Financial Recovery Specialist

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Role: To preserve the credit union's assets by controlling delinquent loan accounts, collecting delinquent loan payments. while maintaining a high standard for member service. Other aspects of this position include: ensuring accurate records are maintained, assisting with the repossession of collateral, collateral disposition, and other legal items such as judgments in small claims court.

Essential Functions & Responsibilities:

• Comply with credit union policies and procedures, state and federal laws and regulations related to collections, recovery, and loss mitigation.
• Contact members with delinquent loans in a timely manner to negotiate plans to ensure timely repayment of loans. Utilize effective human relations skills and persuasion to resolve negative situations.
• Analyze financial situation of delinquent borrowers; take action to repossess collateral or take other action when arrangements to bring the loan current are unsuccessful.
• Work with members to identify opportunities to assist them through loss mitigation. The involves gathering information related to the request, completing proper documentation, and analyzing the situation to determine the best course of action of avoid unnecessary loan losses, repossessions, and foreclosures.
• Document all collection attempts and maintain in an orderly manner and in accordance with credit union policy and federal regulations.
• Issue required disclosures and notices to member(s) in accordance with all applicable laws and guidelines.
• Answer collection calls/emails and provide the highest possible quality of service to members and staff of other departments.
• Complete reports related to delinquent loans and negative shares.
• Communicate and coordinate with other collectors and lending personnel on collection queues and other collection matters.
• Inform management of trends in loan underwriting contributing to delinquent or charged off loans.
• Assist staff with general questions and collections issues as they arise.
• Be effectively cross trained within the department to assist with all tasks as assigned.
• Maintain knowledge of and comply with all BSA related regulations and internal policies and procedures.

Performance Measurements:

• Ensure timely contact of members with delinquent loans to inquire about re-payment intent.

• Maintain accurate and complete records of all collection and recovery activity.

• Adhere to provisions as set forth in the Fair Debt Collection Practices Act (FDCPA) and insure collection activity is always within credit union policy and all relevant regulations.

• Document collection efforts in the appropriate collections system of each contact or contact attempt.

• Provide informed, professional assistance and support to all members and employees, to troubleshoot and resolve inquiries in a timely, friendly and accurate manner.

• Possess a good understanding of credit union philosophy, core values and mission statement and demonstrate these beliefs and characteristics.

• Possess good organizational skills and have an ability to prioritize work and balance several diverse projects at one time.

• Possess well developed verbal and written communication skills. High level ability to be a contributor in a team environment.

• To have analytical, problem solving, and decision-making skills to include research and the ability to follow through on problems until resolved.

• Maintain a professional work environment and demeanor, pleasant personality, and business-like appearance. Maintain a dependable record of attendance and timeliness.

Knowledge and Skills:

Experience: Up to six months of similar or related experience.

Education: A high school education or GED.

Interpersonal Skills: 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.

Other Skills:

• Good computer and effective telephone skills required.

• Good working knowledge of credit union policies, procedures, federal and state regulations and laws related to collections, recovery, and loss mitigation.

• Effective written and oral communication, problem-solving, analytical, negotiation, and decision-making skills.

• Ability to work effectively in a team environment and be recognized as a team player.

Experience

• Up to six months of similar or related experience.

Education

• High School or better