Loss Mitigation and Collections Specialist

Job Description

Job Description

At Orange County’s Federal Credit Union (OCFCU), banking is personal—and it always has been. For more than 87 years, we’ve built genuine relationships, provided trusted guidance, and put people before transactions to help our members achieve life’s most important milestones.

Today, with more than $3 billion in assets and 145,000+ members, we continue to grow while staying true to the values that have made us one of Orange County’s most respected financial institutions. We’ve been named #1 Credit Union by the Orange County Register for several years and most recently in 2024 & 2025. We’re also honored with workplace satisfaction—driven directly by employee voices. When you join OCFCU, you’re joining a workplace where people genuinely enjoy showing up and feel empowered to do meaningful, impactful work every day.

In the role of loss mitigation and collections you will be performing collection efforts on delinquent loans, negative shares, mitigating losses and maximizing loss recoveries. The position maintains current knowledge of collection laws, regulations, department policies & procedures and ensures a minimum loss of funds and maximum retention of Member goodwill. The role represents the credit union in a positive professional manner to members and the public.

ESSENTIAL FUNCTIONS:

• Contacts borrowers through various approved methods in order to identify the true cause of non-payment and helps to provide personalized loan repayment options. Collects on delinquent loans, credit cards, and negative shares.
• Utilizes strong knowledge of establishing effective payment plans that will bring accounts current, including promises to pay and following up on broken promises.
• Works in a call center environment handling both inbound and outbound calls.
• Make repossession recommendations, provides reinstatement/redemption requirements to borrowers, and generates Final Demand Letters.
• Remains current with changes in laws and regulations, recommends changes in policies and procedures as necessary to ensure credit union is in compliance. Disseminates regulatory changes to the Loan Servicing Team and insures compliance.
• Assists the Management Team with ensuring the department makes every effort to recover deficiency balances through the resources of the Loan Servicing Associates and/or outside collection agencies.
• Represents the credit union in a positive professional manner to members and the public.
• Maintains and promotes established standards of service and metrics within the Loan Servicing Team. Meets or exceeds goals and expectations established by management.
• Maintains high level of Member service in every member interaction. Promotes Credit Union products and services.
• Working knowledge of Fair Debt Collections Practices Act (FDCPA), Fair Credit Reporting Act (FCRA), Bankruptcy Laws and Consumer Financial Protection Bureau (CFPB) Collection Regulations/Guidance
• Works closely with Loan Servicing Associates and other departments to communicate any issues that may arise that relate to Member service and Loan Servicing. Placing a premium on handling inquiries in a professional, efficient and timely manner.

QUALIFICATIONS:

Experience / Training / Education:

• High school education or equivalent required. 
• At least one year of relevant work experience in collections, recoveries, loan servicing, or financial institution required.
• Experience in customer relations, problem resolution, and error correction required.
• Knowledge of the Fair Debt Collections Practices Act, Fair Credit Reporting Act. Reg B and Reg Z, bankruptcy procedures, Consumer Financial Protection Bureau Collection Regulations/Guidance, delinquency activities, and financial counseling.
• Knowledge of Rees Levering, CA Uniform Financial Code, and other State or Federal regulations governing collections. 

If you're looking for an opportunity where you can make a difference, grow your skills, and help create exceptional workplace environments, we'd love to hear from you.

• We believe great talent deserves fair, transparent pay—and room to grow. Hourly pay is based on experience, internal equity, and level: Loan Servicing and Collections Specialist I is $20.00 - $25.00 per hour.
  
• Award‑winning workplace culture.
• People before profits—always.
• A team that supports each other and celebrates wins.
• Health Coverage: Comprehensive benefits, including Anthem, Delta Dental, and VSP, effective from your first day.
• Financial Security: Life insurance at no cost and a 401(k) plan with an employer match up to 6%.
• Work-Life Balance: 13 days of vacation and seven (7) sick days annually and paid holidays.
• Recognition & Growth: Annual merit increases, annual discretionary bonus, as well as educational grants up to $1,000 per year.  

Orange County's Federal Credit Union is an Equal Opportunity Employer. Pre-employment screenings, including background and credit checks, are required.