Collections Specialist

2 days ago


Rockville, Maryland, United States Lafayette Federal Credit Union Full time
About the Role

We are seeking a highly skilled Collections Specialist to join our dynamic team at Lafayette Federal Credit Union. As a key member of our Default Prevention and Recovery department, you will play a critical role in monitoring loans that are in default in our credit union loan portfolio.

Key Responsibilities
  • Independently prioritize and execute daily collection activities, including contacting members for payment via phone and email, maintaining collection notes, and performing follow-up.
  • Monitor and document all legal cases, track documentation sent to collection attorneys, and perform follow-up to ensure due diligence on all legal cases.
  • Review and update exception, delinquent, and matured loan reports, ensuring timely member billing and loan payment processing.
  • Assist in activities related to loss mitigation, including loan extensions, loan modifications, and foreclosures.
  • Maintain mortgage and consumer collection queues to ensure legal action and consumer loan charge-offs are performed timely and accurately.
  • Ensure procedures regarding account sweeps, member notifications, and collection notes are followed, and update all member accounts within established timeframes to achieve maximum collection of past due debts.
  • Troubleshoot and resolve member and internal inquiries in a timely, friendly, and professional manner, ensuring all written and verbal member correspondence and related information are documented and/or scanned accurately and timely into the Asset Recovery system.
Requirements
  • Excellent verbal and written communication skills.
  • Ability to work independently and prioritize tasks effectively.
  • Strong analytical and problem-solving skills.
  • Proficiency in using financial software and systems.
  • Ability to maintain confidentiality and handle sensitive information.
What We Offer
  • A competitive salary and benefits package, including employer-paid health insurance, 401(k) matching, and paid time off.
  • A dynamic and supportive work environment, with opportunities for professional growth and development.
  • A commitment to diversity, equity, and inclusion, with a focus on creating a workplace that values and respects all employees.


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