Collection Specialist

REPORTS TO: Chief Operations Officer

Purpose

Responsible for the control of late and/or delinquent loan accounts and pending late payment reminders. Make follow-up telephone calls on delinquent loan accounts and maintain accurate records on delinquent loan accounts.  Optimize collections on accounts while balancing the goodwill of members with the overall business interest of the credit union.

Collection Job Duties and Responsibilities

  1. Monitor payments for late and/or delinquency status. Follow up on delinquent, high-balance, and overdue credit balance accounts by phone and/or letter.  Ensure professional interface with members.
  2. Contact high balance and/or delinquent members by telephone and mail to determine the reasons for balance or delinquency, and assist them in developing plans to bring accounts to a current status. Develop workout plans and collect on overdue accounts wherever possible.
  3. Notify co-signers regarding status of delinquent accounts.
  4. Update files and system accounts via the credit union’s delinquent loan recovery system.
  5. Secure credit bureau reports. Skip trace on loan accounts.  Maintain accurate data for repossession log, bankruptcy files, charge-off list, etc.
  6. Research payroll deductions, stops, starts, and changes as they may affect the status of a loan payment.
  7. Assist members with delinquent real-estate loans to resolve delinquency.
  8. Determine when to compromise and settle balances and when to initiate foreclosure or repossession proceedings after conferring with Manager/CEO.
  9. Determine when collateral should be repossessed, after conferring with Manager/CEO, and serve as liaison with attorneys or agencies in handling repossession of collateral.
  10. Work with attorneys to file claims and attend hearings, and coordinate with trustees for all bankruptcy filings.
  11. Investigate and correct discrepancies in loan applications and credit bureau reports.
  12. Maintain detailed record of all communications made with member regarding delinquency.
  13. Prepare information needed or required by collection agency, and post receipts from collection agency.
  14. Monitor negative share balance accounts and contact member by telephone and mail to bring accounts to a current status.
  15. Work with insurance company and members, when appropriate, on filing disability and death claims.
  16. Perform quality control functions on processed loans to ensure compliance of policy and procedures are followed.
  17. Perform other duties as assigned by supervisors.

Auburn Community FCU is an Equal Opportunity Employer.

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