Recovery Services Specialist II

FedChoice Federal Credit Union
Responsible for performing collection activities associated with various delinquent, fraudulent and negative accounts.

Full Time
City: Lanham

Responsible for performing collection activities associated with various delinquent, fraudulent and negative accounts. Reviews delinquent/negative balance accounts and contacts members to resolve the delinquencies/negative balances. Utilizes various techniques, as circumstances indicate, to promptly collect delinquent/negative balance accounts. Ensures FedChoice's professional image is maintained, while following all established regulatory policies. Serves as a back-up for administrative collection activities. May receive day to day direction from the Recovery Services Team Lead or other management.

1. Responsible for supporting, demonstrating and promoting the Credit Union service culture.
• Provides exceptional service to all customers by demonstrating, following, and supporting the Inspired Financial Service promises and
standards, along with the Credit Union Mission, Vision and Values.

2. Responsible for the effective and professional performance of collections functions.
• Utilizes effective human relation skills and various forms of persuasion to present a positive image given the inherent negative
situation. Calms irate members and answers questions and complaints relevant to Department functions. Determines reason(s) for
delinquencies and works toward creating a permanent solutions. Minimizes losses by initiating early actions.
• Receives Delinquent and Negative Share reports from the computer system and verifies the status of the accounts.
• Follows-up on delinquent accounts and negative balance deposit accounts (Negative Shares & Courtesy Pay) by telephone, personal
contact and/or written correspondence to secure a satisfactory explanation and/or resolution to the loan account status. Discusses
possible payment options, informs members of potential legal actions and/or suggests financial counseling to arrive at suitable
payment arrangements. Continues to collect until the account is resolved, charged off or referred to an attorney.
• Recommends negative shares for possible charge-off. Processes the approved charge-offs.
• Utilizes further appropriate collection methods if initial attempts do not secure required payment (include Accurint, skip tracing, Internet
search, repossession of security, etc.).
• Obtains member authorization for electronic payments and processes Check By Phone requests.
• Works with Accounting and the members on any recovery efforts needed with returned Checks/ACH.
• Verifies deposit checks received via Shared Branching are valid through computer check program.
• Contacts delinquent loan members to collect or make payment arrangements utilizing various collection methods.
• Responsible for the First Payment Default Loan Report. Follows-up with members to remind them and/or determine reason for
delinquency. Provides feedback to management in order to improve underwriting criteria.
• Codes accounts for bankruptcy, deceased, and legal as needed.
• Receives Bankruptcy Notices and (1) updates alert codes, (2) account stops, and (3) files proof of claims to include following up on
claims and participates in legal action in coordination with Recovery Services Team Lead
• Monitors modifications to ensure payments and track expirations, and updates the system as needed.
• Reviews Secured loan/VISA pledge accounts to ensure current and funds are released as paid off.
• Processes payment arrangement checks received after charge-off (not assigned to agency).
• Updates Credit Report coding in the system for paid collections and bankruptcy discharges.
• Determine if deceased member has Estate opened and file claim against Estate to protect FedChoice loan balance.
• Coordinates repossession activities including but not limited to assignment and tracking.
• Provides recovery assistance as needed with fraud transactions for checks, ATM, and ACH deposits. Resolves immediately with
member or involve local law enforcement to recover balance owed on fraud accounts. Files appropriate criminal charges upon
approval of management.
• Provides financial counseling to members as needed.
• Performs collections efforts in accordance with FedChoice policies and procedures and ensures all actions are legally compliant.

3. Responsible for the efficient administration of collections activities.
• Responsible for monitoring, responding, or delegating (as appropriate) Recovery Services Group emails and faxes.
• Documents in Symitar Collection System all collection communications, attempted communication and actions taken, including
telephone conversations, alternative financial arrangements and written correspondence (mail and/or email).
• Updates member demographic information in Symitar.
• Researches accounts that appear on delinquency and Negative share reports to ensure that Company errors are detected promptly.
Provides members the opportunity to fully explain their account status.

4. Provides backup responsibilities to other Recovery Services positions.
• Processes various loan payments through bankruptcy, debt relief, and life/disability.
• Contacts members for payment reminders and other delinquent loans as needed with outsourced company.
• Process approved loan charge-offs.
• Recommend extensions.
• Process member hardship requests.
• Sends intent to repossess letters to delinquent auto loan members.
• Responds and resolves member-imitated disputes regarding their account(s).
• Assists as needed with garnishments/levies/attachments.
• Files and processes insurance claims.
• Processing recovery invoices including updating the member accounts for legal and collection agencies.
• Updates Chex Systems.
• Generates quarterly Bankruptcy report.

5. Responsible for ensuring that professional business relations are established and maintained with members and external contacts.
• Maintains the Credit Union's professional reputation throughout collection processes and with all contacts with members.
• Ensures member and Credit Union confidentiality.
• Develops relationships with repossession agencies, and other credit unions to assist in locating “skip” members. Uses shared
information to effectively minimize Company losses.

6. Responsible for establishing and maintaining effective communication and coordination with Company personnel.
• Assists area personnel as needed.
• Keeps management informed of activities, progress toward established objectives and of any significant problems.
• Attends and participates in meetings, training, seminars and/or Credit Union functions as required.

7. Responsible for related duties as required or assigned.
• Stays informed of changes in collections policies, procedures and related legal requirements.
• Ensures work area is clean, secure, organized and well maintained.
• Additional duties and responsibilities may be assigned by management as deemed appropriate.

• High school graduate or equivalent. Some travel may be required.

Experience Required: 
• Previous collection experience – at least 3 years of consumer loan and/or deposit collection experience.

Required Knowledge:
• Knowledge of collection procedures and related laws and regulations.
• Understanding of FedChoice policies. Familiar with default and enforcement clauses.
• Basic understanding of the U.S. Bankruptcy Code.
• Must be familiar with and able to use general office equipment and Microsoft software applications
• Ability to communicate orally and in writing in a clear, concise and understandable manner. Basic mathematical skills. Excellent interpersonal skills. Excellent analytical and problem solving skills. Ability to deal with difficult members, resolve problems and work well under pressure.