This position is responsible for monitoring and resolving delinquent accounts to protect the assets of Tower Federal Credit Union. Performs duties that include telephone calls, emails, sending letters and system data entry to document collection work/activity. Also provides back office support to the branches and MSC. This position works specialty queues and reports and backs up the Collections Specialist (Repossession). This position requires compliance with Federal and State regulatory statute... more details
Note:All full-time positions include the option of $0 out-of-pocket premium cost for Employee Only PPO AND exceptionally low premiums for all other PPO coverage levels.
Tower is offering a $1000 Signing/Retaining bonus as of 1/20/2023.
This position is responsible for monitoring and resolving delinquent accounts to protect the assets of Tower Federal Credit Union. Performs duties that include telephone calls, emails, sending letters and system data entry to document collection work/activity. Also provides back office support to the branches and MSC. This position works specialty queues and reports and backs up the Collections Specialist (Repossession).
This position requires compliance with Federal and State regulatory statutes, as well as internal policies and procedures.
PRINCIPAL ACCOUNTABILITIES and FUNCTIONS:
Investigates and attempts to resolve consumer loans and credit cards that are 0 to 60 days delinquent. Contacts members by phone, email and mail. Interviews member to determine the cause of loan nonpayment. Based on the loan type/history and member circumstances, the Collector develops a mutually satisfactory plan to bring the loan payments up to date. Promptly and accurately documents account activity.
Follows up with non-responsive members on a timely basis. Determines appropriate alternative action to resolve account if initial plan does not succeed in bringing the loan payments current as expected. Reviews account histories and credit reports for additional information.
Utilizes Tower core system and enters required maintenance on accounts including flagging accounts to restrict services when appropriate. Ensures all entries are complete and accurate and updates member account should flags, memos need to be removed later.
Investigates the borrower's total financial obligations and credit history. The position is responsible for locating the individuals responsible for the loan payments and making them aware of the delinquency status.
Responsible for determining the potential for successful collection of delinquent loans. The position evaluates the repayment history, the borrower's financial situation and loan type. The position determines the cause for nonpayment and whether it is a situation that can be altered. The position prepares the appropriate documentation and forwards recommendations for repossession or legal action to the Manager.
Researches make and model of collateral. Determines identities of owners and lien status of vehicle. Determines the value of the collateral.
Uses appropriate tools and resources available to locate member and/or collateral if necessary.
Evaluates loan and account contracts for Tower’s options, including the right of setoff and cross-collateralization.
Handles credit bureau disputes received from members through the E-OSCAR system or direct disputes from the member. Requires knowledge of various credit bureau issues, credit bureau terminology and ability to research member account history to determine the accuracy or inaccuracy of a member’s dispute. Advises members on credit reporting issues.
In addition to the above Collector I Accountabilities and Functions (above), also performs the following:
Thoroughly works with the borrower, co-borrower and/or co-makers to bring current consumer loan accounts, MasterCard accounts that are 61-180 days delinquent, including skip tracing with various tools and resources.
Works one or more specialty queues or reports (in rotation):
Deceased accounts, including determining location of estate and filing claims against the estate.
Negative balance accounts, including reporting appropriate members to Chexsystems, forwarding accounts to our collection agency, balancing the negative balance GL with Accounting, answering questions and updating Chexsystems and the core system after payments are made.
CCCS proposals, including reviewing proposals in view of Tower policies and communicating with members and/or agencies.
First payment defaults, including telephone calls, emails and identifying and correcting problems with automatic transfers, etc.
Acts as a back-up to the Collections Specialist on repossession issues.
Identifies and prepares accounts for charge off on a monthly basis. Must understand when accounts are ready for submission and must submit in a timely manner to be in accordance with NCUA guidelines.
REQUIRED QUALIFICATIONS:
High school graduate with 3 or more years of collections experience.
Knowledge of State and Federal collection laws and procedures.
Knowledge of Fair Debt Collections Practices Act, Fair Credit Reporting Act and limited knowledge of bankruptcy law, contract law, SCRA, etc.
Must possess knowledge of relevant repossession laws and demonstrate ability to research specific of state repossession laws as these regulations can vary by state. (competencies)
Must meet competencies skills for promotion opportunities within the grade
PREFERRED: Fluent in Spanish
COMPETENCIES:
Ability to operate 10-key adding machine and typewriter
Ability to competently operate PC in Microsoft Windows environment, of applications such as Word, Excel and DOS
Ability to operate a PC in an Internet environment
Ability to read, analyze and interpret procedure manuals
Ability to make persuasive presentations and provide explanation or instruction in one-on-one situations over the telephone
Ability to write effective, concise, complete correspondence to TFCU members
Ability to write routine reports, internal and external communications
Ability to define problems, collect data, establish facts and draw valid conclusions
Able to take and follow instructions
Able to make sound decisions and recommendations regarding delinquent accounts
Able to take and follow instructions with minimal supervision
Ability to prioritize diverse job assignments and meet established deadlines
Ability to complete tasks with a high degree of accuracy and attention to detail
Ability to handle a multitude of tasks in a high stress environment
Able to arrive at work routinely and promptly and demonstrate consistent dependability to include attendance.
Ability to maintain sensitive and confidential information
Able to get along with colleagues and supervisors
Ability to respond to sensitive inquiries and complaints in a timely and professional manner
Ability to provide constructive feedback to any individual you are charged with training
WORK CONDITIONS:
Ability to work flexible hours including overtime as deemed necessary by departmental needs
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