Advanced Collection Specialist

Description

Job Summary:

The Advanced Collections Specialist serves as the department's subject matter expert for complex collection matters and assists members experiencing financial hardship through effective workout solutions. This position manages high-risk delinquent consumer and real estate loan portfolios, coordinates legal collection activities, mentors less experienced staff, and works closely with the Collections Manager to reduce losses while maintaining the Credit Union's commitment to exceptional member service.

Key Responsibilities:

• Serves as the Credit Union's subject matter expert for complex delinquent consumer and real estate loan accounts.
• Develops payment arrangements, loan modifications, settlements, and other workout solutions that balance member needs with the Credit Union's financial interests.
• Coordinates bankruptcy proceedings, repossessions, foreclosures, deceased accounts, legal referrals, and other specialized collection activities.
• Serves as the department's technical resource for collection laws, regulations, policies, and procedures.
• Mentors and assists Collections staff through training, coaching, and sharing best practices.
• Identifies delinquency trends and recommends process improvements to the Collections Manager.
• Maintains productive relationships with attorneys, repossession companies, collection agencies, insurance providers, and other third-party vendors.
• Promotes a respectful, professional, and member-focused approach that supports financial recovery while protecting Credit Union assets.
• Reviews portfolio trends and provides recommendations to the Collections Manager regarding delinquency patterns, recovery opportunities, and process improvements.
• Provides support to the Collections Manager by assisting with departmental operations and serving as a resource during the Manager’s absence.
• Supports continuous improvement initiatives that increase efficiency, compliance, and member experience.

Essential Duties and Responsibilities:

• Manages an assigned portfolio of complex delinquent consumer and real estate loan accounts.
• Contacts members by telephone, email, mail, text, and other approved communication methods to resolve delinquent accounts.
• Investigates account history, payment activity, collateral, credit information, and financial circumstances to determine appropriate collection strategies.
• Maintain current knowledge of collection laws, bankruptcy regulations, industry best practices, and Credit Union policies through ongoing professional development.
• Educates members regarding available Credit Union products and services that may improve their long-term financial well-being when appropriate.
• Negotiates and recommends loan modifications, payment deferments, settlements, and other workout solutions within established authority.
• Coordinates bankruptcies, repossessions, foreclosures, deceased accounts, garnishments, judgments, insurance claims, and collection agency referrals.
• Maintains complete, accurate, and timely documentation of all collection activities and member interactions.
• Reviews accounts for charge-off recommendations and prepares supporting documentation for management approval.
• Assists with skip tracing activities using approved resources to locate members and collateral.
• Serves as a resource for Lending, Branch Operations, Mortgage, and Member Service staff regarding collection procedures and member assistance options.
• Assists in onboarding and training new Collections employees while sharing best practices and technical expertise.
• Reviews collection documentation and activities to promote consistency, accuracy, and adherence to department and Credit Union standards.
• Participates in department meetings, training, audits, and process improvement initiatives.
• Ensures compliance with all federal and state regulations, Credit Union policies, and collection standards.
• Exercises sound judgment and independent decision-making when evaluating complex member situations, balancing regulatory requirements, Credit Union risk, and member service objectives.
• Performs other duties as assigned.

Decision-Making

The Advanced Collections Specialist has authority to:

• Negotiate payment arrangements within delegated authority.
• Recommend settlements.
• Recommend charge-offs.
• Recommend repossession.
• Recommend legal action.
• Coordinate with attorneys and vendors.
• Recommend policy and process improvements
• Escalate exceptions requiring management approval.

Requirements

Knowledge and Skills

Minimum qualifications include prior collections experience, knowledge of consumer lending and collection practices, and the ability to interpret and apply applicable laws, regulations, and Credit Union policies.

• Consumer and mortgage collections
• Bankruptcy law and procedures
• Repossessions and collateral recovery
• NCUA regulations
• FDCPA
• Skip tracing
• Negotiation and conflict resolution
• Financial counseling
• Microsoft Excel and collections software
• Analytical problem solving
• Strong written and verbal communication

Education & Experience

• High school diploma or equivalent required.
• Associate or bachelor’s degree in business, Finance, Accounting, or related field preferred.
• Three years of progressively responsible collections experience required.
• Experience with bankruptcies, repossessions, legal collections, and workout solutions preferred.
• Credit union or financial institution experience preferred.

Illinois State Credit Union is an Equal Opportunity Employer. All employment decisions are based on business needs, job requirements, and individual qualifications, without regard to race, color, religion, sex (including pregnancy and gender identity), sexual orientation, national origin, age, disability, genetic information, or veteran status. Accommodation may be available upon request.

Success in this position is demonstrated by:

• High recovery rates on assigned accounts.
• Successful workout arrangements that remain current.
• Reduced losses through effective negotiation.
• Accurate and timely legal documentation.
• Positive audit results.
• Strong documentation quality.
• Technical expertise shared with the department.
• Positive working relationships with members and third-party vendors.
• Timely resolution of complex delinquent accounts.

Other Information

• Health, Dental, Vision
• 401k
• Paid Time Off
• Holidays
• Life Insurance
• Long-Term Disability