Recovery Specialist

The Freedom Federal Credit Union Difference

Freedom Federal Credit Union believes that a great member experience begins with a great team member experience. We value our team members not just for their talent, but also for the difference they make to our members and the communities we serve. We strive to help our team members live up to their fullest potential, and, with that in mind, provide each of them with a healthy, safe, and positive, yet challenging, work environment. A positive work-life balance, personal growth, purposeful work, and recognition of accomplishments are an essential part of what we offer. We're looking for people to join our team, who share our vision and passion to make a positive financial impact on our members' lives. If you're ready to take the next step, join Freedom to truly make a difference.

This position is eligible for a $500 sign-on bonus.

Summary:

The Freedom Federal Credit Union Recovery Specialist is responsible for increasing the credit union's recoveries of accounts referred to legal, bankrupt and charged off by performing various investigative efforts and general office duties. Responsibilities also include ensuring the credit union has maximized recovery efforts for bankruptcy accounts. The team member will utilize all available tools, encourage payments, and document collection activity while informing management of issues and activities.

Essential Duties & Responsibilities:

• Charged Offs Recovery:
  1. Exhaust all collection efforts for charged-off accounts to increase recovery.
  2. Locate member's assets, including employment, and /or bank accounts for garnishment and properties for possible liens.
  3. Post recovery payments and maintain recovery log.
  4. Reconcile recovery log monthly for the Member Solutions Manager review to be included in the Board Report.
  5. Make appropriate payment arrangements for charged off accounts.
• Bankruptcy Recovery:
  1. Respond to bankruptcy filings as appropriate.
  2. Complete file maintenance for bankruptcy notices.
  3. Submit bankruptcy filings (POC, Motion of Relief, Lift of Stay) to Member Solutions Manager for approval.
  4. Document and follow up on bankruptcy related filings. Initiate contact with debtor's attorney to determine intent.
• Legal:
  1. Work with Member Solutions Administrator to ensure proper account documentation is provided to legal and/or appropriate agencies.
  2. Maintain contact with attorneys, insurance companies, collection agencies, repossession agencies and other agencies engaged in collection.
  3. Stay current with all provision of federal and state bankruptcy codes and regulations as well as collection laws.
• Collections:
  1. Utilize skip tracing tools available (member application, credit bureau reporting, Internet search, other creditors, relatives, references, and other available resources).
  2. Monitor recovery payments received and follow up on payment arrangements for members referred to legal and/or agencies.
  3. Negotiate collection maneuvers and settlements as appropriate and submit them to the Member Solutions Manager for approval.
  4. Refer accounts to take repossession of collateral securing charged-off loans or bankrupt accounts.
  5. Ensure calls are made daily for the collection of charged off and bankruptcy accounts when allowed.
  6. Provide exemplary service to internal and external customers.
• Administrative:
  1. Send members Notice of Intent to Repossess (NOI) for collateral securing delinquent, charged off or bankrupt loans.
  2. Submit repossession request for expired NOI letters or where allowable for bankruptcy accounts.
  3. Maintain account warnings, notes, and comments.
  4. Evaluate collection policies and procedures and recommend improvements.
• Research:
  1. Review accounts recommended for charge off monthly with the Member Solutions Manager and suggest action.
  2. Review court complaints received from legal for accuracy. Once complaint is accurate refer to Member Solutions Manager for signature.
  3. Contact attorneys and/or agencies to correct court complaints.
• Compliance:
  1. Maintain regulation and operational compliance of Freedom's policies and procedures including (but not limited to) the Bank Secrecy Act (BSA) and Office of Foreign Assets Control (OFAC).
  2. Stay current with all federal and state collection regulations.
  3. Maintain confidentiality of current, past, and potential members and their personal and financial information.
• Collaboration:
  1. Work closely with team members and other departments within Freedom to provide a positive member experience.
  2. Participate in weekly team members and offer suggestions to improve departmental performance.

Knowledge, Skills, and Experience

• Customer Service
• Technical Knowledge
• Time Management
• Active Listening
• Attention to Detail
• Critical Thinking
• Team Collaboration:
• Integrity and Trust

Qualifications

• High School Diploma/GED required
• Minimum 3-year collection experience, preferably with bankruptcy and recovery included.
• Minimum 3-year customer service experience, preferably banking or financial institution
• Ability to work flexible hours
• Proficient in Microsoft programs

Interpersonal Skills

A significant level of trust and diplomacy is required to be an effective subject matter expert in the position. In-depth dialogues, conversations, and explanations with members, direct and indirect reports, and outside vendors of a sensitive and/or highly confidential nature is a normal part of the day-to-day experience. Communications can involve motivating, influencing, educating, and/or advising others on matters of significance.

COMPANY INFORMATION:

Freedom Federal Credit Union is a community-chartered federal credit union offering consumer financial services to those who live, work, volunteer, worship, attend school, or have family in Harford, Baltimore, & Carroll Counties as well as Baltimore City. Additionally, Freedom offers a full line of banking services for all businesses, associations, and other organizations that are based in those same locations. To learn more, visit freedomfcu.org.

Freedom Federal Credit Union offers competitive compensation, and our benefit offerings include:

• Paid time off Accrual of 17 days in 1st year of employment
• 11 paid holidays with an extra floating holiday for your birthday
• Medical, Dental, and Vision coverage - Single and Family options available
• Supplementary Health Benefit offerings including Critical illness insurance, Accident Insurance, and Hospital Indemnity Plans
• Life and AD&D Insurance, Short-Term and Long-Term Disability Plans
• 401k Retirement Plan with employer match options after 1 year, potential for additional discretionary contribution from the organization each year
• Tuition Reimbursement options of up to $5,250 each year

Freedom Federal Credit Union conducts credit, bond, and background checks. All new hires must present evidence of authorization to work in the US. Freedom Federal Credit Union participates in the E-Verify program. Freedom Federal Credit Union is an Equal Opportunity/Affirmative Action employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, or protected Military/Veteran status and will not be discriminated against based on disability.

If you are a disabled applicant and cannot apply online, please contact Freedom directly at HumanResources@freedomfcu.org for assistance.