TITLE: COLLECTION OFFICER
REPORTS TO: COLLECTION MANAGER
POSITION SUMMARY: The Collection Officer is responsible for the proactive and professional collection of all delinquent loans, initiating legal actions when necessary, and ensuring compliance with credit union policies and regulations. They will make recommendations on actions that should be taken if loan collateral is in jeopardy, as well as notifying and reporting to management.
ESSENTIAL DUTIES & RESPONSIBILITIES:
1. Knowledgeable in credit union loan and collection policies and procedures including consumer loans, mortgage loans, credit cards, insurances/warranties financed on auto loans, regulation affecting loans and collections, compliance requirements, documentation, and processing methods.
2. Locate and contact delinquent members by phone, mail or in person to discuss their account(s) in a timely and consistent manner, establish repayment schedules and follow up with member when they do not make promised payments.
3. Respond to telephone calls regarding payment notices and delinquent accounts.
4. Mail delinquent payment notices.
5. Initiates legal action when required; determines when collateral should be repossessed, seeks approval from Collection Manager to review prior to taking further action, and accurately completes all necessary steps of the repossession, redemption, and sold autos at auction processes.
6. Prepares delinquent loans, credit cards, and share accounts for charge off.
7. Communicate effectively with members on delinquency situations and appropriately document situations and causes in the system.
8. Offer recommendations to Collection Manager when a member is experiencing a financial hardship to include extensions, refinancing, etc.,
9. Document all bankruptcies in the system. Immediately forward all bankruptcy paperwork to legal counsel for processing upon receiving documentation.
10. Must process Writs of Execution according to policy and procedure and forward to legal counsel.
11. Review loan terms, determine reasons for delinquency, and negotiate repayment plans or arrangements.
12. Maintain collection records as may be required by regulators or management.
13. Assist Collection Manager with creation of monthly board reports.
14. Generate and send delinquent letters and demands.
15. Keep updated and educated in all areas relating to law changes, collection practices, and any other areas that would enhance the Collection Department.
16. Perform other duties as assigned.
QUALIFICATIONS:
· 2-3 years of collection experience.
· Proficiency with Microsoft Office (Outlook, Word, Excel) and the ability to learn new systems quickly; accurate data entry skills.
· Basic understanding of collection practices.
· Ability to handle conflict resolution and de-escalation effectively.
· Requires attention to detail, persistence, and the ability to work independently while meeting deadlines.
· Excellent customer service and communication skills (verbal and written).
· Ability to handle confidential information with professionalism and discretion.
Disclaimer
The above information on this job description has been designed to indicate the general nature and level of work performed by employees in this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities and qualifications required of employees assigned to this job.
Pay: From $17.00 per hour
Benefits:
- 401(k)
- AD&D insurance
- Dental insurance
- Disability insurance
- Health insurance
- Life insurance
- Opportunities for advancement
- Paid sick time
- Paid time off
- Vision insurance
Work Location: In person
