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Loan Recovery Specialist
2 months ago
Position Title: Payment Services Specialist
Reports To: Payment Services Manager/EVP-CSLO/President-CEO
Classification: Non-Exempt
Objective:
The Payment Services Specialist is tasked with the crucial role of identifying and recovering all credit union loans that are overdue, in default, potentially in default, or have been written off. This position is also responsible for the daily management of the Overdraft Privilege Program Service, requiring diligent monitoring and reporting of findings, recommendations, and outcomes to the management team.
Key Responsibilities:
- Engage with members who have overdue accounts to discuss their financial situations.
- Assess the reasons for delinquency and, when suitable, provide financial guidance to members, suggesting corrective measures to rectify their accounts.
- Send collection correspondence to members and document all collection efforts, escalating serious issues to management or the credit union's collection agency. Maintain a comprehensive history of delinquency and collection activities.
- Act as the liaison for the credit union's legal counsel and collection agency.
- Represent the credit union in small claims court and bankruptcy hearings.
- Conduct investigations into billing discrepancies and common transaction errors.
- Assist in overseeing the daily operations of the payment services department, ensuring compliance with credit union policies regarding delinquent notices and adherence to legal and regulatory standards.
- Compile and prepare reports on delinquent loans and relevant statistics.
- Manage the repossession of collateral securing loans and handle post-repossession processes as necessary.
- Participate in annual training on BSA/AML to stay updated on policy changes and ensure compliance.
- Contribute to the credit union's community involvement initiatives.
- Calculate, recommend, and process reserves for overdraft transactions.
- Handle charge-offs for overdraft privilege accounts and Fresh Start Repayment Plans where payments are overdue.
- Review accounts to assess the reinstatement of overdraft privileges after suspension.
- Perform account maintenance for overdraft limits and codes on new accounts exceeding 29 days.
- Serve as the primary contact for all members regarding the overdraft privilege program.
- Complete Information Security Awareness training as directed by management.
Additional Responsibilities:
- Provide debt and financial counseling in accordance with established protocols.
- Assist in maintaining accurate collections records following established procedures.
- Complete Suspicious Activity Reports as required by BSA/AML policies.
- Maintain an up-to-date Learning Action Plan in conjunction with the Performance Management System.
- Perform other duties as assigned by management.
Qualifications:
A high school diploma or equivalent is required, along with a corresponding level of language, mathematical, and reasoning skills. A minimum of three years of experience in a related field is preferred, supplemented by ongoing education and training.
Supervisory Role:
This position does not have supervisory responsibilities.
Work Environment and Physical Requirements:
This role requires some physical exertion, including the ability to conduct vehicle repossessions as necessary. It demands a high level of mental focus to interpret and respond to a variety of situations, along with a keen attention to detail.
Access to the credit union's network and core data processing system is necessary, with roles assigned by the Divisional Vice President.