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Mayo Employees Federal Credit Union · 1 month ago

Collection Officer

Rochester,MN,US

Full-time

Onsite

Entry Level

$22/hr - $24.50/hr

2+ years exp

Mayo Employees Federal Credit Union (MEFCU) is looking for a Collection Officer to join their team. The Collection Officer will follow standard collection practices, manage delinquent accounts, and collaborate with members and vendors to resolve issues related to collections.

BankingFinanceFinancial Services

Responsibilities

Works collaboratively with members and outside vendors to resolve delinquent accounts:

Maintains an accurate and detailed record of verbal and written correspondence regarding status of delinquent member accounts

Confers with members to determine reason for delinquency, reviewing terms of repayment, security, payroll deduction or other repayment concerns

Works past due accounts for possible restructure, extension, or other solution for resolution of delinquency

Takes action to cancel open lines of credit and/or privileges such as ATM Debit Card, Credit Card, etc

Makes recommendations to the Chief Lending Officer if a settlement should be negotiated to affect collection

Works collaboratively with the Accounting Department on overdrawn deposit accounts, collection of unpaid negotiable instruments and other collection items

Represents the credit union at bankruptcy and other court hearings as necessary

Manages repossession and/or disposal of collateral:

Traces borrower to new address by questioning individuals who may have information about the borrower’s whereabouts and utilizing other skip tracing processes

Determines when accounts are to be placed with outside sources for collection or legal action; provides the required documentation and information to begin their collection efforts

Coordinates and manages the repossession of collateral to include having repairs made, assessing value, advertising, and encouraging the sale of the repossession

Communicates with outside sources for progress reports on accounts that are being handled

Analyzes and prepares monthly delinquent reports:

Reviews delinquent loan reports to determine the status of the accounts as reported by an advanced collection package on the credit union database

Assigns charged-off account balances to attorney or collection agency

Prepares and submits the Classified Loan Listing to the accounting department monthly

Provides listing of accounts to be charged-off at monthly board meetings

Qualification

Collections experienceFinancial institution experienceCalm demeanorCommunication skillsInitiative

Required

A high school diploma or equivalent AND at least two years of collections experience, OR three years of experience working in a financial institution

All employees must be bondable by MEFCU's insurance policy. Continued employment is subject to maintaining favorable bondable status per insurance standards