Collection Officer

Description

At a Glance - Job Information

Days of Work: Monday - Friday 

Starting salary range: $21 - $24 per hour depending on experience

Location: Cascade Lake Business Center, Rochester, MN

FLSA Status: Nonexempt

Schedule: Full time

Hours/Pay Period: 80

Remote Worker: No

The Collection Officer follows standard collection practices and records collection activities and file information. They anticipate and carry out independent actions necessary to provide support to meet the needs of members. The Collection Officer is accountable for making decisions that require skilled assessment, reasoning, and problem solving. They must be flexible in responding to changing priorities and handling changing workflow.

Duties and Responsibilities

Works collaboratively with members and outside vendors to resolve delinquent accounts:

• Maintains an accurate and detailed record of verbal and written correspondence regarding status of delinquent member accounts.
• Confers with members to determine reason for delinquency, reviewing terms of repayment, security, payroll deduction or other repayment concerns. 
• Works past due accounts for possible restructure, extension, or other solution for resolution of delinquency.
• Takes action to cancel open lines of credit and/or privileges such as ATM Debit Card, Credit Card, etc.
• Makes recommendations to the Chief Lending Officer if a settlement should be negotiated to affect collection.
• Works collaboratively with the Accounting Department on overdrawn deposit accounts, collection of unpaid negotiable instruments and other collection items.
• Represents the credit union at bankruptcy and other court hearings as necessary.

Manages repossession and/or disposal of collateral:

• Traces borrower to new address by questioning individuals who may have information about the borrower’s whereabouts and utilizing other skip tracing processes.
• Determines when accounts are to be placed with outside sources for collection or legal action; provides the required documentation and information to begin their collection efforts.
• Coordinates and manages the repossession of collateral to include having repairs made, assessing value, advertising, and encouraging the sale of the repossession. 
• Communicates with outside sources for progress reports on accounts that are being handled.

Analyzes and prepares monthly delinquent reports:

• Reviews delinquent loan reports to determine the status of the accounts as reported by an advanced collection package on the credit union database.
• Assigns charged-off account balances to attorney or collection agency.
• Prepares and submits the Classified Loan Listing to the accounting department monthly. 
• Provides listing of accounts to be charged-off at monthly board meetings.

Requirements

Education and Experience Requirements

A high school diploma or equivalent AND at least two years of collections experience, OR three years of experience working in a financial institution. 

All employees must be bondable by MEFCU’s insurance policy. Continued employment is subject to maintaining favorable bondable status per insurance standards.

Physical and Environmental Criteria

This physical effort required to perform this position is best described as sedentary. Exerting up to 10 pounds of force occasionally and/or a negligible amount of force frequently or constantly to lift, carry, push, pull or otherwise move objects, including the human body. Sedentary work involves sitting most of the time. The majority of this position involves computer work, which requires fine dexterity in the continuous movement of the wrist and fingers.

Sensory requirements necessary in the performance of the essential functions of this position include: sight, hearing, touch.  

Environmental conditions that may exist in the performance of the essential functions of this job include: None.

Salary : $21 - $24