Loss Mitigation Charge off Specialist

Location
Herndon, Virginia
Posted
Aug 19, 2022
Closes
Sep 18, 2022
Ref
2107
Function
Finance
Hours
Full Time
Overview

For more than 70 years, Northwest Federal Credit Union has provided valuable financial products and services for our members. Northwest offers employees a comprehensive benefits program including: medical and dental plans, paid time off, a generous 401k match, student loan assistance, parental leave, and the opportunity to grow professionally through a wide range of job-based, classroom and online training resources. Northwest Federal Credit Union has been recognized as a 2020 Top Workplace by The Washington Post and we believe that our success is built upon the excellence and achievement of our employees. Together, we serve and inspire to transform lives.

The Loss Mitigation Charge Off Specialist is primarily responsible for the collection efforts on all charged-off debt. The Charge Off Specialist is also responsible for analyzing all charged off debt to determine the best possible outcome for the member and achieve the most beneficial solution for the Credit Union.

Responsibilities

  • Responsible for the total maintenance of all accounts and/or loans that have been charged off
  • Responsible for reviewing all accounts within the first 30 days of charge off to determine if loan should be sent to an agency or if a payment arrangement with the member can be established
  • Responsible for all member contact with respect to charged off loans
  • Act as a liaison with attorney's and collection agencies
  • Monitors attorney's and collection agencies to ensure the best possible outcome for the Credit Union and member
  • Responsible for reviewing credit reports and loan documents prior to outsourcing the file
  • Responsible for tracking legal expenses on all charged off debt
  • Represents the Credit Union in General District Court
  • Responsible for filing all documents to proceed with appropriate legal action (Warrant in Debt)
  • Files documents with the appropriate agencies to garnish any assets and wages
  • Manages all payments made to the credit union to charged-off debts
  • Updates all credit and Chex systems reporting accordingly
  • Responsible for maintaining all procedures with respect to the charge off process
  • Remains cognizant of and adheres to all NWFCU policies, procedures and regulations pertaining to the Bank Secrecy Act (BSA)
  • Performs other related duties as assigned

Qualifications

  • High school diploma or equivalent
  • Minimum 3 years of Loss Mitigation or Collections experience
  • Maintain working knowledge of FDCPA (Fair Debt Collection Practices Act)
  • Working Knowledge of Fair Credit Reporting Act
  • Working Knowledge of judgments, garnishments and liens
  • General knowledge of bankruptcy concepts
  • Working knowledge in Microsoft Office Suites (Word, Outlook and Excel)
  • Must be available during the hours of 8:00am - 4:30pm Monday through Friday

As a COVID-19 safety measure, our employees must provide vaccination status and follow all safety protocols, which may include testing.

EEO Notice

Northwest Federal Credit Union is an Equal Opportunity Employer and will consider all qualified applicants without regard to race, color, age, religion, sex, sexual orientation, gender identity, genetic information, national origin, disability, protected veteran status or any other classification protected by law.

NWFCU complies with federal and state disability laws and makes reasonable accommodations for applicants and employees with disabilities. If reasonable accommodation is needed to participate in the job application or interview process, to perform essential job functions, and/or to receive other benefits and privileges of employment, please contact the Human Resources Department at 703-709-8900 or HRDepartment@nwfcu.org.

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