City of Boston Credit Union
Collections Specialist
City of Boston Credit Union, Boston, Massachusetts, us, 02118
_*OVERVIEW:*_
Interested in this role You can find all the relevant information in the description below.
The Collections Specialist is responsible for initiating front line collections communications to members regarding delinquent loan obligations. The Collections Specialist will need to contact delinquent, charged-off, and/or high-risk customers in order to secure payment and determine reason for delinquency on active loan/credit card accounts. In the recovery area, they will work with customer to establish full balance repayment plans or settlements. In addition, they will ideally have knowledge of FHLB and other GSE Investor collection requirements. All tasks are performed in compliance with the established credit union policies and procedures and in accordance with all Fair Lending Regulations.
· Monitors and collects loan delinquencies. May call, write and/or interview delinquent customers to ensure timely payments or arrange for payment plans to bring loans current.
· Responds to all telephone inquiries promptly and courteously. Ensures that all customer complaints, requests and problems are handled in an efficient and timely manner. Follows-up to ensure that customers are satisfied with resolution and service.
· Responsible for monitoring delinquent Mortgage, Equity and Consumer Loans, working with borrowers to create valid repayment plans in order to bring the loan to a current status.
· Assist with mortgage and equity loans that are to receive the State Regulated Right to Cure (35A) and Right to Request a Modified Mortgage Loan (35B) letters as required under Massachusetts Law #206, sending the required letters to all parties listed on the Mortgage Deed and monitoring the loans progress to ensure the Credit union is in compliance under the law.
· Identify borrowers that may be experiencing financial hardship and request the appropriate financial information. Pre-underwrite the loan using underwriting procedures to qualify the borrower for a loan workout, modification or Deed in Lieu.
· Assist with the preparation of loan documentation which will be sent to an attorney to commence foreclosure proceedings against the property for non-payment.
· Assist with the preparation of loan documentation which will be sent to an attorney to commence foreclosure proceedings against the property for non-payment.
· Collections Specialist will assist with contacting Investor (Fannie Mae, Freddie Mac etc.) regarding loans that are being recommended for loan workouts, modification, Deed in Lieu, possession or foreclosure.
· Maintains ongoing knowledge of industry, investor and regulatory (state and federal) loss mitigation requirements, loan products, consumer collection and lending regulations, and trains other loan officers and credit union staff as required. Attends periodic seminars.
· Performs related lending and administrative tasks as assigned. May provide assistance to Branch personnel regarding payment issues.
· Completes special projects and reports as assigned.
· May cross train with other positions and/or functions as needed.
Job Type: Full-time
Pay: $25.80 - $32.25 per hour
Expected hours: 40 per week
Benefits: * 401(k) * 401(k) matching * Dental insurance * Flexible spending account * Health insurance * Life insurance * Paid time off * Vision insurance
Education: * Bachelor's (Preferred)
Experience: * Credit Union and/or Banking: 2 years (Required)
Ability to Relocate: * Boston, MA: Relocate before starting work (Required)
Work Location: In person
Interested in this role You can find all the relevant information in the description below.
The Collections Specialist is responsible for initiating front line collections communications to members regarding delinquent loan obligations. The Collections Specialist will need to contact delinquent, charged-off, and/or high-risk customers in order to secure payment and determine reason for delinquency on active loan/credit card accounts. In the recovery area, they will work with customer to establish full balance repayment plans or settlements. In addition, they will ideally have knowledge of FHLB and other GSE Investor collection requirements. All tasks are performed in compliance with the established credit union policies and procedures and in accordance with all Fair Lending Regulations.
· Monitors and collects loan delinquencies. May call, write and/or interview delinquent customers to ensure timely payments or arrange for payment plans to bring loans current.
· Responds to all telephone inquiries promptly and courteously. Ensures that all customer complaints, requests and problems are handled in an efficient and timely manner. Follows-up to ensure that customers are satisfied with resolution and service.
· Responsible for monitoring delinquent Mortgage, Equity and Consumer Loans, working with borrowers to create valid repayment plans in order to bring the loan to a current status.
· Assist with mortgage and equity loans that are to receive the State Regulated Right to Cure (35A) and Right to Request a Modified Mortgage Loan (35B) letters as required under Massachusetts Law #206, sending the required letters to all parties listed on the Mortgage Deed and monitoring the loans progress to ensure the Credit union is in compliance under the law.
· Identify borrowers that may be experiencing financial hardship and request the appropriate financial information. Pre-underwrite the loan using underwriting procedures to qualify the borrower for a loan workout, modification or Deed in Lieu.
· Assist with the preparation of loan documentation which will be sent to an attorney to commence foreclosure proceedings against the property for non-payment.
· Assist with the preparation of loan documentation which will be sent to an attorney to commence foreclosure proceedings against the property for non-payment.
· Collections Specialist will assist with contacting Investor (Fannie Mae, Freddie Mac etc.) regarding loans that are being recommended for loan workouts, modification, Deed in Lieu, possession or foreclosure.
· Maintains ongoing knowledge of industry, investor and regulatory (state and federal) loss mitigation requirements, loan products, consumer collection and lending regulations, and trains other loan officers and credit union staff as required. Attends periodic seminars.
· Performs related lending and administrative tasks as assigned. May provide assistance to Branch personnel regarding payment issues.
· Completes special projects and reports as assigned.
· May cross train with other positions and/or functions as needed.
Job Type: Full-time
Pay: $25.80 - $32.25 per hour
Expected hours: 40 per week
Benefits: * 401(k) * 401(k) matching * Dental insurance * Flexible spending account * Health insurance * Life insurance * Paid time off * Vision insurance
Education: * Bachelor's (Preferred)
Experience: * Credit Union and/or Banking: 2 years (Required)
Ability to Relocate: * Boston, MA: Relocate before starting work (Required)
Work Location: In person