Collateral Specialist

Collateral Specialist

Report To: Payment Services Manager

Location: In-person: 13th Street Branch

Hours: Monday - Friday 8:30am - 5pm - (hours may vary based on company need, including required overtime)

Status: Full-time/Non-exempt Hourly

General Purpose: Responsible for all aspects of the collateral area. Responsible for identifying and collecting all credit union loans which are late, delinquent, potentially delinquent or charged-off. Responsible for the daily operations relating to the Overdraft Privilege Program Service.

Essential Duties/Responsibilities:

1. Receive repossessed collateral to include inspecting and storing personal items.
2. Determine which collateral needs damage claims.
3. Order titles as needed.
4. Determine if the collateral will be sold here or sent to auction.
5. Order keys as needed.
6. Perform light duties such as inflating tires, adding water or coolant, changing batteries, jumping off and other duties as needed to prepare collateral for sale.
7. Determine if the collateral needs to be sent for cleaning. Light cleaning like removing trash should be performed in the lot.
8. Personal items will be stored for at least 60 days unless the member claims them prior to that date. Dispose of unclaimed items after 60 days.
9. For collateral sold at Kinetic, take pictures and send to marketing for posting on website.
10. Work with Payment Services Manager and Collateral Specialist to make sure all duties are covered. If repossessions are down, other duties in the Payment Services Dept will be assigned.
11. Contacts delinquent members to discuss their accounts which are less than 30 days delinquent.
12. Determines delinquency causes. If appropriate, offers and provides financial counseling to the member whose account is delinquent, makes recommendations and establishes proper corrective action to bring the loan current.
13. Mails collection letters to members. Documents collection actions taken and refers serious problems to credit union management or the credit union's collection agency. Maintains delinquency and collection history on all delinquent loan and collection activity.
14. Serves as the contact for the credit union's collection agency.
15. Researches posting and transaction mistakes.
16. Processes Extension and due date requests.
17. Post and balance checks received on a daily basis.
18. Assists with overseeing daily payment services department operations. Ensures proper adherence to credit union delinquent notice policies and procedures and that all collection practices are in accord with legal requirements and regulatory policies and procedures.
19. Prepares delinquent loan report, month end reports and statistics as needed for Payment Services Mgr.
20. Attend annual training on BSA/AML to remain current on any changes to these policies and procedures and remain compliant
21. Participates in the Community Involvement goals of the credit union.
22. Orders supplies for the department as needed.
23. Reviews accounts to determine if overdraft privilege will be restored after it has been suspended.
24. Serves as point of contact for all members (internal and external) in relations to the overdraft privilege program.
25. Responsible for completing Information Security Awareness training as directed by management.
26. Responsible for complying with GLBA, Safe Act, Regs B, D, E, CC, Z and other regulatory requirements

Additional Duties/Responsibilities:

1. Remains current on legal and regulatory issues, which may affect Payment Services.
2. Provides debt and financial counseling using established procedures.
3. Assists in maintaining collections records using established procedures.
4. Responsible for completing Suspicious Activity Reports, when necessary, according to BSA/AML policies and procedures.
5. Responsible for maintaining a current Learning Action Plan in conjunction with the Performance Management System.
6. Performs additional duties as directed by management.

Supervisory Responsibilities: None

Technology Requirements: Employees must have smartphone (iOS or Android) to access company applications for tasks and security purposes. Employees must install and use designated apps for access control and two-factor authentication to access company systems.

Requirements:

• Job requires a high school diploma or the equivalent and a commensurate level of language, math, and reasoning skills.
• In addition, three years of experience in a related field is preferred.
• Formal training should be supplemented with continuing education.

Work Environment/Physical Activities:

• This is a year-round position involving both indoor and outdoor work, with exposure to varying weather conditions including heat, cold, rain, and humidity.
• Must be able to lift, carry, bend, twist, and move items weighing up to 50 pounds regularly.
• Physical tasks include:
• Inflating vehicle tires
• Adding water or coolant
• Changing vehicle batteries
• Jump-starting vehicles
• Performing other duties necessary to prepare collateral for sale
• Basic computer proficiency is required, including working knowledge of:
• Microsoft Excel (data entry, spreadsheets)
• Microsoft Word (documentation, reports)
• Email and internal communication systems
• Will be required to work within our company computer software, which includes handling inventory, updating records, and supporting the preparation of assets for sale.
• Job requires access to credit union's network and core data processing system.
• Core system roles are assigned by Divisional Vice President.