Asset Management Specialist

POSITION SUMMARY STATEMENT

Candidate will perform a variety of tasks related to reducing potential losses to the Credit Union. Primary responsible for supporting the default management and loss mitigation efforts of the residential-consumer Asset Management team. Works with members, representative of members or investors to resolve delinquency and avoid default or adverse action. Performs all functions applicable to collection laws, with scope of authority and expertise to provide the highest level of service and responsiveness to the members of the Credit Union.

DUTIES AND RESPONSIBILITIES

Primary Duties and Responsibilities

• Reviews and analyzes all past due accounts and delinquency reports through the processing system on an on-going basis for collection activity, including all newly-appearing accounts, as well as aged accounts
• Takes appropriate action on loan accounts, including reaching out to borrowers for appropriate resolution to delinquency
• Ensures courteous interface with members and co-signers throughout the process, attempting to optimize the collections process while balancing the goodwill of members with the fiduciary responsibility of the Credit Union.
• Makes recommendations to Manager on when to compromise and settle balances and when to initiate repossession proceedings.
• Consistently maintains a detailed written record of all communications made regarding the delinquency.
• Manage assigned loan queues at all stages of delinquency through payoff, repossession, resale, foreclosure, short sale, deed in lieu or charge off in accordance with state and federal regulations and collections procedures
• Assist in completion of investor delinquency reporting and expense reimbursement claims in accordance with investor guidelines (i.e. Fannie Mae, FHLB, Freddie Mac, etc.)
• Assist in processing and resolution of bankruptcy, foreclosure, and workout activities, focusing on home ownership counseling activities and negotiating workout solutions and ensuring prompt resolution of legal matters
• Ensures that all paperwork, authorizations, default notices, surrender notices, bankruptcy proceedings, repossessions, foreclosure notices, etc. are monitored for accuracy and completeness and mailed and/or maintained according to credit union policies and procedures and external rules and regulations.
• Documents, logs and tracks all bankruptcy notices and ensures all file maintenance is complete on system.
• Completes monthly, quarterly, and yearly updates and reporting Watch List Updates, Delinquency Reports, and 1099A & 1099C Reports
• Complete reporting of mortgage insurance delinquencies on residential loans
• Works negative savings/checking accounts by taking appropriate action
• Coordinates and works closely with legal counsel to expeditiously resolve litigation while minimizing legal and collection expenses
• Prepares letters, demand notices, attorney packages, and risk rating change forms, as necessary
• Processes Credit Life and Disability claims, and acts as a liaison with TruStage
• Reviews, updates, and maintains policies and procedures, as appropriate
• Complies with all policies and procedures of MIT and MIT Federal Credit Union
• Other duties and responsibilities as needed or required

REQUIRED SKILLS

• Effectively demonstrate a professional level of competency in all stages of loss mitigation and foreclosure processes nationwide
• Strong interpersonal skills with a demonstrative ability with members, colleagues, and management
• Exceptional negotiating and problem-solving skills
• Strong communication skills both verbal and written
• Must be well organized with the ability to manage and set priorities
• Must be self-motivated and dependable with a willingness to meet defined goals on a regular basis
• Position requires the: ability to read, analyze, and interpret financial and legal reports, procedures, and regulations; ability to respond professionally to varied inquiries or complaints from members; and ability to effectively communicate, negotiate, and present information to a wide range of audiences.
• Intermediate math skills (adding, subtracting, multiply, dividing, percentages, interest) are required.
• Demonstrate and promote high ethical standards and behaviors

QULAIFICATIONS

• College degree preferred or equivalent experience
• Minimum of three years’ credit union/bank experience, including investor loss mitigation practices and workout option guidelines
• In depth knowledge of Fair Debt Collection Practices Act (FDCPA), as well as Fair Lending and Fair Housing Acts and any other related state and federal mortgage loan servicing requirements, including knowledge of related bankruptcy laws
• Residential mortgage underwriting knowledge
• Sound knowledge of end-to-end collections loss mitigation cycle from early detection through default resolutions or collateral recovery