Specialty Collection Representative

Redstone Federal Credit Union; United States; On-site; USD 55,000 - 75,000; Full time

Job summary

Redstone Federal Credit Union in the United States is seeking a Specialty Collections Representative to manage complex collection actions and advise members on loss mitigation options.

The role requires extensive collections experience in financial services, including bankruptcy, repossessions, and foreclosures, and the ability to mentor colleagues while ensuring compliance with policies and regulations. This position offers opportunities to support members and protect assets.

Qualifications

• Education requirements include a bachelor's degree in Business or a related discipline.
• 3 years of collections experience in a financial institution.
• 1 year in loss mitigation, workouts, bankruptcy, repossession or foreclosures.
• Fannie Mae servicing knowledge preferred.
• Basic lending experience preferred.

Responsibilities

• Assess members' needs and advise on Credit Union products and services.
• Apply advanced loss mitigation knowledge to resolve financial hardships.
• Mentor other staff and ensure policy changes are communicated.
• Handle complex collection actions including repossessions and foreclosures.
• Prepare and review documents related to collection activities.

Skills

Customer service

Communication

Problem solving

Financial services knowledge

Education

Bachelor's degree in Business or related discipline

Job description

Job Description Summary

Interacts with members to gain knowledge and understanding of their financial needs. Performs a variety of collections activities and utilizes all available resources to reduce delinquent accounts, avoid charge-offs and foreclosures. Provides detailed information and promotes products and services to meet member needs and build relationships. Creates payment plans to protect the assets of the Credit Union. A Specialty Collections Representative is distinguished from a Collection Representative in that the employee job duties are more complex in nature and require specialized training to handle bankruptcy, repossessions, foreclosures, litigation, loss mitigation and workouts. They serve as a liaison between the Credit Union, attorneys and third party vendors. A Specialty Collection Representative may also serve as a lead for other employees and assist in training.

Job Description Essential Duties and Responsibilities

Assess member’s needs and concerns; provides consultative services to members regarding appropriate Credit Union products and services. Utilizes advanced knowledge of workout and loss mitigation options to provide resolutions to members with financial hardships; follow through to ensure member satisfaction. Serves as a primary resource for other employees by mentoring, providing ongoing training and guidance and ensuring all changes in policies and procedures are communicated and understood. Complete projects and reports as requested. Perform specialized data entry to prepare a variety of standard materials, documents and reports; updates records and databases; completes and processes standard forms related to areas of responsibility. Responsible for performing collections on delinquent accounts through multiple communication channels with multiple parties, including but not limited to; members, attorneys, vendors and other departments; managing specialized collection actions, including but not limited to; repossessions, foreclosures, bankruptcy, loss mitigation and workouts on all relevant accounts. Updates, flags, close delinquent accounts and process payments; prepare and maintain a variety of reporting by processing the appropriate workflows. Interacts with other departments, attorneys and third party vendors to complete tasks, research and resolve issues. Responsible for preparing and reviewing internal and external documents pertaining to collection activities; including but not limited to, bankruptcy, foreclosure, repossessions and litigation. Assist members with short sales, Deeds in Lieu and settlement offers; review and submit recommendation to management.

Company Wide Expectations

Maintains a professional image and demeanor at all times, consistently demonstrating Credit Union RISE Values and adhering to the Code of Ethics. Delivers friendly, caring service to internal and external members. Complies with all applicable State, Federal and NCUA rules and regulations and all Credit Union policies and procedures. Follow all physical and online security procedures and maintain strict confidentiality of all member information. Completes all required regulatory and compliance training and maintains required knowledge of Credit Union products and services. Works scheduled hours and maintains punctuality. Performs other related duties as assigned or requested.

EDUCATION/EXPERIENCE

Minimum Qualifications To perform this job satisfactorily, an employee must be able to carry out each essential duty competently. The requirements listed below are representative of the education, experience, skills and abilities required. An equivalent combination of education and experience may be considered.

• Education Requirements Preferred - 4 Year / Bachelors Degree - Business or relevant discipline
• Experience Requirement Required - 3 Years - Collections experience in a Financial Institution.
• Required - 1 Year - Experience in loss mitigation, workouts, bankruptcy, repossession or foreclosures.
• Preferred - Knowledge of Fannie Mae servicing.
• Preferred - Basic lending experience

SKILLS/ABILITIES

Effectively apply internal and external customer service practices and processes to meet quality service standards and achieve member satisfaction. Learn and apply information, on a wide range of Credit Union products, services and regulatory compliance requirements, in order to assess member situations and develop solutions. Provide guidance and resolve problems utilizing advanced knowledge and experience to analyze situations and provide solutions. Communicate in a professional manner and deliver information clearly and effectively. Actively listen to questions, opinions and ideas of others. Use tact and diplomacy in sensitive and confidential situations. Use correct English including spelling, grammar and punctuation. Operate computers and use business software and other standard office equipment. Understand and follow written and oral instructions. Set priorities and manage one’s own time effectively.

PHYSICAL DEMANDS

Physical Demands Disclaimer The physical demands described here are representative of those that must be met by employees to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

• Intermittent standing, sitting, walking, bending and climbing.
• Using hands repetitively to handle, feel or operate computers and other standard office equipment.
• Reaching with hands and arms.
• Intermittent lifting and carrying up to 25 pounds.

WORK ENVIRONMENT

Work Environment Disclaimer An employee in this job will experience the following main work environments, others not listed may also be encountered on occasion; Work Environment Works in a general office environment.

Redstone Federal Credit Union is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, protected veteran status or status as an individual with disability. All qualified applicants will not be discriminated against on the basis of disability. We are proud to be a Drug-Free and Tobacco Free Workplace.

Redstone Federal Credit Union has been serving the communities of North Alabama and middle Tennessee since 1951. We’re a strong, stable, and growing organization looking for ambitious individuals who can collaborate effectively on a team, yet still thrive on their own. You’ll be helping us change our communities by supporting our mission – improving the financial well-being of our members and communities by offering trusted advice, choices, opportunities, and solutions – and ultimately giving members a better experience. Discover a unique opportunity to join an innovative and rapidly growing company today!