Collections Specialist

About the role

The primary purpose of this position is to assist Beacon Credit Union in living out our mission, "Dedicated to Our Member's Financial Success." You will participate in maintaining a financially sound loan portfolio through early delinquency control using methods such as phone calls, collection letters, and in-person interviews. You will recommend further action on accounts as necessary, including repossession, legal action, foreclosure, and referral to a collection agency. The role requires delivering outstanding internal and external service standards.

Responsibilities

• Respond to customer inquiries by phone and in person, handling requests such as transporting collateral out of country, VSI and BALP claims, GAP and warranty insurance cancellations, NADA values, and address updates.
• Interview customers to determine the reason for delinquency and take appropriate action to resolve the account, including loan modifications or workouts.
• Counsel customers concerning their financial obligations, advise of options, and solicit agreement on payment plans.
• Reconcile general ledgers, process incoming bankruptcies, recovery payments, and prepare reports as needed.
• Recommend further action as deemed necessary, such as repossession, legal action, foreclosure, or referral to a collection agency.
• Demonstrate judgment and discretion within the framework of all applicable regulations and policies.
• Ensure customer files are kept updated and complete, including the completion of adverse action forms.
• Assist other departments and branches with transactions as needed.
• Provide support for the collections department and branch managers in fulfilling customer requests and merchant verifications.
• Monitor and process loan payoff information and communicate it accurately and timely to dealerships, insurance companies, and all appropriate parties.
• Follow all applicable regulations, including the Bank Secrecy Act and Anti-Money Laundering guidelines.
• Deliver outstanding service to internal and external members in alignment with the credit union's service standards.
• Perform all other duties as assigned.

Requirements

• Six months to two years of similar or related experience, including time spent in preparatory positions.
• Experience working with bankruptcies, foreclosures, and repossessions.
• Previous collection experience required.
• Administrative and supervisory experience is beneficial.
• Strong member service and communication skills.
• Ability to communicate professionally and effectively via phone.
• Ability to multi-task and be flexible during the workday.
• Knowledge of laws pertaining to banking and collection practices.
• Education equivalent to a High School Diploma; college degree preferred.
• Valid Driver's License required.

Skills

• A significant level of trust and diplomacy is required to effectively handle sensitive and confidential matters.
• In-depth dialogues, conversations, and explanations with customers, direct and indirect reports, and outside vendors.
• Ability to motivate, influence, educate, and advise others on matters of significance.