Collection Specalist / Loan Assistant

JOB DESCRIPTION

Collection Specialist/ Loan Assistant          

Position: Collections Specialist

Department:Loans and Collections

Reports to:  Operations Mangers

Version:  12/06/2024

Job Description:  Collections Specialist

Position Overview: The Collections Specialist plays a key role in protecting the Credit Union’s financial assets by effectively managing delinquent loan accounts and supporting recovery of charged-off balances. This position ensures compliance with all applicable laws and regulations, including the Fair Debt Collection Practices Act (FDCPA), and works closely with internal departments, legal counsel, and third-party collection agencies. The specialist will be responsible for charge-off reporting, repossession efforts, and post-charge-off recovery in accordance with Credit Union policies.

Key Responsibilities:

Collection Management:

• Monitor and review delinquent loan accounts on a daily, weekly, and monthly basis.

·         Contact members via phone, email, and written correspondence to resolve overdue balances and establish repayment arrangements.

• Follow best practices for collection calls: maintain professionalism, verify identity, and offer empathetic but firm solutions.
• Process and track payment arrangements, settlements, and follow-ups. Input loan applications into the system and verify required information.
• Maintain accurate documentation of all collection efforts in the credit union’s system. Answer members’ questions about loan terms, application status, and documentation needs.
• Assist with the servicing of existing loans, including managing inquiries regarding loan status, payment history, and refinancing options.

Legal Repossession Support

·         Assist in preparing documentation for legal collection efforts and repossessions.

• Coordinate with third-party agencies (e.g., Simpson Law Firm) and courts (e.g., Hinds County Justice Court).
• Monitor bankruptcy notifications and ensure accounts are flagged and handled according to legal requirements.
• Support repossession of collateral assets, ensuring compliance with laws and policies.

Charge-Off Processing

·         Identify accounts for charge-off based on delinquency, bankruptcy, fraud, or deceased borrower guidelines.

·         Assist in compiling detailed charge-off reports with required information (member name, loan balance, reason, etc.).

·         Track and monitor post-charge-off recovery efforts and report outcomes to management.

·         Ensure all documents are scanned, stored, and organized properly.

Communication & Compliance

·         Ensure compliance with federal and state regulations, including FDCPA, Regulation F, and Mississippi exemptions.

·         Collaborate with internal departments to resolve member issues and support loan recovery.

·         Escalate complex cases to legal counsel or external collection partners when needed.

Administrative Support

·         Maintain well-organized loan and collection files, ensuring all documents are scanned and stored per policy.

·         Prepare periodic reports for management and the Board regarding collections, Charge-offs, and recoveries.

·         Participate in internal training and stay informed on changes to collection laws and procedures.

Other Responsibilities:

·         Perform additional duties as assigned by the Operation Manager, Lending and  or CEO to support the Credit Union’s mission.

Qualifications:

Education:

·         High School Diploma, and 3years of loan and collections experience

·         Associate’s degree or equivalent experience may be considered.

Experience:

• 1–2 years in financial services, with experience in lending, collections, or member services.
• Prior credit union experience is preferred.
• Familiarity with bankruptcy law, repossession procedures, and FDCPA compliance.

Skills and Abilities:

·         Excellent interpersonal and customer service skills.

·         Ability to work independently while following established policies.

·         Strong communication, negotiation, and conflict resolution skills.

·         Proficiency with Microsoft Office and core banking systems.

·         Ability to always maintain confidentiality and professionalism.

·         Knowledge of basic lending and collections practices is a plus.

Physical Requirements:

• Ability to sit or stand for extended periods while interacting with members or performing loan-related tasks.
• Must be able to lift 25 lbs. (e.g., documents or office supplies).
• Ability to interact with members and staff in a customer-facing role for extended periods, maintaining a professional and friendly demeanor.

Working Conditions:

• Full-time position, typically based at the credit union’s main office or branch.
• Work schedule: 40 hours per week, Monday through Friday, with occasional overtime required during peak times or special projects.
• Court appearances or attendance at legal proceedings related to collections, repossession, or bankruptcy.