Collections/Account Resolution Team Lead

Bank-Fund-Staff-Federal-Credit-Union; Washington (District of Columbia); Hybrid; USD 70,000 - 87,000; Full time

Benefits offered by this job

Medical insurance

Dental insurance

Vision insurance

401(k) plan

Life insurance coverage

Disability benefits

Tuition assistance program

Paid time off

Job summary

BankFund Credit Union in Washington, DC is seeking a Senior Collector/Account Resolution professional to manage delinquent consumer loans and oversee loss mitigation strategies. You will lead outreach, implement repayment plans, and work with the Account Resolution team to improve recovery outcomes.

After training, the role is hybrid with on-site requirements and a competitive base salary range of $70,000 to $87,000 plus an annual incentive.

Qualifications

• Education: 2 year/Associate's Degree.
• Minimum 8 years relevant experience.
• Strong knowledge of Credit Union Service IMPACT Philosophy.
• Knowledge of Bankruptcy and Repossession processes.

Responsibilities

• Perform daily collection outreach for delinquent consumer loans, real estate, credit cards and negative share accounts to resolve delinquency through payment plans or other loss mitigation options.
• Monitor delinquency performance in collection queues and report trends to the Account Resolution Manager.
• Provide coaching to Account Resolution staff on daily collection processes.
• Assist in negotiating settlements on charged-off accounts and prepare IRS Form 1099-C when needed.

Skills

Service IMPACT Philosophy

Billing & Collections

Bankruptcy process

Repossession process

Problem solving

Attention to detail

Loan products knowledge

Multi-tasking

Customer service

Communication skills

Education

Associate's Degree

Job description

About BankFund:

BankFund Credit Union is a full-service financial cooperative that was organized and chartered in 1947 as a convenient place for employees of the World Bank Group and International Monetary Fund and their families to save and to obtain credit. Located in Washington, DC, BankFund maintains three full-service branches downtown with our headquarters located near Farragut West metro station. This position is classified as a hybrid role which means that on-site work will be expected. After completion of training for the role, staff generally work on site 40% of the time but this is subject to change based on health and safety standards and operational need.

Role Responsibilities:

• Perform daily collection outreach for delinquent consumer loans, real estate, credit cards and negative share accounts to resolve delinquency through payment plans or other loss mitigation options
• Contact delinquent members to offer short/long term solutions including repayment plans, promises-to-pays, or loss mitigation options (e.g. forbearance, deferment, loan modifications, refinance)
• Monitor delinquency performance in collection queues, advise and work with staff if queues are outside of KPIs and report trends to Account Resolution Manager
• On a routine basis, monitor collection cases for accuracy of information, documentation, and collection practices.
• Maintain knowledge of, and processes for, specialty cases (Bankruptcy, Repossession, Foreclosure, and Decedent accounts). Guide and support Account Resolution staff with specialty cases and periodically monitor cases for quality assurance and completeness.
• Provides coaching to Account Resolution staff on daily collection processes
• Serve as the primary path for escalated complaints and forwards to Account Resolution Manager as necessary
• Ensure Account Resolution staff process timely delivery of repossession letters, maintaining the repossession cases /records, transport and remarketing of vehicles while maximizing the return of sold collateral
• Ensure Account Resolution staff file Bankruptcy proof of claims, prepare reaffirmation agreements when needed, post-Bankruptcy payments and maintain proper record of claims
• Ensure Account Resolution staff file Estate proof of claims for deceased members
• Assist the Account Resolution Manager with Foreclosure recommendations and maintain case documentation.
• Recommend accounts for charge off and refers accounts to the Account Resolution Manager for review
• Upon approval from the Board and Management, process Loan Charge Offs in core system
• Responsible for liaising with Accounting Department for NCUA Call Reporting and Investor Reporting obligations
• Responsible for third party placements and third-party payment reconciliation
• Responsible for In-house collection recovery of charged-off loans.
• Assists Account Resolution Manager with negotiating settlements on charged off accounts
• Assist in the preparation and mailing of IRS Form 1099-C
• Review and recommend updates to operational procedures to Account Resolution Manager
• Serve as backup up to all Account Resolution staff
• Perform all other related functions, projects, and testing assigned by the Account Resolution Manager
• Maintain working knowledge of the federal and state consumer protection laws (Unfair, Deceptive, or Abusive Acts or Practices; Fair Debt Collection Practices Act; Fair Credit Reporting Act; Service-members Civil Relief Act; etc.)

For internal purposes, this position is graded as NE-9.

The anticipated annualized base salary range for this position is $70,000 to $87,000. Final base salary for this role will be based on the individual’s job-related experience, skillset, training, certifications and market demands.

The benefits available for this full-time position include but are not limited to:

• medical insurance
• dental insurance
• vision insurance
• 401(k) plan
• life insurance coverage
• disability benefits
• tuition assistance program
• paid time off, including paid parental leave benefits

In addition to base compensation salary, this role position is eligible for an annual incentive plan.

Requirements

Minimum Qualifications

• Education: 2 year/Associate's Degree
• Minimum Years of Relevant Experience: 8 years

Skills and Knowledge (Required):

• A strong and proven commitment to the Credit Union’s Service IMPACT Philosophy
• Knowledge of billing and collections procedures

• Knowledge of Bankruptcy process
• Knowledge of Repossession process

• Strong problem-solving skills with the ability to think independently
• Strong attention to detail
• Strong understanding of Credit Union’s loan products and services
• Ability to multi-task
• Highly motivated and organized
• Independent worker
• Commitment to excellent customer service
• Excellent written and verbal communication abilities

Additional Skills and Knowledge (Preferred):

• Collections experience at a credit union
• Financial Counseling Training/Certification
• Bankruptcy Training/Certification
• Leadership/Communication Training

Physical Requirements:

This position involves physical requirements typical of office or desk-based work, such as prolonged periods of sitting, computer use, and engagement in routine office activities. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions of the job.

No additional physical requirements