We are Farmers!
We are… more than just your favorite commercials. ?At Farmers, we strive to deliver peace of mind to our customers by providing protection and comprehensive advice and delivering in the moments of truth. That means having people who can help us meet changing customer and business needs. Farmers high-performance culture is focused on results and the people who achieve them. We hold ourselves and others accountable for sustainably growing the business and each other. We seek solutions, own our actions, and grow through discomfort. We see setbacks as opportunities while continuously asking ourselves how we impact our customers.
Farmers is an award winning, equal opportunity employer, committed to the strength of a diverse workforce. We are dedicated to supporting the well-being of our people through our extensive suite of benefits, as well as the well-being of the communities we serve through employee volunteer programs and nonprofit partnerships. Helping others in their time of need isn’t just our business – it’s our culture!? To learn more about our high-performance culture and open opportunities, check out www.Farmers.com/careers/corporate and be sure to follow us on Instagram, LinkedIn, and TikTok.
Workplace: Hybrid ( #LI-Hybrid ) in Torrance, CA
Farmers believes in a culture of collaboration, creativity, and innovation, which thrives when we have the ability to work flexibly in a virtual setting as well as the opportunity to be together in person. Our hybrid work environment combines the best of both worlds with at least three (3) days in office and up to two (2) days virtual.
- The primary objective for the Senior Loss Mitigation Specialist position is to reduce Credit Union loan delinquency and to reduce losses from delinquent loans, overdrawn share accounts, and fraud activity.
- This position will perform a variety of collection activity including but is not limited to: analyzing delinquent account and deposit account activity and trends.
- This position will also serve as a lead position responsible for training, representing, and supporting the collections team.
- Coordinate recovery activity of charged off accounts with third-party vendors.
- Performs specialized tasks related to bankruptcy, agency loans, repossessions, fraud analysis, and consumer and residential loan modification activities.
- Conducts collection activity and performs specialized tasks on products in all stages of delinquency.
- Collection activity includes but is not limited to making collection calls; composing, sending, and following up on collection letters (ex. Reminder notices, demand letters, settlement offers, other letters); negotiating with debtor and/or debtor representations; coordinating activity and negotiating costs with Credit Union vendors, e.g., collection agencies, skip tracers, repossession agents, etc.
- Executes and owns processes and procedures for Farmers Agency Secured loans.
- Review policies and procedures related to collection activities, makes recommendations for changes to policies and procedures, as needed, to align with current trends and practices.
- Evaluates collection responsibilities and strategy and maintain effective controls.
- Performs research and review on member financial and credit information in order to provide support, counseling, and alternatives.
- Charge off overdrawn shares and delinquent loans, ensuring the account status is reflected accurately in the debtor’s ChexSystems and Credit profile.
- Completes other collection related tasks: review, correct/update, and respond to credit report disputes, ChexSystems update (verify batch transmission/upload and remove/update records), locating skipped debtors, collateral tracking, etc.
- Performs analysis of delinquent loans and overdrawn shares trends, identifying key issues and solutions to help reduce loan and overdrawn shares losses.
- Is the Administrator for Credit Union software systems such as CARM_Pro, eOscar, Equifax, etc.
- Analyzes reporting to track CU performance on disputes, identifies trends, provides timely user support, and is responsible for all applicable reporting from software systems.
- Also performs testing of various software systems, in all capacities.
- Ensures all results, successful or not, are recorded and tested to ensure optimal system performance.
- Acts as the primary point of contact with collection agencies and attorneys.
- Partners with the collection agencies to provide documentation and approve settlements or litigation action.
- Is fully informed on delinquent accounts and uses data points, experience, and judgment to determine best course of action in litigation.
- Serves as custodian of records for litigation purposes.
- Appears in court on behalf of the Credit Union and is able to articulate Credit Union policies ,procedures, and applicable governing laws.
- Makes periodic presentations to Credit Union staff (i.e., departmental meetings, staff meetings, Stakeholders meetings) to educate them of developments and trends associated with the collections function.
- Perform other duties as assigned.
- High School Diploma or Equivalent required.
- Minimum 3 years experience in a financial institution required.
- Minimum 3 years experience with principles, practices, and methods of debt collection and the legal process; general knowledge of laws and statutes related to lending and collections. (e.g., bankruptcy law, FDCPA, FCRA) required.
- Minimum 1 year experience with software systems utilized by a financial institution such as eOscar, Carm-Pro, Equifax, Transunion, or other applicable systems required.
- 1 to 3 years of Credit Union experience, preferred.
- Sits or stands for extended periods of time, up to a full work shift.
- Occasionally reaches overhead and below the knees, including bending, twisting, pulling, and stooping.
- Occasionally moves, lifts, carries, and places objects and supplies weighing 0-10 pounds without assistance.
- Listens to, interprets, and differentiates auditory information (e.g. others speaking) at normal speaking levels with or without correction.
- Visually verifies and reads information.
- Visually locates material, resources and other objects.
- Ability to continuously operate a computer for extended periods of time, up to a full work shift.
- Physical dexterity sufficient to use hands, arms, and shoulders repetitively to operate keyboard and other office equipment up to a full work shift.
- This position operates in an open office working environment which will include normal and customary distractions, noise, and interruptions.
Benefits
- Farmers offers a competitive salary commensurate with experience, qualifications and location.
o CA Only: $25.04 - $36.20
o CO Only: $23.54 - $31.30
o HI Only: $23.54 - $33.51
o IL Only: $23.54 - $33.51
o NY/ DC Only: $23.54 - $36.20
o Albany County: $25.04 - $31.30
o WA Only: $23.54 - $41.89
- Bonus Opportunity (based on Company and Individual Performance)
- 401(k)
- Medical
- Dental
- Vision
- Health Savings and Flexible Spending Accounts
- Life Insurance
- Paid Time Off
- Paid Parental Leave
- Tuition Assistance
- For more information, review “What we offer” on https://www.farmers.com/careers/corporate/#offer
Job Location(s): US - CA - Torrance
Anticipated application deadline: At Farmers, the recruitment process is designed to ensure that we find the best talent to join our team. As part of this process, we typically close open positions within 8 to 21 days after posting. If you are interested in any of our open positions, we encourage you to submit your application promptly.
Want to learn more about our culture & opportunities? Check out www.Farmers.com/careers/corporate and be sure to follow us on Instagram, LinkedIn, and TikTok.
