Loss Mitigation Specialist will be responsible for initiating, directing and pursuing prompt remediation of defaulted accounts. The position will allow you the opportunity to work in a fast-paced environment, with a high energy team of talented and skilled individuals and be assigned larger, complex and/or more difficult remediation exposures. Assist with repossession and litigation activities.
ESSENTIAL FUNCTIONS/JOB RESPONSBILITIES:
- Review and analyze assigned accounts to determine enhanced collection strategy to employ utilizing the established tools and parameters. Be pro-active in finding resolution of problematic accounts and diligence in collecting legal and other applicable fees.
- Regularly contact customers with delinquent accounts in order to discuss their account status and work out payment arrangements. This role is assigned larger, complex and/or more difficult customer exposures and maintaining adequate records of all interactions within the system of record
- Prepare loss mitigation agreements and execute with the customer.
- Prepare for and provide account status updates and proposed action plans; and updates through Portfolio Reviews and weekly Loss Forecast meetings for at risk charge off accounts
- Providing posting instructions and recording of recovery checks and review and code legal invoices for submission of approval.
- Engagement of Legal counsel as need to support loss mitigation. Assist in daily requests with engaged attorneys as requested and review of attorney prepared legal pleadings.
- Ensure regulatory and policy compliance in all aspects of managing assigned accounts
- Act as a mentor to peers.
- Align oneself in a manner consistent with U.S. Bank Equipment Finance’s Core Behaviors and Client Advocacy Principles.
- Provide thoughtful and tactical analysis of accounts and maintain current follow-up on accounts assigned. Identifies and recommends strategies to maximize recovery and reduce losses.
Basic Qualifications
- Bachelor's degree, or equivalent work experience
- Three to five years of experience in lending/account management activities
PREFERRED SKILLS / EXPERIENCE:
- Experience and knowledge of Equipment Finance transactions
- Good working knowledge related to negotiations of escalated complex, larger and more difficult delinquent accounts
- Litigation related to Default Management and larger exposures
- Understanding terms and conditions
- Critical thinking and utilizes suitable strategic approach
- Excellent interpersonal, professional, verbal and written communication skills
- Shows leadership proficiency
- Intermediate skills with using Excel
- Well-developed customer service/relations skills
#WCIBO
The role offers a hybrid/flexible schedule, which means there's an in-office expectation of 3 or more days per week and the flexibility to work outside the office location for the other days.