Senior Loss Mitigation Manager - Equipment Finance
U.S. Bank
At U.S. Bank, we’re on a journey to do our best. Helping the customers and businesses we serve to make better and smarter financial decisions and enabling the communities we support to grow and succeed. We believe it takes all of us to bring our shared ambition to life, and each person is unique in their potential. A career with U.S. Bank gives you a wide, ever-growing range of opportunities to discover what makes you thrive at every stage of your career. Try new things, learn new skills and discover what you excel at—all from Day One.
Job Description
The Senior Loss Mitigation Manager – Equipment Finance is responsible for overseeing the loss mitigation department and developing strategies to minimize financial losses related to defaulted equipment finance accounts. This role involves managing a team of specialists, ensuring compliance with federal and state regulations, and working closely with borrowers to find sustainable solutions. The manager will also lead process improvement and innovation initiatives to increase recoveries and reduce labor costs.
The role offers a hybrid/flexible schedule, which means there's an in-office expectation of 3 or more days per week.
- Key Responsibilities:
- Supervise and mentor a team of loss mitigation specialists with responsibility for (including but not limited to) litigation, workout, bankruptcy, unusual and potentially suspicious activity.
- Develop and implement departmental policies and procedures.
- Monitor performance metrics and ensure departmental goals are met.
- Review and approve proposed mitigation plans.
- Ensure timely and accurate processing of all loss mitigation activities.
- Ensure all activities comply with federal and state regulations
- Maintain up-to-date knowledge of regulatory changes and industry best practices.
- Conduct quality control reviews.
- Serve as a point of escalation for complex borrower cases.
- Communicate with borrowers, legal counsel, and third-party vendors.
- Negotiate with borrowers and lenders to reach mutually beneficial solutions.
- Prepare regular reports on loss mitigation performance and trends.
- Identify areas for process improvement and implement innovative solutions to increase recoveries and reduce labor costs.
- Oversee portfolio of bankrupt contracts to ensure compliance with bankruptcy regulation
- Monitor and report on suspicious activity and ensure appropriate escalation and documentation.
- Bachelor's degree, or equivalent work experience
- Seven or more years of experience in lending/account management activities
- Two or more years of management/supervisory experience
- Considerable knowledge of credit legal principles, accounting, economics, and financial statement analysis
- Considerable knowledge of lending interest rates, loan terms and conditions, and real estate methodologies
- Strong negotiation skills
- Well-developed customer service/relations skills
- Excellent interpersonal, verbal and written communication skills
If there’s anything we can do to accommodate a disability during any portion of the application or hiring process, please refer to our disability accommodations for applicants.
Benefits:
Our approach to benefits and total rewards considers our team members’ whole selves and what may be needed to thrive in and outside work. That's why our benefits are designed to help you and your family boost your health, protect your financial security and give you peace of mind. Our benefits include the following (some may vary based on role, location or hours):
Healthcare (medical, dental, vision)
Basic term and optional term life insurance
Short-term and long-term disability
Pregnancy disability and parental leave
401(k) and employer-funded retirement plan
Paid vacation (from two to five weeks depending on salary grade and tenure)
Up to 11 paid holiday opportunities
Adoption assistance
Sick and Safe Leave accruals of one hour for every 30 worked, up to 80 hours per calendar year unless otherwise provided by law
U.S. Bank is an equal opportunity employer. We consider all qualified applicants without regard to race, religion, color, sex, national origin, age, sexual orientation, gender identity, disability or veteran status, and other factors protected under applicable law.
E-Verify
U.S. Bank participates in the U.S. Department of Homeland Security E-Verify program in all facilities located in the United States and certain U.S. territories. The E-Verify program is an Internet-based employment eligibility verification system operated by the U.S. Citizenship and Immigration Services. Learn more about the E-Verify program.
The salary range reflects figures based on the primary location, which is listed first. The actual range for the role may differ based on the location of the role. In addition to salary, U.S. Bank offers a comprehensive benefits package, including incentive and recognition programs, equity stock purchase 401(k) contribution and pension (all benefits are subject to eligibility requirements). Pay Range: $94,010.00 - $110,600.00U.S. Bank will consider qualified applicants with arrest or conviction records for employment. U.S. Bank conducts background checks consistent with applicable local laws, including the Los Angeles County Fair Chance Ordinance and the California Fair Chance Act as well as the San Francisco Fair Chance Ordinance. U.S. Bank is subject to, and conducts background checks consistent with the requirements of Section 19 of the Federal Deposit Insurance Act (FDIA). In addition, certain positions may also be subject to the requirements of FINRA, NMLS registration, Reg Z, Reg G, OFAC, the NFA, the FCPA, the Bank Secrecy Act, the SAFE Act, and/or federal guidelines applicable to an agreement, such as those related to ethics, safety, or operational procedures.
Applicants must be able to comply with U.S. Bank policies and procedures including the Code of Ethics and Business Conduct and related workplace conduct and safety policies.
Posting may be closed earlier due to high volume of applicants.