The Loss Mitigation Manager provides leadership and management oversight
to the retained loan portfolio to include delinquency control & loss mitigation activities
of the credit union; ensuring timely payments on the credit union’s loans and assisting
members suffering from financial hardship in restructuring their loan obligations. The
Manager will endeavor to ensure that the credit union is proactive in avoiding loan losses
and pursuing prompt recovery of all monies owed to the credit union in a timely manner.
ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Other
duties may be assigned.
• Supervises and mentors staff. Assigns accounts to be worked, and maintains a
system of control that indicates progress with regard to granting financial
assistance, the receipt of payments on delinquent residential real estate loans,
more stringent collections actions that need to be taken, legal processes to be
initiated, and/or alternative collection methods that need to be initiated to ensure
prompt repayment of credit union loans.
• Contacts delinquent borrowers in person, by telephone, or by mail, to encourage
prompt repayment of delinquent accounts when required.
• Ensures that all department functions conform to all state and/or national
legislative and regulatory requirements and to all approved credit union policies,
operating guidelines and procedures in a timely manner; preparing response(s) to
audit/examination findings and correcting deficiencies in a timely manner.
• Ensures that accounting general ledger accounts are maintained in-balance
at all times and that correct reporting of delinquency is done throughout the year and at
• Develops and ensures that department workflows and the use of technology
provide the credit union with optimal efficiencies, cost reductions and the highest
level of member service.
• Initiates recovery of credit union loan collateral, through repossession, voluntary
surrender, deed in lieu of foreclosure or foreclosure, and ensures that the credit
union receives the highest rate of return when disposing of recovered loan
• Ensures that Bankruptcy filings are processed on a timely basis, oversee the
preparation of Proof of Claims, attends Bankruptcy hearings representing the
credit union and making submissions to the Bankruptcy Court regarding the credit
union's claims and interest in the proceedings.
• Interface with legal counsel on collections issues, appears in court when
necessary; ensures claims are filed in Small Claims Court and attends and ensures
hearings are attended by competent trained department staff to present evidence in
support of a claim of the credit union.
• Recommend loans to be charged off each month. Recommends charge offs for
returned checks and overdrawn checking accounts on a quarterly basis.
• Implements loss prevention practices including any potential loss offsets for
collateral insurance products, eligible funds on deposit at the credit union or other
avenues to reduce losses.
• Ensures the any potential loss on a credit union is recognized in a timely manner
and that delinquency grading/reporting is accurate, such that the credit union’s
allowance for loan loss can be accurately calculated, on a month-end
basis by the 5th business day of an ensuing month.
• Ensures the correctness of monthly and intramonthly
tracking is completed in a timely manner and that all monthend
submitted for review by the Chief Credit Officer by the 5th business day of an
• Advise members of the credit union’s financial hardship programs that provide an
alternative to foreclosure and keep members in their homes; where there is a financial
benefit for the credit union to modify the terms of a member’s loan.
• Where a member is not interested in the credit union’s financial hardship programs,
endeavor to convince the member to provide the credit union with a deedinlieu
foreclosure as an alternative to foreclosure.
• Accurately track foreclosure timelines and ensure that members are provided all
required legal notices and remedies to save their home from foreclosure.
• Attend trustee sales where credit union collateral is being sold and ensure that the
credit union does not lose any rights with respect to the loan collateral agreement andobtains clear title to the property; if another bidder does not want the property at a
price to recover the outstanding balance of a member’s loan.
• Investigate and manage services providers to ensure that they are properly licensed,
bonded and/or insured to perform required taskings and inspect properties on a
regular basis to ensure work has been completed in conformity with the credit union’s
scope of work guidelines and any contract for work that has been completed between
• Determine potential losses and prepare reports identifying potential losses to the
credit union as early as possible.
• Ensure that requests for payment by service providers reflect actual work to be
completed/being completed or materials being provided and interface with the
executive assistant to the senior staff has the necessary information from which to
pay outstanding invoices in a timely manner.
• Assists the Director, Loan Servicing & Loss Mitigation in the preparation of the
• Performs such other loan servicing and loss mitigation functions as assigned by
the Director, Loan Servicing & Loss Mitigation, the Chief Lending Officer or the
Chief Executive Officer.
EDUCATION and/or EXPERIENCE:
Bachelor’s Degree from an accredited institution of higher learning or work experience of
at least 10 years of loan servicing and loss mitigation within financial services; or
equivalent combination of education and experience.