Collections Specialist

Beacon Credit Union; Lynchburg (VA); On-site; USD 40,000 - 50,000; Full time

Job summary

Beacon Credit Union in Lynchburg, VA seeks a collections specialist to support our mission, Dedicated to Our Member's Financial Success. You will contact members by phone and in person to resolve delinquent accounts and coordinate actions such as payments arrangements, modifications, or referrals when needed.

Responsibilities include reviewing account activity, communicating options, and documenting all actions in accordance with Bank Secrecy Act and AML regulations.

Qualifications

• Strong communication and customer service skills.
• Ability to explain options clearly and negotiate arrangements.
• Knowledge of banking regulations (BSA/AML) and collection practices.

Responsibilities

• Respond to inquiries by phone and in person to collect delinquent accounts.
• Assess reasons for delinquency and pursue appropriate actions (payment plans, modifications, referrals).
• Reconcile GLs, process bankruptcies and recovery payments as needed.
• Recommend actions such as repossession, legal action, foreclosure, or referral to collection agency as appropriate.
• Maintain complete customer files and comply with documentation requirements and adverse action forms.
• Provide support to other departments and monitor loan payoff communications with dealerships and insurers.
• Ensure compliance with Bank Secrecy Act and anti-money laundering regulations.

Skills

Communication skills

Member service

Multi-tasking

Regulatory knowledge

Education

High School Diploma

Job description

Role

The primary purpose of this position is to assist Beacon Credit Union to live out our mission, "Dedicated to Our Member's Financial Success."

Participates in maintaining a financially sound loan portfolio through early delinquency control. Methods to accomplish this include (but are not limited to): phone calls, collection letters and in person interviews. Recommends further action on accounts as deemed necessary (includes but not limited to): repossession, legal action, foreclosure and referral to collection agency). Responsible to deliver outstanding internal and external service standards.

Major Duties and Responsibilities

Respond to customer inquiries by phone and in person (could include but not limited to requests to transport our collateral out of country, VSI and BALP claims, GAP and warrant insurance cancellations, NADA values, address updates).

Interview customers to determine reason for delinquency. Take appropriate action to resolve the account (could include loan modifications or loan workouts). Counsel customers concerning their financial obligations, advises of options and solicits agreement of payments.

Reconcile GL's, process incoming bankruptcies, recovery payments and preparation of reports when needed.

Recommend further action as deemed necessary (i.e. repossession, legal action, foreclosure, referral to collection agency).

Demonstrates judgment and discretion within the framework of all applicable regulations and policies.

Ensure customer files are kept updated and complete, and all required documents are filed (includes completion of adverse action forms).

Assist other departments and branches with transactions as needed. Provide support for the collections department and branch managers in fulfilling customer requests and merchant verifications.

Monitor and process loan payoff information and provide this communication to dealerships, insurance companies and all appropriate parties in an accurate and timely manner.

Follows all applicable regulations, including Bank Secrecy Act, and Anti-money Laundering.

Deliver outstanding service to internal and external members in alignment with the credit union's service standards.

All other duties as assigned.

Knowledge and Skills

Experience

Six months to two years of similar or related experience, including time spent in preparatory positions.

• Experience working with bankruptcies, foreclosures and repossessions.
• Previous collection experience required.
• Administrative and supervisory experience beneficial.
• Strong member service and communication skills a must. Must possess the ability to communicate professionally and effectively via the phone.
• Must have the ability to multi-task and be flexible during your workday.
• Knowledgeable of laws that pertain to banking and collection practices.

Education & Certifications & Licenses

Education equal to a High School Degree or High School Diploma. College degree preferred.

Valid Driver's License Required.

Interpersonal Skills

A significant level of trust and diplomacy is required to be an effective subject matter expert in the position. In-depth dialogues, conversations and explanations with customers, direct and indirect reports and outside vendors of a sensitive and/or highly confidential nature is a normal part of the day-to-day experience. Communications can involve motivating, influencing, educating and/or advising others on matters of significance.

Beacon Credit Union is an EEO employer - M/F/Vets/Disabled