About this opportunity
Financial Resources Federal Credit Union Inc lists this Senior Collections Specialist opportunity in branchburg township, New Jersey. Review the employer’s description below for duties, qualifications and application requirements.
Job description
Financial Resources FCU has been designated one of the Best Places to Work in NJ since 2022! At FRFCU, we are "putting people first" and that starts with our employees! Come see why our team members have voted us for Best Places to Work in NJ!
Financial Resources is a not-for-profit federal credit union with locations in Somerset, Hunterdon, Middlesex, Union and Hudson Counties. With a history of serving our members for more than 100 years, we have grown to more than $650 million in assets serving more than 29,000 members with 6 public access branches and a team of 100 employees. We are available Nationwide!
Our Loan Servicing Department is recruiting for a Senior Collections Specialist to help assist members with payment options when finding it difficult to make timely payments on their loans. With a member first focus, this role has the ability to help our members when they need it the most and to also assist the Credit Union with it’s Asset Quality goals.
The candidate must possess a thorough understanding of collection best practices and a comprehensive knowledge of all applicable State and Federal laws and regulations governing collection activities, including consumer protection requirements, bankruptcy laws, fair debt collection practices, and related compliance standards. Familiarity with regulatory expectations, internal controls, audit requirements, and risk management principles is required to ensure all collection activities are conducted in a compliant and ethical manner.
Additional responsibilities include collaborating with lending, risk management, compliance, and legal teams to develop effective collection strategies, improve operational efficiencies, and support organizational objectives. The individual will be expected to identify opportunities for process enhancement, contribute to policy and procedure development, and assist in training and mentoring collection staff as needed. A commitment to operational excellence, regulatory compliance, customer service, and achieving portfolio performance goals is essential for success in this role.
This position is located in Branchburg, NJ and will require on site work, 5 days per week, during the first 90 days of employment. After this, based on satisfactory work performance, you will qualify for our Work/Life Balance program with options to work in the office 3 days per week, remotely 1 day per week and have off 1 day every week. Welcome to our 4 day work week program!
We are looking for someone who exemplifies the following traits:
Caring
Initiative
Ethics
Job Knowledge
Self-Development
Teamwork
Customer Service
Decision Making
Results Driven
Product Expertise
Some of your essential duties will include, but are not limited to:
Handle all collections related communication including inbound and outbound collection calls, e-mail and letters.
Fully document all collection activities on past due accounts including all calls into the required collection systems.
Prioritize daily collection activities as needed for efficiency and optimum workflow and to maximize collected accounts.
Process ACH / check by phones and other automatic payments to satisfy delinquent obligations.
Research member related accounts to cover delinquency and exercise Right of Set off, whenever possible.
Prepare and distribute default, deficiency and demand letters.
Assist with the preparation of monthly delinquency, bankruptcy, modification and charge off reports for management review.
Occasional site inspections, as needed
Interact and work with third party vendors such as attorneys, appraisers and collection agencies as necessary
Skip trace when required.
Handle repossessions and disposition of vehicle assets
Properly record and document all pertinent correspondence.
Track and monitor all OAO (Other Assets Owned) Report and create bi-weekly reports
Monitor and track loan remittances from collections agents and attorneys.
Serve as subject matter expert for complex collection situations
Identify trends and recommend improvements to collection process
What we offer to our team members:
Work Life Balance Programs that includes a 4 Day Work Week and Hybrid work environment after satisfactory completion of your training period
A competitive salary
Generous paid time off
Health, dental and vision plans for employees and their families
Health Savings and Flex Spending Accounts
Paid Parental Leave Programs
Short and Long-Term Disability Programs
Company provided life insurance and low-cost supplemental insurance plans
401K with 100% employer match, up to 6%, after one year and potential for additional profit-sharing contributions
Paid volunteer days
Opportunities for career advancement with continuous learning and development
Tuition reimbursement
We ask that you have:
Minimum of 4 years of collections experience with a Credit Union or Bank, or another type of Financial Institution is required
Knowledge of collection policies, procedures, laws and regulations
Strong listening and negotiation skills
Experience in preparing loan modifications and deferments, including skip payment letters
Professional phone etiquette with enthusiasm
Proficient in Microsoft Word and Excel
Knowledge of Carm-Pro and COCC Insight/Fiserv DNA systems are a plus
If you want to work in a friendly environment and with an organization that is looking to expand its footprint, please consider applying for this opportunity.
Who can apply
Review the original listing for work authorization, qualifications and employer requirements.