Collector III

This position is responsible for monitoring and resolving delinquent accounts to protect the assets of Tower Federal Credit Union (TFCU). The primary role will entail perform deep analytic asset searches and making specific recommendations for recovery collection and initial review of requested Loan Modifications and extended workouts. Incumbent will review each charged off loan for the next recommended steps and present to management for review and approval.

Incumbent assists early stage (accounts less than 45 days past due) collectors when needed to provide review and recommendations to resolve challenges that develop.  They will also perform duties that include telephone calls, emails, sending letters and system data entry to document collection work/activity; provides back office support to Consumer Collections and Real Estate & Legal Collections. 

This position requires compliance with Federal, State and local regulation as well as internal policies and procedures. 

Investigates, reviews and negotiates with members on primarily real estate loans that are over 120 days past due, including charge offs.  Contacts members by phone, email, skip tracing and mail to resolve collections.   Assists consumer lending team as needed.

Reviews and verifies extended repayment workouts, modifications and settlements.  Works with members to acquire necessary documents. Follows up with non-responsive members and makes recommendations for follow up to attempt to recover outstanding unpaid debt.

Performs deep dive asset searches and skip tracing to determine member’s ability for repayment. Assesses and reviews charged off accounts for recommendation for legal action vs agency assignment.

Uses analytics to determine cost effective back end approaches to chosen recovery solution(s).

Uses TFCU’s core system and enters required maintenance on accounts including flagging accounts to restrict services when appropriate.  Ensures all entries are complete and accurate and updates member account should flags, memos need to be subsequently removed.

Investigates the borrower's total financial obligations and credit history.  Responsible for locating the individuals responsible for the loan payments and determining a recovery strategy. 

Uses appropriate tools and resources available to locate member and/or collateral if necessary.

Provides back up to Bankruptcy, real estate/foreclosure functions, system reporting, and front end collections.

Assists in the process of new hire training to ensure TFCU practices are maintained in a consistent level from start to finish, and creates a systematic process for easy back end review of charged off loans.

Interacts with vendors in the collection of charged off accounts both as consultant on recovery options and as auditor and performance manager in evaluating vendor work efforts.

Maintains and monitors a log of recoveries collected on charged off accounts, and prepares relevant reports for management review.

Acts as a back-up to the repossession process.

Performs related duties when assigned, including special projects assigned by management, including handle any collection queues within the department.

Works directly with consumer lending on loan restructuring processing as needed.

Handles member escalations as a back up to for Collections Department Seniors and Managers

Possession of a high school diploma or equivalency.

Five to eight years relevant and progressively responsible collections experience

Two years real estate specific collections experience.

Demonstrated proficiency in charge off loan recovery, bad debt restructuring and negotiating settlements.

Two years of experience working specifically with charged off debt recovery.

Or an equivalent combination of education and experience

Knowledge of skip tracing tools and resources including TLO, Nexus Lexus, Work Number, credit reports and CLEAR.

Designation of CUNA Certified Financial Counselor, or obtain designation within 12 months of hire.

Experience coaching and training employees.

Knowledge of Federal, State and local collection laws and internal procedures.

Knowledge of Fair Debt Collections Practices Act, Fair Credit Reporting Act and limited knowledge of bankruptcy law, contract law, SCRA, etc.

Knowledge of relevant repossession laws and demonstrated ability to research specific state repossession laws as these regulations can vary by state.

Knowledge of bankruptcy law, litigation process and how to prepare a file for legal action.

Knowledge of and experience with understanding of credit bureau reporting.

Analytical ability to review the financial ability for repayment

Ability to competently operate PC in Microsoft Windows environment, and work with relevant applications such as Word, Excel, etc.

Ability to make highly persuasive presentations and resolutions for delinquent loans.

Ability to write effective, concise, complete correspondence to TFCU members.

Ability to define problems, collect data, establish facts and draw valid conclusions.

Able to make sound decisions and recommendations regarding delinquent accounts.

Ability to prioritize diverse job assignments and meet established deadlines.

Ability to handle a multitude of tasks in a high stress environment.

Ability to maintain sensitive and confidential information, including review and analysis of relevant member hardship documentation.

Ability to respond to sensitive inquiries and member complaints in a timely and professional manner.

Ability to coach and develop new hires and team members to an acceptable level of performance. 

Has knowledge of and adheres to credit union policies and procedures and all regulations related to the bank Secrecy Act, the USA Patriot Act and OFAC.

Ability to work the hours needed which may extend beyond the defined work schedule when operating conditions dictate.

Ability to lift up to 15 lbs., with or without assistance, in compliance with ADA.