Collector

Job Description

Job Description

POSITION PURPOSE

The Collector is responsible for monitoring late payments and delinquency trends and making collection efforts in line with the established policies and procedures. Achieves departmental and organizational goals by having a recovery plan and recommending improvements to processes to increase department efficiency. Maintains track of written off debts, including monthly reports and follow-ups.

ESSENTIAL FUNCTIONS AND BASIC DUTIES

Assumes responsibility for the accurate and efficient completion of assigned collection functions.

• Contacts delinquent borrowers / guarantors by phone, mail, and email. Listen, persist, and negotiate with borrowers to arrange payment of their debt obligations.
• Presents practical and workable arrangements for members in challenging financial situations, which will benefit both the members and the credit union.
• Guides members on the loan modification process and analyzes the financial situation of delinquent borrowers after collecting adequate documents from the member.
• Makes recommendations to repossess collateral when other arrangements to bring the loan current are unsuccessful.
• Identifies delinquent accounts for charge off as per the policy for delinquency loan committee review and board approval. Prepares and analyzes reports on late payments and delinquency and ensures that required records are maintained.
• Informs management of trends in loan underwriting contributing to delinquent / charged-off loans.
• Maintains accurate files and reports on all collection activity.
• Ensure credit bureau reporting for guarantors is done promptly in accordance with the collection policy.
• Forwards delinquent cases to the attorney for collection, does the follow-up, monitors receipt of payments, and updates the records. Ensure that all communications with attorney are received and filed in the member’s loan file which include demand letter, Affidavit, judgment, default judgment, garnishment etc.
• Responds to attorney communications in a timely fashion and ensures all relevant communications are recorded and scanned. Checks the attorney’s invoice for accuracy and forwards it to the supervisor for approval.
• Gathers information and evidence to be used in legal proceedings to obtain liens, abstracts of judgments, and other legal actions for default loans.
• Reviews loan paid in advance and payment less than accumulated interest reports for accuracy and addresses issues, if any.
• Monitors / tracks written off loans and members on payment plans, including follow-up as required. Recommend loans with judgments for garnishments or other recovery action.
• Works strategically towards achieving the department’s recovery target on written-off debts.
• Provides a monthly report for loans with external institutions, including any delinquency on such lending and action required per their collection Memorandum of Understanding (MOU).
• Nizari may assign reasonably related additional duties. -

Assumes responsibility for establishing and maintaining effective coordination and working relationships with Credit Union personnel and with management.

Assumes responsibility for related duties as required or assigned.

QUALIFICATIONS

Education / Certification : Preferably undergraduate.

Required Knowledge : Thorough knowledge of collections, servicing, foreclosure, bankruptcy procedures, and legal requirements. Understanding of Credit Union lending programs, policies, and default enforcement clauses.

Experience Required : Two years of similar experience required.

Skills / Abilities : Good negotiation skills. Be able to handle difficult members. Good communication and interpersonal skills. Multi-tasking and good organizational skills. Good analytical skills. Good computer skills. Be able to work independently. Maintain confidentiality. Demonstrated ability to read and understand legal collection documents