Advanced Collection Specialist

Illinois State Credit Union•Normal, IL

18h•$45,000 - $55,000

About The Position

The Advanced Collections Specialist serves as the department’s subject matter expert for complex collection matters and assists members experiencing financial hardship through effective workout solutions. The position manages high-risk delinquent consumer and real estate loan portfolios, coordinates legal collection activities, mentors less experienced staff, and works closely with the Collections Manager to reduce losses while maintaining the Credit Union’s commitment to exceptional member service. The role develops and recommends payment arrangements, loan modifications, settlements, and other workout solutions; coordinates specialized collection activities; maintains knowledge of applicable laws and regulations; and provides training and technical guidance to colleagues. It also reviews portfolio trends, recommends process improvements, supports departmental operations, and promotes a respectful, professional, and member-focused approach. Success is demonstrated through strong recovery rates, sustainable workout arrangements, reduced losses, accurate legal documentation, positive audit results, high-quality documentation, shared technical expertise, productive member and vendor relationships, and timely resolution of complex delinquent accounts.

Requirements

High school diploma or equivalent required.
Three years of progressively responsible collections experience required.
Prior collections experience and knowledge of consumer lending and collection practices.
Ability to interpret and apply applicable laws, regulations, and Credit Union policies.
Knowledge of consumer and mortgage collections.
Knowledge of bankruptcy law and procedures.
Knowledge of repossessions and collateral recovery.
Knowledge of NCUA regulations and the Fair Debt Collection Practices Act (FDCPA).
Knowledge of skip tracing.
Negotiation and conflict-resolution skills.
Financial counseling skills.
Experience with Microsoft Excel and collections software.
Analytical problem-solving skills.
Strong written and verbal communication skills.

Nice To Haves

Associate or bachelor’s degree in business, Finance, Accounting, or a related field.
Experience with bankruptcies, repossessions, legal collections, and workout solutions.
Credit union or financial institution experience.

Responsibilities

Manage an assigned portfolio of complex delinquent consumer and real estate loan accounts.
Contact members through approved methods to resolve delinquent accounts.
Investigate account history, payment activity, collateral, credit information, and financial circumstances to determine appropriate collection strategies.
Develop, negotiate, and recommend payment arrangements, loan modifications, deferments, settlements, and other workout solutions within delegated authority.
Coordinate bankruptcies, repossessions, foreclosures, deceased accounts, garnishments, judgments, insurance claims, legal referrals, and collection agency referrals.
Maintain current knowledge of collection laws, bankruptcy regulations, industry best practices, and Credit Union policies.
Educate members about Credit Union products and services that may support their long-term financial well-being, when appropriate.
Maintain complete, accurate, and timely documentation of collection activities and member interactions.
Review accounts for charge-off recommendations and prepare supporting documentation for management approval.
Assist with skip tracing using approved resources to locate members and collateral.
Serve as a resource for Lending, Branch Operations, Mortgage, and Member Service staff regarding collection procedures and member assistance options.
Mentor, onboard, and train Collections employees, sharing best practices and technical expertise.
Review collection documentation and activities for consistency, accuracy, and adherence to departmental and Credit Union standards.
Identify delinquency trends and recommend recovery opportunities and process improvements to the Collections Manager.
Maintain productive relationships with attorneys, repossession companies, collection agencies, insurance providers, and other third-party vendors.
Assist the Collections Manager with departmental operations and serve as a resource during the Manager’s absence.
Participate in department meetings, training, audits, and continuous improvement initiatives.
Ensure compliance with federal and state regulations, Credit Union policies, and collection standards.
Exercise independent judgment when evaluating complex member situations, balancing regulatory requirements, Credit Union risk, and member service objectives.
Escalate exceptions requiring management approval and perform other duties as assigned.