What are the responsibilities and job description for the Financial Recovery Specialist position at Family Trust Federal Credit Union?
Role:
Responsible for protecting the credit union's assets by managing delinquent loan accounts and facilitating the collection of past-due payments while delivering exceptional member service. This role ensures the accurate maintenance of collection records, processes share charge-offs, assists with collateral repossessions and dispositions, and supports legal recovery efforts, including obtaining judgments through small claims court when necessary.
Essential Functions & Responsibilities:
- Comply with credit union policies and procedures, as well as applicable state and federal laws and regulations related to collections, recovery, loss mitigation, member privacy, and information security.
- Contact members with delinquent loans in a timely manner to negotiate appropriate repayment arrangements, monitor promises to pay and follow up when arrangements are not fulfilled. Utilize effective communication, negotiation, and problem-solving skills to resolve delinquencies while maintaining a high standard of member service.
- Review account notes, alerts, payment history, collateral status, and other relevant information before processing transactions or initiating collection or recovery actions. Accept and process member payments accurately and promptly, ensuring payments are applied to the correct accounts and loans. Document all arrangements and transactions in accordance with credit union procedures.
- Analyze the financial circumstances of delinquent borrowers and identify appropriate collection and loss mitigation solutions to minimize loan losses and avoid unnecessary repossessions or foreclosures. Gather required information, complete all necessary documentation, and follow through on approved action plans.
- Identify and manage accounts requiring special handling, including bankruptcy, deceased members, Servicemembers Civil Relief Act (SCRA) protections, foreclosure, repossession, judgments, and other legal or compliance-related matters. Follow established procedures and escalate issues as appropriate.
- Work assigned collection queues, reports, and tasks accurately and within established timeframes. Prioritize accounts based on delinquency status, risk level, and departmental procedures. Collaborate with collectors, lending personnel, and other departments as needed to ensure proper account follow-up and workload coverage.
- Document all collection attempts, member contacts, payment arrangements, decisions, and follow-up activities completely and accurately within the appropriate systems, in accordance with credit union policies and applicable regulations.
- Issue required disclosures and notices to members in compliance with applicable laws, regulations, and credit union procedures. Complete reports related to delinquent loans, negative share accounts, and other assigned recovery activities.
- Respond to collection-related phone calls and emails, providing professional, timely, and accurate service to members and staff while safeguarding confidential member information.
- Inform management of trends, risks, or recurring issues contributing to delinquent or charged-off loans. Provide assistance and guidance to staff regarding collection-related questions and issues as needed.
- Maintain cross-training within the department to support assigned functions and ensure operational continuity.
- Other job duties as assigned.
Performance Measurements:
- Maintain timely member contact and follow-up on delinquent accounts, including payment arrangements and commitments.
- Ensure all collection and recovery activities are accurately documented and supported by a thorough review of account information.
- Process and apply payments accurately and document all related transactions and arrangements in a timely manner.
- Effectively manage assigned queues, reports, and tasks, while identifying and handling accounts requiring special processing.
- Comply with all applicable laws, regulations, and credit union policies governing collection and recovery activities.
- Provide professional, accurate, and confidential service to members and employees, resolving inquiries promptly.
- Demonstrate and uphold the credit union's mission, values, and commitment to member service.
- Effectively prioritize workload, manage multiple responsibilities, and maintain strong organizational skills.
- Communicate clearly and professionally, both verbally and in writing, while contributing positively to team objectives.
- Maintain a professional appearance, dependable attendance, and a positive, productive work environment.
Knowledge and Skills:
Experience: Up to six months of similar or related experience.
Education: A high school education or GED.
Interpersonal Skills: Requires strong interpersonal, communication, and relationship-management skills, with the ability to exercise tact, diplomacy, and confidentiality in sensitive situations. Frequent contact with members and external organizations necessitates the ability to build rapport, influence outcomes, resolve conflicts, and maintain productive working relationships while representing the credit union in a professional manner.
Other Skills:
- Good computer and effective telephone skills required.
- Good working knowledge of credit union policies, procedures, federal and state regulations and laws related to collections, recovery, and loss mitigation.
- Effective written and oral communication, problem-solving, analytical, negotiation, and decision-making skills.
- Ability to work effectively in a team environment and be recognized as a team player.
Experience
Required- Up to six months of similar or related experience.
Education
Required- High School or better
Equal Opportunity Employer
This employer is required to notify all applicants of their rights pursuant to federal employment laws. For further information, please review the Know Your Rights (https://www.eeoc.gov/poster) notice from the Department of Labor.
Salary : $35,585 - $48,259