Collector

Job Description

Job Description

PURPOSE

Responsible for the collections of past due loan accounts and maintaining accurate records of all collection activity including securing repossessed collateral, filing claims, and handling all legal activities. Optimize collections on accounts while balancing the goodwill of members with the overall business interest of the credit union.

DUTIES AND RESPONSIBILITIES

• Responsible for the control of late and / or delinquent loan accounts; Make follow-up phone calls and / or send correspondence on delinquent loan accounts
• Maintain accurate and up to date records of all collection activities at all times; Prepare and present reports on collection activities and statistical information to Management on a schedule determined by Management
• Ensure that collections policies, procedures, practices, and documentation best serve the credit union and are compliant with all federal and state laws and regulations
• Always maintain courteous and considerate interface with members.
• Use effective control procedures for late and / or delinquent or potentially delinquent loans
• Make recommendations to Management regarding charge offs
• Review accounts where action beyond routine collection procedures must be implemented; Handle complex situations; Resolve difficult or non-routine member issues
• Monitor and post payments of late and / or delinquent accounts including any payments received from the bankruptcy courts / attorneys / collection agencies
• Follow up on delinquent and overdue credit balances by phone and / or letter by utilizing a tickler system for follow up
• Contact high balance and / or overdue accounts to determine the reason for the delinquency and assist them in developing a plan to bring accounts to current status. Develop a workout plan and collect on overdue accounts wherever possible
• Notify co-signers regarding status of delinquent accounts
• Update files and system accounts following the credit union’s collections procedures
• Secure credit bureau reports. Skip trace on loan accounts as needed.
• Maintain accurate data for repossessions / bankruptcies / collection activities at all times to reconcile accounting records.
• Research payroll deductions, stop, starts and changes as they may affect the status of loan repayment
• Assist members with delinquent real estate loans to resolve delinquency
• With directions from Sr. Management, determine when to compromise and settle balances and when to initiate foreclosure or repossession proceedings
• With directions from Sr. Management, determine when loan collateral should be repossessed and serve as liaison with attorneys or agencies in handling repossession of collateral
• File all claims, attend hearings, and coordinate with trustees for all bankruptcy filings
• Investigate and correct discrepancies in loan applications and credit bureau reports
• Keep any repossessions well maintained, clean and in working order for possible sales
• Submit information to FPI company and process FPI reports. Post entries to members’ accounts when adding premiums and applying refunds when necessary.
• Monitor activities of collection efforts for negative share draft accounts ensuring proper calling / follow-up / etc.

SKILLS, KNOWLEDGE, EXPERIENCE

High school graduate or equivalent.

This job description is not a complete statement of all duties and responsibilities for this position. It contains only the facts necessary to evaluate the position on a fair basis.