work closely with legal counsel on pursuing debtors. Participate in mediations and arbitrations and testify in court when required

Monitor, review and report collection activity performed on all delinquent loans, credit cards, overdrawn deposit accounts and returned checks. Oversee the administration of the Courtesy Pay program, including repayment plans

Prepare monthly reporting regarding delinquency trends, changes to strategy, and team member KPI’s for submission to the VP of Special assets

Administer and monitor the collection system software AKUVO to ensure efficient and effective collection processes. Analyze and work with portfolio analytics to understand data being imported and to develop effective technical enhancements

Analyze, develop and recommend effective loss mitigation enhancements to increase service efficiency and effectiveness

Ensure compliance of documentation retention guidelines and storage for all collection files

Communicate effectively with senior management, staff, loan officers, peers and executive leadership team

Review and approves hardship requests from members experiencing financial challenges

Facilitate workout packets that are higher than the managers approval threshold, providing background and recommendations for each case. Prepare loan modifications

Oversee processing of garnishments (from all states’ agencies and from private parties) and IRS tax levies; understand different processing requirements for different garnishments and levies

Provide superior member experience by fostering a department where Loss Mitigation reps:

Actively listen to and assess the needs of the members

Explain the features and benefits of targeted products and services

Offer targeted solutions to meet the members’ needs

Ensure proper reporting of loan-related information to third parties (including credit reporting agencies)

Ensure accurate development and monitoring of department budget. Collect empirical data to help gauge the volume of the department’s work, which should help ensure employees have the proper tools and resources to successfully perform the requirements of their job

Create development tools to help team members improve their performance and efficiency as it aligns with the credit unions goals

Performs other duties as assigned

Qualification

Loss Mitigation ManagementLegal Compliance KnowledgeCollection System SoftwareLeadership SkillsInterpersonal SkillsProblem-Solving SkillsOrganizational SkillsTraining AbilityReal Estate Appraisal ReviewCredit Report AnalysisMicrosoft Office ProficiencyCredit Union ProductsTeam CollaborationCommunication SkillsTime Management

Required

Oversee all Credit Union collection activities, ensuring workflows align with departmental goals and comply with policies and applicable laws (including bankruptcy and FDCPA, UCC and other governing acts)

Coordinates with third parties (attorneys, repossession agencies, insurance agents, and realtors) to mitigate risk and loss

Fosters a positive, growth-oriented team culture and shares loss mitigation expertise across departments

Collaborate with internal partners—including Mortgage, Loan Servicing, Lending, Contact Center, Portfolio Analytics and Branch Operations—to support members' loan needs

Hire, develop and lead the Loss Mitigation staff to ensure proper and timely processing of all collection transactions, making certain that members receive a high quality of service in harmony with the Credit Union's core purpose of being 'Our Members' Trusted Partner for Financial Success'

Write and develop job descriptions as the department continues to grow to ensure the structure of the department is aligned to the organizational goals

Manage the loss mitigation function to minimize financial loss and legal/compliance risk to the Credit Union while maximizing assistance to members experiencing financial difficulty

Analyze and develop appropriate recommendations for workflows, loan restructuring, foreclosure, fraud, repossession and charge-offs

Coordinate solutions for recovery with the asset recovery manager

Assist with marketing of foreclosed property and approve repossession of vehicles

Prepare annual tax-reporting documents regarding charge-offs (that is, issue IRS Form 1099Cs as appropriate)

Work closely with legal counsel on pursuing debtors

Participate in mediations and arbitrations and testify in court when required

Monitor, review and report collection activity performed on all delinquent loans, credit cards, overdrawn deposit accounts and returned checks

Oversee the administration of the Courtesy Pay program, including repayment plans

Prepare monthly reporting regarding delinquency trends, changes to strategy, and team member KPI's for submission to the VP of Special assets

Administer and monitor the collection system software AKUVO to ensure efficient and effective collection processes

Analyze and work with portfolio analytics to understand data being imported and to develop effective technical enhancements

Analyze, develop and recommend effective loss mitigation enhancements to increase service efficiency and effectiveness

Ensure compliance of documentation retention guidelines and storage for all collection files

Communicate effectively with senior management, staff, loan officers, peers and executive leadership team

Review and approves hardship requests from members experiencing financial challenges

Facilitate workout packets that are higher than the managers approval threshold, providing background and recommendations for each case

Prepare loan modifications

Oversee processing of garnishments (from all states' agencies and from private parties) and IRS tax levies; understand different processing requirements for different garnishments and levies

Provide superior member experience by fostering a department where Loss Mitigation reps actively listen to and assess the needs of the members

Explain the features and benefits of targeted products and services

Offer targeted solutions to meet the members' needs

Ensure proper reporting of loan-related information to third parties (including credit reporting agencies)

Ensure accurate development and monitoring of department budget

Collect empirical data to help gauge the volume of the department's work, which should help ensure employees have the proper tools and resources to successfully perform the requirements of their job

Create development tools to help team members improve their performance and efficiency as it aligns with the credit unions goals

Performs other duties as assigned

Possesses superior interpersonal skills

Able to handle difficult situations and people in a positive and professional manner

Possesses strong leadership skills

Function well within departmental and cross-functional teams

Demonstrates willingness and ability to train others effectively

Able to supervise and train employees, to include organizing, prioritizing and scheduling work assignments

Able to review real estate appraisals and credit reports and detect possible errors

Exhibits exceptional problem-solving skills; identifies and resolves problems in a timely manner and gathers/analyzes information skillfully

Demonstrates excellent organizational and time management skills; able to handle/prioritize multiple tasks and projects and meet departmental deadlines

Possesses superior verbal and written communication skills

Able to explain collection and/or lending-related topics to others clearly and succinctly

Exceptional understanding of applicable laws, including the Fair Debt Collections Practices Act, the Fair Credit Reporting Act, the Telephone Consumer Protection Act, the UCC, and bankruptcy proceedings

Thorough knowledge of Sunward loan policies

Thorough knowledge of Credit Union products and services, features, and benefits

Advanced proficiency with personal computer applications (e.g., Microsoft Office applications, the Internet and artificial intelligence)

Minimum six years' collection experience in mortgages, consumer loans and credit cards

Minimum three years' experience in a supervisory or team lead role

Associate's degree or completion of a specialized course of study in business or related field, or equivalent experience

Preferred

Bachelor's degree preferred

Company

Sunward

Sunward, formerly known as Sandia Laboratory Federal Credit Union (SLFCU), is one of New Mexico’s largest credit unions, serving 170,000+ members and managing more than $4.1 billion in assets.

Founded in 1948

Albuquerque, New Mexico, USA

501-1000 employees

https://gosunward.org

H1B Sponsorship

Sunward has a track record of offering H1B sponsorships. Please note that this does not guarantee sponsorship for this specific role. Below presents additional info for your reference. (Data Powered by US Department of Labor)

Distribution of Different Job Fields Receiving Sponsorship

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Trends of Total Sponsorships

2022 (2)