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Senior Collections Management Specialist

2 months ago


Idaho Falls, Idaho, United States Frontier Credit Union Full time
Job Overview

As a key player in safeguarding the assets of Frontier Credit Union, the Senior Collections Management Specialist is responsible for overseeing daily collection operations. This role involves managing collection efforts related to overdue loans and negative share accounts, ensuring that appropriate actions are taken for repossessions, charge-offs, and recoveries. The specialist will address complex collection challenges and handle escalated member inquiries, including those involving legal matters and bankruptcies.

Key Responsibilities:

  • Monitor and reconcile general ledger accounts while collaborating closely with the accounting department.
  • Provide leadership and mentorship to team members, fostering a culture of continuous improvement.
  • Ensure compliance with internal policies and external regulations by overseeing departmental activities.
  • Assist the Director in managing daily operations and guiding the Loss Mitigation team.
  • Collaborate with the Legal and Compliance teams on bankruptcy, foreclosure, and small claims matters, ensuring timely and accurate actions.
  • Address complex collection scenarios, including loan modifications and escalated member communications.
  • Conduct thorough reviews of delinquent accounts, identify underlying issues, and engage with members to resolve delinquencies.
  • Educate members on potential legal implications and the long-term impact of unresolved obligations.
  • Document all collection activities meticulously, including conversations and financial arrangements.
  • Analyze the financial situations of delinquent borrowers and initiate repossession of collateral when necessary.
  • Utilize effective communication and persuasion skills to maintain a positive image of the credit union while prioritizing member interests.
  • Respond to inquiries from staff and members, addressing questions and concerns related to collections.
  • Maintain accurate records of late and potentially late accounts, providing regular updates to management.
  • Support legal collection efforts as required by the Legal and Compliance Department.
  • Conduct skip tracing to locate members and enhance collection efforts by contacting co-makers.
  • Coordinate legal repossession of collateral, ensuring proper insurance coverage and involving management as needed.
  • Oversee garnishment actions and recommend charge-off decisions.
  • Ensure all collection activities adhere to credit union policies and legal requirements.
  • Investigate loan accounts flagged for late payments to identify and rectify any credit union errors.
  • Prepare comprehensive reports detailing the status of delinquent accounts and collection activities.
  • Maintain accurate records for accounts charged to reserves and assist staff in applying effective collection techniques.
  • Collaborate with loan staff to coordinate collection efforts and keep all personnel informed.
  • Keep management updated on progress towards objectives and any significant challenges encountered.
  • Promote credit union services to members when appropriate.
  • Ensure a secure and organized work environment.
  • Perform additional duties as assigned.
  • Deliver exceptional service to both internal and external members.
  • Adhere to all credit union policies, state and federal regulations, and requirements of the Bank Secrecy Act (BSA).
  • Complete other responsibilities as required by the position.

Qualifications:

  • At least 8 years of progressive experience in collections, preferably within a credit union environment.
  • A high school diploma or equivalent is required; an Associate degree in finance, business, or a related field is preferred.
  • In-depth knowledge of collections procedures and relevant laws and regulations.
  • Proficient writing skills for accurate documentation of discussions and agreements.
  • Understanding of credit union loan products and operational procedures.
  • Proficient in MS Office and familiar with reporting software.
  • Ability to learn additional software programs as needed.
  • Demonstrated professionalism and persistence in executing job responsibilities.
  • Excellent communication skills, with the ability to interact courteously and diplomatically.
  • Ability to work independently and collaboratively within a team.
  • Capability to follow written and verbal instructions accurately.
  • Composure in high-pressure situations, managing diverse personalities effectively.
  • Attention to detail and the ability to manage multiple tasks and priorities.
  • Commitment to confidentiality in all matters.
  • Reliable attendance and availability to work as required by business needs.
  • Bilingual (English/Spanish) is preferred.

Physical Requirements:

This position primarily involves sedentary work with limited physical exertion. The ability to operate standard office equipment, including computers and telephones, is essential. Some locations may require the ability to navigate stairs in emergency situations.