Collections Specialist

Lafayette Federal Credit Union • Rockville, MD

3d • $52,621 - $56,000 • Hybrid

About The Position

Join Lafayette Federal Credit Union, a proud recipient of USA Today's Top Workplaces of 2024 and 2025 award! We are expanding and looking for exceptional talent to support our members and contribute to our reputation as an employer of choice. Be a key player in our mission to become the premier financial partner for our community. Your skills and dedication are essential to our success. Lafayette Federal Credit Union is not only a great place to bank, but also a great place to work! In addition to our Top Workplaces recognition by USA Today, we have also been recognized nationally by (1) Newsweek’s America’s Best Bank’s list, (2) we’ve received a 5-star rating from Bauer financial, and (3) we’ve also received national recognition by S&P Global’ s Top Performing Credit Union’s! Lafayette Federal is about inclusion, diversity, high performance, and new opportunities. Teamwork and our sense of community also make Lafayette Federal a great place to work. Each person is valued for his or her unique set of skills. We share a common devotion to the people we serve, participating in charity events throughout each year and giving back to the community. Professional development, training, and certification is a priority for our employees. We want you to reach your career goals and provide support that leads to opportunities of advancement within the industry. We are currently seeking an Collections Specialist to assist the Default Prevention and Recovery department in monitoring loans that are in default in the credit union loan portfolio as well as providing support services in managing the process of loan extensions, loan modifications and foreclosures.

Requirements

• Excellent verbal and written communication skills
• Independent worker
• Residing in the District of Columbia, Maryland, or Virginia

Responsibilities

• Independently prioritizing and executing daily collection activities; contacting members for payment via telephone and email, timely documents and maintaining collection notes and performing appropriate follow-up.
• Monitoring and documenting all legal cases as well as tracking documentation sent to collection attorneys. Performing the appropriate follow-up with collection attorneys to ensure due diligence on all legal cases. Reviewing and updating all tracking spreadsheets.
• Monitoring, reviewing and updating exception, delinquent and matured loan reports; ensuring timely member billing and loan payment processing.
• Assisting in activities related to loss mitigation to include loan extensions, loan modifications and foreclosures.
• Maintaining mortgage and consumer collection queues to ensure legal action and consumer loan charge offs are performed timely and accurately.
• Ensuring that procedures regarding account sweeps, member notifications and collection notes are followed. Updating all member accounts within established timeframes to achieve maximum collection of past due debts.
• Troubleshooting and resolving member and internal inquiries in a timely, friendly and professional manner. Ensuring all written and verbal member correspondence and all related information are documented and/or scanned accurately and timely into the Asset Recovery system.

Benefits

• Employer paid (99.9%) health insurance premium for single and family coverage (HMO Plan)
• Fully funded deductible (HMO Plan)
• 401k employer matching contribution
• Income protection with life insurance, short and long-term disability
• Paid time off, holiday leave & birthday leave
• Educational assistance
• Commuter benefits program

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: No Education Listed