Collections Specialist

Description

Role:

The Collections Specialist is responsible for minimizing risk and maximizing recovery on delinquent and potentially delinquent accounts for the credit union. This position focuses on establishing win-win solutions, building member relationships, and providing exceptional service. The Collections Specialist will communicate with members to understand the causes of delinquency and work with them to find viable resolutions. This role is key to supporting the credit union's mission, culture, and goals while maintaining compliance with all relevant laws and regulations.

Essential Functions & Responsibilities:

· Initiates and Administers Collection Actions: Proactively manage and execute collection actions on member accounts that are delinquent, at risk of default, or negative. Review and prioritize the daily collection queue to identify delinquent accounts, determine causes of delinquency, and negotiate effective payment solutions. Conducts 100 or more calls per day.

· Accurate Documentation: Maintain precise and thorough documentation of all actions, including phone conversations, payment arrangements, and correspondence. Ensure data accuracy in the collection management system to maintain the integrity of the database and provide a clear history of interactions.

· Negotiation & Payment Arrangements: Work closely with members to negotiate payment plans, loan modifications, and work-out agreements. Prepare necessary documentation for loan modifications and submit recommendations for review and approval by management.

· Due Diligence & Recommendations: Perform thorough account reviews to ensure due diligence has been completed. Recommend appropriate next steps, such as repossession or charge-offs, based on credit union policies and member financial situations.

· Regulatory Compliance & Knowledge: Stay up-to-date with current laws, regulations, and credit union policies related to collections activities. Ensure that all collection actions comply with legal requirements and industry best practices.

· Skip Tracing & Member Location: Use various skip tracing tools, internet resources, and credit reports to locate members whose contact details are unknown. Take necessary action to regain contact and resolve delinquent accounts.

· Confidentiality & Security: Ensure the security and confidentiality of sensitive member information in accordance with the Credit Union’s Code of Ethics and data privacy policies.

· Process Improvement: Regularly identify areas for improvement in the collections process and propose enhancements to management. Seek out opportunities to increase efficiency and effectiveness in job functions.

· Leadership Communication: Notify management of high-risk accounts or cases that require special attention. Provide insight into challenging situations and collaborate with leadership to resolve complex cases.

· Continuous Learning: Participate in ongoing training, seminars, and educational opportunities to expand expertise in collections management and stay current with industry trends and regulatory changes.

· Problem Solving & Objection Handling: Use creativity and problem-solving skills to overcome member objections and find mutually beneficial solutions. Analyze each case logically, identifying the strengths and weaknesses of different approaches to resolve delinquency issues.

· Goal Achievement: Consistently work toward meeting or exceeding collection goals set by management. Stay focused on achieving credit union targets for delinquency and charge-off ratios.

· Effective Communication & Teamwork: Communicate clearly and professionally with members and colleagues. Collaborate within the department to meet collective goals, contributing positively to the team’s overall success.

Performance Measurements:

· To maximize the collection and/or recovery of credit union assets from delinquent and charged-off accounts.

· Ensure all collection activity is legal and follows credit union policy. To keep management informed of operational issues affecting the credit union’s collection activities.

· Provide friendly, professional and accurate service and support to all members and associates.

· Develop recommendation for cost efficiencies and enhancements to products, pricing, and processes by monitoring trends in operations and deposit services.

Requirements

• Two years to five years of similar or related experience.
• A high school education or GED.
• A significant level of trust and diplomacy is required, in addition to normal courtesy and tact. Work involves extensive personal contact with others and/or is usually of a personal or sensitive nature. Work may involve motivating or influencing others. Outside contacts become important and fostering sound relationships with other entities (companies and/or individuals) becomes necessary.
• Must have good communication skills. 10-key calculator, typewriter, and keyboard skills.