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Job Openings: Recovery Resolutions Agent

Announcement Number:1036
Announcement Date:November 8, 2018
Location of Position:Alpena, MI
Salary:$12.06 to $18.69
Days:Monday through Friday

Duties:

A Recovery & Resolutions Agent is responsible for working with other financial resolutions staff to achieve department goals, reduce overall delinquency and recover charged-off loans.

Relationships and Service:  Build trusted relationships by providing members with superior financial solutions and outstanding service.  Ensure timely contact of members with delinquent loans to inquire about repayment intent; initiate calls to members in accordance with credit union policies and procedures and applicable rules and regulations.  Work with members to establish payment arrangements as necessary and collect and document delinquent accounts in accordance with departmental and legal guidelines. 

Meet face to face with members to discuss their financial situation; will occasionally handle crucial and controversial conversations with upset members while maintaining calm dispositions.  Provide informed professional assistance and support to all members and associates – troubleshooting and resolving inquiries in a timely, friendly and accurate manner. 

Act as the credit union representative for third party asset recovery and resolution agents; work with the credit union’s legal counsel, small claims, district and bankruptcy courts, repossession agencies, collection agencies, etc.  Attend court proceedings on behalf of the credit union.

Partner with other financial resolutions team members to ensure effective and timely review and resolution of past due consumer, mortgage, collateralized and personal loan accounts, while protecting the credit union’s assets, financial interest and reputation. 

Motivate financial resolutions team members on a daily basis to accomplish goals through productivity, accuracy and efficiency.  The Agent supervises clerical staff in the maintenance of delinquent loan accounts and records.

Resolutions and Recovery:  Review delinquent accounts; determine probable reasons for account status and contact members to resolve delinquencies.  Utilize various techniques, as circumstances indicate, to promptly collect on delinquent accounts; exercise contractual remedies as needed; and ensure the company's professional image is maintained.

Follow detailed standardized procedures in performing routine collection operations, greeting members and visitors and answering telephone calls.  Perform collections work.  Make outbound collection calls to members, co-makers, etc. who are delinquent on their loans and take incoming calls from delinquent borrowers. Forward collection letters to delinquent borrowers.  Obtain payments, commitment agreements or establish a payment plan to bring loans up to date. 

Monitor all established payment plans and contact borrowers who default on promised payments.  Communicate this information to the Delinquency Committee on a regular basis. 

Utilize various skip tracing techniques and collection strategies to locate members and/or collateral.  Utilize all available resources to effectively collect (e.g. employees, credit reports, references, the internet, public records, employers) and negotiate payment arrangements. 

Monitor the collection portfolio regularly to maintain acceptable delinquency and loss ratios.  Gather and review financial information from delinquent borrowers, conduct analysis and present recommendations to the Delinquency Committee as to an appropriate course of action necessary to settle the debt for the best available term. 

Compile, prepare and present to the Delinquency Committee a monthly report of collection activity for accounts 60 days or more delinquent.  The Agent must:   

  • Be able to explain each delinquent account in detail and answer questions as presented by the Committee. 
  • Present recommendations for action on all accounts that 1) the credit union cannot make contact with and 2) a satisfactory payment arrangement cannot be reached.      
  • Forecast projected charge offs;

Recommend legal actions when necessary.  Review, structure and recommend appropriate loan modification and workout requests for consideration and when necessary review, recommend and follow repossession processes to successful conclusion.

Work with third party asset recovery and resolution agents – legal counsel; small claims, district and bankruptcy courts; repossession agencies, etc.  Initiate legal action when necessary.  Arrange for and oversee repossession of collateral processes to include sale of collateral.  Attend court proceedings on behalf of the credit union and proceed with recoveries as directed by the court (i.e. wage garnishments, tax liens).

Recover and collect charged-off debt in compliance with established federal and state rules and regulations and credit union policies and procedures for delinquent accounts.  Recover monies otherwise deemed uncollectible either due to delinquency date, collateral value or borrower ability to pay. 

Maintain accurate and complete records of all collection and recovery activity.  Enter concise, professional memos in the appropriate collections system of each contact or contact attempt.  Record information about financial status of member and status of collection efforts. Receive payments and post amount paid to member’s account. 

Compliance:  Maintain an in-depth knowledge of the credit union’s products and services and comply with the credit union’s established policies and practices.  Attend or participate in necessary training events.  Make suggestions to improve departmental and overall credit union operations.

Adhere to provisions as set forth in the Fair Debt Collections Practices Act and insure collection activity is always within credit union policy and all relevant regulations.  Keep up to date on the credit union’s loan and loss mitigation policies and processes; analyze and make recommendations for change. 

Maintain an advanced level of knowledge on how to pursue members through legal avenues – legal processes and when to initiate legal action.  Understand the Fair Debt Collections Practices Act and the repossession self-help laws of the State of Michigan. 

Maintain a basic understanding of bankruptcy laws and possess basic understanding of the components associated with Chapter 7, 11 and 13 bankruptcies. File bankruptcy proofs of claim on a timely basis and prepare or handle reaffirmations. Understand how to service loans in bankruptcy.

Understand and comply with credit union policy, practices, laws, regulations, and the credit union's BSA/AML Program, as applicable to your job duties. This includes but is not limited to:  attend or participate in necessary compliance, loss mitigation or related training events; adhere to internal procedures and controls; maintain highest level of confidentiality; report any known violations of compliance policy, laws or regulations and report any suspicious member and/or account activity.

Requirements:

Basic Qualifications: Minimum of two years collection experience within a financial institution.  Additional experience working as a loan officer is preferred.  Knowledge of collection and lending procedures, practices, and lending qualifications associated with the loan processing and underwriting profession.  Familiar with mortgage and consumer collections, repossession and credit reporting laws and requirements.

Additional Requirements:  Must possess the ability to remain calm, patient, objective and professional when presented with difficult situations.  Must be able to work in a time sensitive environment, making sound decisions, communicating these decisions to members as well as internal staff.

Misc Comments:

Our work is driven by PRIDE, an acronym for Professionalism, Respect, Initiative, Dedication and Enthusiasm; therefore, Recovery & Resolution Agents must also demonstrate conduct consistent with our corporate values:

  • Practice open communication with all levels;
  • Be accountable by taking ownership of member issues and responsibility for one’s actions;
  • Foster teamwork by cooperating and collaborating with other employees;
  • Seek ways to make the workplace fun for oneself and others;
  • Conduct oneself with integrity by being honest, trustworthy and ethical in all work activities and interactions;
  • Work with a service orientation by having a genuine concern for the needs of one’s members and by being friendly, professional and following through on commitments; and
  • Demonstrate humility in all interactions and remember to leave one’s ego at the door when one arrives to work. 

Our outstanding benefit package includes, but is not limited to: Generous health, vision, and dental package, tuition reimbursement, paid time off & paid sick time, 401(k) matching, life & disability, and competitive wages & incentive pay. Not to mention our fabulous Student Debt Repayment Program, where AAACU pays up to $10,000.00 toward your student loan debts!


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