Collections Specialist

Northwest Federal Credit Union - Herndon, VA

Full-time - Entry Level

Herndon, VA

Credit Intermediation and Related Activities

About the position

The Collections Team oversees the critical and time-sensitive effort of settling delinquent loans or negative accounts while helping the credit union mitigate financial losses. In the role of a Collections Specialist, team members recover past due payments on auto loans, credit cards, signature loans, lines of credit and negative savings accounts. This role also includes the ability to negotiate with members as well as work to find alternative payment solutions in order to keep delinquency low in order to mitigate loss.

Responsibilities

• Manage collection efforts on delinquent employee and member accounts and maintain acceptable delinquency rates
• Communicate with members regarding past due accounts via telephone and/or written correspondence
• Utilize skip tracing tools and techniques such as credit reports, software applications, and web-based searches
• Ensure compliance with all federal and state regulations as it pertains to collections, loss mitigation and default processing
• Negotiate acceptable payment arrangements
• Research and resolve discrepancies
• Handle a high volume of incoming and outgoing calls on a daily basis
• Recommend accounts for charge off
• Escalate accounts to management when the member is unwilling or unable to pay when necessary
• Perform other related duties as assigned
• Remain cognizant of and adhere to NWFCU policies and procedures as well as regulations pertaining to the Bank Secrecy Act (BSA)

Requirements

• High school diploma or equivalent
• Minimum 2 years' of collections experience; financial institution preferred
• Experience working in a financial institution in a branch, call center, or retail environment may be substituted for collections experience
• Ability to work flexible hours based on business needs: Monday - Friday 8AM-4:30PM, includes a rotational shift once every 5 weeks of Saturday 9AM-1PM, a 10:30AM-7PM shift during the week
• Ability to work effectively on-site in our Herndon, VA headquarters and equally effectively remotely
• Ability to use standard office equipment and systems; working knowledge of Microsoft Office products, especially Word and Excel
• Effective oral and written communication skills
• Ability to review and analyze or interpret data and documentation and to make decisions regarding subsequent actions
• Working knowledge of FDCPA (Fair Debt Collection Practices Act) and TCPA (Telephone Consumer Protection Act)
• Accuracy and detail orientation
• Effective negotiation skills
• Ability to think strategically
• Ability to maintain confidentiality
• Ability to interact effectively with all levels of the organization and with members

Benefits

• Medical, dental and vision plans for you and your family
• 4 weeks paid vacation
• 12 paid holidays
• 24 hours of paid volunteer time
• Parental leave
• Company paid disability and life insurance
• A generous 401(k) plan with up to 7% employer match