What are the responsibilities and job description for the Collections Specialist position at Essential Credit Union?
POSITION PURPOSE:
Under general supervision, handles a wide variety of credit and collections functions. The Member Solutions Specialist is responsible for collaborating with members daily to collect all past due loan accounts, returned checks, and cure overdrawn share accounts. Assist with the repossession of vehicles and filing suits, when necessary, with an attorney or small claims court.
Duties and Responsibilities:
- Locate and contact members regarding delinquent loans, pending late payment reminders, returned checks, and negative share accounts.
- Ensures regular communication is maintained with members and vendors regarding past due loans and any outside representatives that assist in the Collection Departments daily activities.
- Thoroughly documents account information using the collection system on assigned accounts/queue.
- Secure and process payments thru ACH or share transfer and securing all financial transactions between the credit union and the vendors that are used by the credit union.
- Works with vendors and attorneys involved in processing accounts for suit.
- Conducts skip tracing as necessary.
- Maintains exceptional member service standards.
- Must be knowledgeable of Bank Secrecy Act.
- Ensures Regulatory procedures are followed in accordance with Federal and State Regulations and updated, as necessary.
- Investigate and resolve complaints regarding incorrect debt collection attempts.
- Report address changes and maintain files regarding debtors for correct and current information.
- Perform quality work within deadlines, with or without direct supervision, while adhering to company attendance policies.
- Other projects as may be assigned
Major Accountabilities:
- Ensures loans are collected in a timely and legal manner by contacting members and addressing the delinquency on the member’s account. Collections are to be completed in a professional and courteous manner.
- Professionally manages the relationship with all vendors through regular follow up on the work assigned to the vendor.
- Adhere to all legal requirements for any work assigned to a vendor (running SCRA validations prior to repossessions, sending out the right to cure prior to repossession, etc.)
- Maintain thoroughly documented notes of all work done on the accounts that the collector works.
- Properly process all check and credit card payments for loan payments through the appropriate vendor and make sure that the processing information is kept confidential.
NOTE: THE LIST OF ESSENTIAL FUNCTIONS IS NOT EXHAUSTIVE. IT MAY BE SUPPLEMENTED AS NECESSARY FROM TIME TO TIME.
Job Specification:
- High school diploma or equivalent required.
- Three (3) years previous collection experience to include collecting seriously delinquent accounts.
Training Requirements:
- Maintain knowledge and is highly proficient of Microsoft Office Products (word, excel, and office).
- Use of desktop and laptop computers.
Work Experience:
- Collecting experience in a financial institution setting.
- Experience collecting Indirect Automobile and boat loans.
- Knowledge of laws and regulations pertaining to collection of debt.
- Knowledge of reading credit reports.
Skills, Abilities, and Knowledge:
- Advanced Computer Knowledge
- Strong written and oral communication skills.
- Effective research skills.
- Administrative skills and abilities.
- Ability to multi-task.
- Team player.
- Attention to detail.
- Effective communicator.
Physical Requirements
Perform primarily sedentary work on computer or laptop for an average of eight (8) hours per day. Must be capable of climbing/descending stairs in emergency situations. Must be able to operate routine office equipment including telephone, copier, facsimile and calculator. Must be able to work extended hours whenever required or requested by management. Must by capable of regular, reliable, and timely attendance.
Other Requirements
Must be able to perform job functions with supervision and work effectively either on own or as part of a team. Must be able to read and carry out various instructions and follow oral instructions. Must be able to speak clearly and deliver information in a logical and understandable sequence. Must be able to perform basic mathematical calculations with extreme accuracy. Must be capable of dealing calmly and professionally with numerous different personalities from diverse cultures at various levels within and outside of the organization and demonstrate highest levels of customer service and discretion when dealing with the public. Must be able to perform responsibilities with composure under the stress of deadlines/requirements for extreme accuracy and quality and/or fast pace. Must be able to effectively handle multiple, simultaneous, and changing priorities. Must be capable of exercising the highest level of discretion on confidential matters.