Collection Specialist

The Collection Specialist responsibility involves the collection of delinquent accounts of consumer, credit cards, and other loans; processing insurance claims related to death, disability, collateral protection, and other insurance coverage the credit union is able to access to offset loan losses.

Loss Mitigation/ Collection-90%

· Knowledgeable in credit union loan and collection policies and procedures including; consumer loans, mortgage loans, credit cards, insurances available on loans, regulation affecting loans and collections, compliance requirements, documentation, and processing methods.

· Contacts delinquent borrowers/co-borrowers by telephone, mail, text, e-mail, or in person, to encourage prompt repayment of delinquent accounts. Analyse, evaluate, and assist members with credit problem. Recommend and establish alternative payment options.

· Works with branch staff, call center, accounting and other departments to process and resolve member issues related to delinquency, negative share accounts, payment arrangements, etc.…

· Initiates legal action when required; prepares delinquent loans and credit a card for charge off. Recommends when collateral should be repossessed and once approved prepares the Repossession Assignment form and maintains the repossession log.

· Sends required notification on repossessions and obtains repossession title for liquidation.

· Maintains bankruptcy log and processes bankruptcy paperwork including coding and notating account, preparing paperwork to be sent to attorney for reaffirmations and proof of claims.

· Skip trace accounts and conduct investigations to locate missing borrowers/co-borrowers and collateral; files skip claims if borrower has collateral protection insurance.

· Posts information about financial status of borrower/co-borrower and status of collection efforts in the all applicable electronic systems; Updates ChexSystems, E Oscar when necessary; corrects any credit bureau reporting errors.

· Files proof of claim on deceased accounts.

· Remove limit on an open end loan as needed when the member has another loan that is delinquent. Sends the member an Adverse Action letter.

· Monitors Courtesy Pay accounts and takes appropriate measures when account has been negative greater than 45 days

Account review and clerical processes- 10%

· Sends accounts to outside collection agencies as directed by department supervisor.

· Reviews account when member inquiries about the Soldiers and Sailors Relief to determine if they qualify. Forwards information to the Consumer Loan Manager if member qualifies for any reduction in interest rates.

· Accepts, monitors and documents consumer credit counselling payments

· Process levy and garnishment requests received from outside source

· Posts payments for Special Services when necessary and works with Accounting to balance GL

· Processes claims and payments for CPI, GAP, Warranty and Credit Insurances

Job Type: Full-time

Pay: $17.00 - $22.00 per hour

Expected hours: 40 per week

Benefits:

• 401(k)
• 401(k) matching
• AD&D insurance
• Dental insurance
• Employee assistance program
• Employee discount
• Health insurance
• Health savings account
• Life insurance
• Paid time off
• Referral program
• Vision insurance

Experience:

• banking: 1 year (Required)
• Collection: 2 years (Required)

Work Location: In person

Salary : $17 - $22