What are the responsibilities and job description for the Collections Specialist 2 position at America First Credit Union?
Mon – Sat Flex
Overview
Under the direction of the manager will be responsible for performing collection activities associated with various delinquent member accounts, including Visa credit and debit cards, lines of credit, secured loans, signature loans, and over limit VISA credit and debit cards. Reviews delinquent accounts to determines probable reasons for account status, and contacts members to assist with finding a long-term solution to correct the delinquency. Utilizes various techniques, as circumstances indicate, to promptly collect on accounts and ensure the Credit Union's professional image is maintained. Has basic knowledge to assist Real Estate, Bankruptcy, Garnishment/Levy, overdrawn shares and Credit Bureau areas. Assists coworkers, other areas of the Credit Union and vendors promptly and proficiently.
Responsibilities
Qualifications
PERFORMANCE MEASUREMENTS:
Pay for performance up to $2000 monthly
Top performer bonus up to $3000 Monthly
Annual retention bonus between $2000-$5000 with eligibility
Training/Education/Certification
Overview
Under the direction of the manager will be responsible for performing collection activities associated with various delinquent member accounts, including Visa credit and debit cards, lines of credit, secured loans, signature loans, and over limit VISA credit and debit cards. Reviews delinquent accounts to determines probable reasons for account status, and contacts members to assist with finding a long-term solution to correct the delinquency. Utilizes various techniques, as circumstances indicate, to promptly collect on accounts and ensure the Credit Union's professional image is maintained. Has basic knowledge to assist Real Estate, Bankruptcy, Garnishment/Levy, overdrawn shares and Credit Bureau areas. Assists coworkers, other areas of the Credit Union and vendors promptly and proficiently.
Responsibilities
- Effective and professional performance of collections functions with the ability to use multiple Credit Union systems and other essential programs.
- Receives delinquency data from the Credit Union’s Collection Software and verifies status and history of the account by using experience and knowledge of Credit Union loan policies and procedures and documentation to help verify existence of assets or evidence of fraud.
- Follows up on delinquent loans and problem accounts by telephone, and other correspondence to develop a satisfactory repayment plan. Informs members of potential further actions. Makes early contact with members and co-makers to collect and keep them informed of loan status. Makes effective use of Collection tools.
- Utilizes effective human relations skills and various forms of persuasion to present a positive Credit Union image with often challenging situations. Calms irate members and answers member questions and complaints relevant to Department functions. Determines reasons for delinquencies and works toward permanent solutions. Minimizes losses by early actions.
- Maintains collection activity on high risk loans at early delinquency.
- Reviews and maintains accounts from unsecured share loan report.
- Maintains expected phone adherence and ready time statistics.
- Monitors loans to ensure members have adequate insurance coverage to protect collateral and the Credit Union's interests.
- Performs processing of collection approved loan extensions
- Reviews and recommends financial counseling, loan modifications as needed.
- Coordinates voluntary surrenders to secure collateral when appropriate.
- Performs skip tracing to promptly set forth the process of recovering collateral and to cure delinquency on unsecured loans in a timely manner.
- Determines the need for repossession and prepares justification with collateral values, location, and condition. Completes related processes for further review of repossession recommendation.
- Negotiates terms to place a repossession on hold and or cancel, while maintaining sensitivity, tact, and professionalism.
- Utilizes further appropriate collection methods if initial attempts do not secure required payment. Determines if accounts meet requirements for further collection action.
- Recommends accounts for charge off and completes related processes.
- Understanding of Credit Union title processing to assist with collection of unsecured titles
- Basic knowledge of Bankruptcy Law and ability to answer basic questions and refer account to Loss Mitigation accordingly.
- Performs collections efforts in accordance with Credit Union policies and procedures, Unfair, Deceptive or Abusive Acts or Practices, Service Member Civil Relief Act, Fair Debt Collection Practices Act, Fair Credit Reporting Act, and Fair Lending Act to ensure all efforts are legally and regulatory compliant.
- Efficient administration of collections activities.
- Keeps assigned collection accounts accurate and up to date.
- Performs a variety of typing duties including member and 3rd party correspondence, reports, and document preparation.
- Accurately documents all collection actions taken, including telephone conversations, alternative financial arrangements, and email or text correspondence.
- Understanding of Collection industry laws and regulations to maintain compliance.
- Cross collateralizes assets when the credit union has taken a loss.
- Researches loan accounts that appear on late and potentially late records to ensure that Credit Union errors are detected promptly. Provides members the opportunity to fully explain their loan status.
- Ensuring that professional business relations are established and maintained with Credit Union members.
- Maintains the Credit Union's professional reputation throughout collections operations and in all contacts with members and 3rd party vendors.
- Maintains confidentiality.
- Represents the Credit Union in all Core Values when interacting with members, the community and or vendors.
- Operates with integrity while setting an example of a positive attitude and professionalism.
- Establishing and maintaining effective communication and coordination with Credit Union personnel.
- Assists area personnel as needed.
- Keeps management informed of activities, progress attained toward established objectives, and of any significant problems.
- Attends and participates in meetings as required.
- Other for related duties as required or assigned.
- Stays informed of changes in collections' policies, procedures, and related legal requirements.
- Actively and professionally cross-sells Credit Union services.
- Maintains cleanliness and security of work area, desks, and equipment.
Qualifications
PERFORMANCE MEASUREMENTS:
Pay for performance up to $2000 monthly
Top performer bonus up to $3000 Monthly
Annual retention bonus between $2000-$5000 with eligibility
Training/Education/Certification
- High school graduate or equivalent.
- Knowledge of collection procedures and related laws and regulations.
- Understanding of Credit Union loan products and policies. Familiar with default and enforcement clauses.
- Basic knowledge of deposit programs and understands account ownership.
- Basic knowledge of casualty insurance used to protect security.
- Basic understanding of the U.S. Bankruptcy Code.
- Previous collection experience with full-service financial institution helpful.
- Accuracy and thoroughness in work.
- Excellent communication, telephone, and public relations skills.
- Ability to work well independently.
- Professional attitude and appearance.
- Ability to work well in stressful situations.
- Ability to operate related computer applications, and other business equipment including calculator, copy machine, printer, telephone, fax.