Job Information
Cornerstone Credit Union Collector/Adjustor -On-Site in Freeport, Illinois
Cornerstone Credit Union is a full-service financial institution. Membership in the Credit Union is open to anyone who lives or works in Boone, Bureau, Carroll, Jo Daviess, Lee, Ogle, Stephenson, Whiteside, Winnebago counties in Illinois along with Green and Rock Counties in Wisconsin.
Our Mission
Cornerstone Credit Union is a financial cooperative committed to providing quality, differentiated services to its member-owners. Our professional staff and volunteers will ensure fiscal stability through responsible leadership and growth.
Position Purpose
Responsible for the control of late and/or delinquent consumer, mortgage, commercial loan accounts. Optimize collections on accounts while balancing the goodwill of members with the overall business interest of the Credit Union. Make recommendations to Collections Manager on actions, which should be taken if loan collateral is in jeopardy or other reasons that bring risk to the Credit Union.
Essential Functions
Monitor late and/or delinquent accounts over fifteen days and high-balance accounts. Contact members to determine reason for past-due condition of their account(s) and assist in identifying an agreeable and/or reasonable payment plan, following CCU Board policy for approval.
Follow policy by processing member correspondence (phone calls, e-mails, text messages, delinquency notices, letters, etc.) and maintain accurate documentation and files. Develop workout plans and collect on overdue accounts wherever possible. Notify co-signers regarding status of delinquent accounts. Skip trace accounts using Internet and all available tools. Recommend to Collection Manager accounts for legal action or to a collection agency.
Make decisions on vehicles to be repossessed. Send to repossession agent, fill out repossession sheet and log follow policy by sending out notices after vehicle is repossessed. Assist with getting vehicles ready for resale. Review vehicle inspection sheet, if damage contact State National or borrower’s insurance company in regards to vehicle claim. Review loan documents, request refunds for GAP, Credit Life & Disability, Debt Protection, and mechanical breakdown. Work as liaison with attorneys, or agencies handling the repossessions
Work delinquent real estate loans (1st Mortgage, HEL, HELOC) and send out required notifications including Home Owner Counseling Notice, Real Estate Demand Letter, and Grace Period Notice as needed.
Work delinquent commercial loans and send out required notifications and prepare Business Demand Letter(s) to be signed by CCU President.
Collect on past-due real estate loans, and forward to attorney for legal action, consulting with Collections Manager. Assist with viewing property and making recommendations on actions needed to get property ready for sale.
Make recommendations and prepare Forbearance agreements. Track and monitor Forbearance agreements performing file maintenance and scanning documents with loan agreement.
Work charged off loans by skip tracing, sending letters, emails, text messages and making phone calls. Track payments sent in on charged off loans.
Process TruStage Debt Protection, Credit Disability and Life Claims and post payments in 3 business days. Do file maintenance and adjustments on accounts when needed.
Track State National Force Placed Insurance policies added and refunded to members loans, adjusting payments as needed in 3 business days.
Review and approve Total Loss Claims, sign Letter of Guarantee and file GAP Claims.
Assist the Collection Manager in preparing and analyzing reports for Sr. Management, Credit Committee and Board of Directors.
Have knowledge and understanding of repossession laws specifically IL and WI as well as other states. When necessary, perform various tasks required and carry out notifications to borrowers, co-borrowers, guarantors, etc. prior to and during repossession activities.
Ensure the Collections policies, procedures, practices, and documentation meets federal and state regulations.
Read, understand, and follow CCU policies and standard procedures. Maintain accurate data on all logs, files, and check lists. Make recommendations for improvement of processes and procedures.
Remain aware of, understand, and comply with regulatory and compliance issues for collections.
Gain knowledge to become proficient to provide credit counseling to members who are need of assistance.
Back up Collection Support & Bankruptcy Specialist with Bankruptcy accounts by following policies and procedures to ensure all steps are taken to lessen losses to CCU. File reaffirmation agreements, proof of claims, when necessary. Responsible for acting as CCU liaison with attorneys and trustee.
Acquire Notary commission for official CCU collection use and maintain notary log in compliance with IL state rules and regulations.
Note: The list of essential functions is not exhaustive. It may by supplemented from time to time.
Job Specifications
Experience with collections, bankruptcy, repossession, basic insurance knowledge and skip tracing experience preferred.
Requires intermediate mathematical skills (calculations and concepts involving decimal, percentages, fractions, etc.).
Ability to prioritize and multitask.
Possess strong team skills and PC proficiency.
Outstanding listening skills, patience and ability to remain calm in stressful situations.
Requires high school diploma or equivalent.
Excellent oral and written communication/presentations skills.
Requires effective member relation/cross-selling skills.
Working Conditions
Prolonged sitting, listening and PC monitor interaction required during working hours. Meeting with members one on one, drive to attend court hearing, 341 hearings, and travel to branch location. Pick up voluntary repossessions, do vehicle inspections, and drive to member’s residence to knock on door and collect on occasion.