Senior Collections Specialist
About The Position
Financial Resources FCU is recruiting a Senior Collections Specialist for its Loan Servicing Department. The role helps members who are having difficulty making timely loan payments by discussing payment options, while supporting the Credit Union’s asset quality goals. The successful candidate will apply collection best practices and knowledge of relevant state and federal laws, regulations, consumer protection requirements, bankruptcy laws, fair debt collection practices, internal controls, audit requirements, and risk management principles to ensure collection activity is compliant and ethical. The specialist collaborates with lending, risk management, compliance, legal teams, and third-party vendors to develop collection strategies, improve operational efficiency, and support organizational objectives. The role also contributes to process improvements and policy and procedure development, assists with training and mentoring collection staff as needed, and serves as a subject matter expert for complex collection situations. The position is based in Branchburg, New Jersey. On-site work is required five days per week during the first 90 days. After satisfactory work performance, employees qualify for a work/life balance program with three days in the office, one remote day, and one day off each week.
Requirements
- At least 4 years of collections experience at a credit union, bank, or other financial institution.
- Knowledge of collection policies, procedures, laws, and regulations.
- Thorough understanding of collection best practices and applicable state and federal laws and regulations, including consumer protection requirements, bankruptcy laws, and fair debt collection practices.
- Knowledge of regulatory expectations, internal controls, audit requirements, and risk management principles.
- Strong listening and negotiation skills.
- Experience preparing loan modifications and deferments, including skip payment letters.
- Professional phone etiquette and enthusiasm.
- Proficiency in Microsoft Word and Excel.
Nice To Haves
- Knowledge of Carm-Pro and COCC Insight/Fiserv DNA systems.
Responsibilities
- Handle inbound and outbound collection calls, emails, and letters.
- Document collection activities on past-due accounts, including calls, in the required collection systems.
- Prioritize daily collection work to improve efficiency and workflow and maximize collected accounts.
- Process ACH, check-by-phone, and other automatic payments to satisfy delinquent obligations.
- Research member accounts to cover delinquencies and exercise the Right of Set Off when possible.
- Prepare and distribute default, deficiency, and demand letters.
- Assist with monthly delinquency, bankruptcy, modification, and charge-off reports for management review.
- Conduct occasional site inspections as needed.
- Work with third-party vendors, including attorneys, appraisers, and collection agencies, as necessary.
- Skip trace when required.
- Handle vehicle repossessions and disposition of vehicle assets.
- Record and document pertinent correspondence.
- Track and monitor the OAO (Other Assets Owned) report and create biweekly reports.
- Monitor and track loan remittances from collection agents and attorneys.
- Serve as a subject matter expert for complex collection situations.
- Identify trends and recommend improvements to collection processes.
- Collaborate with lending, risk management, compliance, and legal teams on collection strategies and operational improvements.
- Contribute to policy and procedure development and assist with training and mentoring collection staff as needed.
Benefits
- Work/life balance programs, including a four-day work week and hybrid work environment after satisfactory completion of the training period.
- Competitive salary.
- Generous paid time off.
- Health, dental, and vision plans for employees and their families.
- Health Savings and Flex Spending Accounts.
- Paid parental leave programs.
- Short- and long-term disability programs.
- Company-provided life insurance and low-cost supplemental insurance plans.
- 401(k) with 100% employer match up to 6% after one year, with potential additional profit-sharing contributions.
- Paid volunteer days.
- Career advancement opportunities with continuous learning and development.
- Tuition reimbursement.
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What This Job Offers
Job Type
Full-time
Career Level
Senior
Education Level
No Education Listed
