Job Abstract

About BankFund:

BankFund Credit Union (BankFund) is a full-service financial cooperative that was organized and chartered in 1947 as a convenient place for employees of the World Bank Group and International Monetary Fund and their families to save and to obtain credit. Located in Washington, DC, BankFund maintains three full-service branches in downtown as well as a full-service Lending Center near Farragut West metro station.

Summary:

The Team Lead provides direction to ensure the team meets operational goals, while handling escalations and performing proactive outreach on loans and credit card delinquencies; to prevent losses to the credit union by offering repayment plans and loss mitigation programs.

Responsibilities:

• Perform outreach to past due members for all products to bring accounts current
• Contact delinquent members to offer short/long term solutions including repayment plans, promises-to-pays, forbearance, deferment, loan modifications, refinance, or Trouble Debt Restructuring
• Monitor and ensure regular follow up on all loan and credit card repayment agreements
• Act as a mentor and second voice for escalation calls
• Assist with timely delivery of repossession letters, maintaining the repossession log /records, transport and remarketing of vehicles while maximizing the return of sold collateral
• File Bankruptcy proof of claims, prepare reaffirmation agreements when needed, post-Bankruptcy payments and maintain proper record of claims
• File proof of claims for deceased members
• Assist collection manager in monitoring of third-party account placements
• Assist with charge-off process by making sure that all file maintenance is completed as required
• Perform skip tracing activities through various sources/tools to locate defaulted borrowers.
• Charge Off Loans in core system
• Assigns and services depository accounts and loans that have been forwarded to outside collection agencies and attorneys. Supplies loan documentation as requested and records/processes payments from outside collection agencies, attorneys, and bankruptcy court
• Monitors outstanding account balances to determine which accounts meet charge off qualifications then refers them to the Collections Manager for final decision.
• Responsible for In-house collection recovery of charged-off loans.
• Negotiates settlements offers on charged off loans with outside collection agencies and attorneys
• Assist in the preparation and mailing of 1099C’s
• Perform all other related functions & projects as assigned by the Manager, Account Resolution
• Maintain working knowledge of the federal and state consumer protection laws (Unfair, Deceptive, or Abusive Acts or Practices; Fair Debt Collection Practices Act; Fair Credit Reporting Act; Service-members Civil Relief Act; etc.)
• Offer short/long term solutions including repayment plans, promises-to-pay, loan modifications, refinances, personal finance management, and deferral programs
• Participates in annual Bank Secrecy Act (BSA) and Office of Foreign Assets Control (OFAC) training and demonstrate knowledge and understanding of the BSA and OFAC, including the immediate reporting of unusual or suspicious activity to the Risk Management Department. Undertake additional training specific to daily responsibilities and as required to ensure continued compliance with all applicable regulations
• Ensures that the Credit Union’s safe harbor protections as allowed by the BSA. Understand that if confronted with knowledge of existence of a Suspicious Activity Report (SAR), an obligation exists to preserve the confidentiality of that SAR, as well as any information that may reveal the existence of a SAR. Maintain awareness of, and immediately report to the Compliance Officer, any unauthorized disclosure of a SAR, or unauthorized disclosure of information related to a SAR. Understand that failure to do so is a violation of federal law and may lead to both civil and criminal penalties for SAR disclosure violations
• Successfully participates in annual Information Security refresher training. Complies with the Information Security Policy, including the immediate reporting of unusual or suspicious activity to management and the Information Security Officer; Follows all procedures to protect company computers from viruses, and to maintain the security and confidentiality of Credit Union data
• Demonstrate commitment to the Credit Union’s Service PACT philosophy

Minimum Qualifications or Knowledge, Skills and Abilities Required

Education:

• Associates Degree in related field or equivalent combination of Education and Experience

Professional Qualifications:

• Minimum of 5 years of collections experience, preferably at a credit union
• ·Prior Banking Experience preferred
• A strong and proven commitment to the Credit Union’s Service PACT Philosophy
• Strong problem solving abilities with the ability to think independently
• Knowledge of billing and collections procedures
• Strong attention to detail
• Strong understanding of Credit Union’s loan products and services
• Ability to multi-task
• Highly motivated and organized
• Independent worker
• Commitment to excellent customer service
• Excellent written and verbal communication abilities

For internal purposes, this position is graded as NE -9

The anticipated annualized base salary range for this position is $66,000 to $83,000. Final base salary for this role will be based on the individual’s job-related experience, skillset, training, certifications and market demands. The benefits available for this full-time position include but are not limited to: medical, dental, and vision insurance, 401(k) plan, life insurance coverage, disability benefits, tuition assistance program and paid time off, including paid parental leave benefits. In addition to base compensation salary, this role position is eligible for an annual incentive plan.