Collector I

Description

SUMMARY:

Notifies or locates borrowers with delinquent accounts and attempts to secure payment by performing the following duties. Participates in maintaining a financially sound loan portfolio through early delinquency control. Methods to accomplish this include (but are not limited to): phone calls, text messages, collection letters, and in person interviews. Recommends further action on accounts as deemed necessary including, but not limited to repossession, legal action, foreclosure, and referral to a collection agency.

ESSENTIAL DUTIES AND RESPONSIBILITIES

• Daily, work delinquency queue. Makes early contact with delinquent members to determine the reason and to negotiate a successful payment arrangement, sends letters, and offset payments when available.
• Follow-ups on all delinquent accounts to ensure payment arrangements are made. Develops payment plans and collects overdue accounts whenever possible. Recommends further action as deemed necessary (i.e. repossession, legal action, foreclosure, recommend charging off).
• Performs thorough skip tracing on delinquent accounts as needed.
• Ensure compliance with all applicable Credit Union policies, procedures, and state and federal regulations.
• Maintains accurate data on all delinquent accounts, including initial documentation of repossessions, and charged off accounts.
• Documents all collection activity, including 3rd party collection activity and telephone/text message conversations and alternative financial arrangements.
• Posts collected payment to member's accounts.
• Troubleshoots and resolves member inquiries in a timely and accurate manner. Research automatic payment methods, stops, starts, and changes as they may affect the status of a loan.
• Work and recommend loans for charge offs that are in the queue, monitor shares for charge off, and as assigned in compliance with the credit union's charge off policy.
• Work as a team within the department to meet the overall credit union's goals for charge off/delinquency ratios.
• Must comply with all company policies and procedures, applicable laws, and regulations, including but not limited to the Bank Secrecy Act, the Patriot Act, and the Office of Foreign Assets Control.
• Any other task/duties assigned by supervisor.
  
  

Requirements

KNOWLEDGE, SKILLS, AND ABILITIES:

Persistent in following standard collection practices, accurately recording collection activity and file information, and maintaining a professional and positive attitude towards delinquent borrowers, and the job of collections.

Education:

· High school diploma or general education degree (GED) equivalent.

Experience:

· 1 years of experience and/or training; or equivalent combination of education and experience.

· Read and comprehend simple instructions, short correspondence, and memos.

· Effectively present information in one-on-one situations to borrowers. Ability to add, subtract, multiply, and divide in all units of measure, using whole numbers, common fractions, and decimals.

· Knowledge of how to compute rate, ratio, and percent.

· Ability to apply common sense understanding to carry out instructions furnished in written, oral, or diagram form. Ability to deal with problems involving several concrete variables in standardized situations.

Certifications:

· N/A

Systems Knowledge:

· Ability to utilize credit union workstations hardware and software such as Microsoft Office (Word, Excel, etc.) along with company proprietary and/or financial software tools.