Loan Recoveries Officer

To manage the recovery process for delinquent loans. To minimize financial losses by working with members who have fallen behind on their loan payments and implementing strategies to recover outstanding funds

COMPANY PROFILE:

The Trintoc (Penal) Credit Union Cooperative Society Limited is a reputable and member-focused credit union dedicated to providing financial services and solutions that empower their membership. They are seeking a dynamic and experienced Loan Recoveries Officer to manage the recovery process and reduce the current delinquency portfolio to enable the future growth and success of the credit union.

 JOB TITLE:  Loan Recoveries Officer

 JOB PURPOSE:  Manage and oversee the recovery process for delinquent loans within the credit union's portfolio.

 JOB SUMMARY:

This position is to manage and oversee the recovery process for delinquent loans within TPCU’s portfolio. The primary goal is to minimize financial losses by working with members who have fallen behind on their loan payments and implementing strategies to recover outstanding funds. This role serves several key purposes:

 ROLES AND RESPONSIBILITIES:

• Delinquency Management: Responsible for identifying and tracking delinquent accounts, which includes loans that are overdue or in default. Updating and maintaining a delinquency database register.
• Delinquency Notification: Responsible for issuing and tracking delinquency letters, and submission of all exposures to the Corporative Development Division (CDD) as per policy and procedures.
• Judgements/Voluntary Settlements: Collaborate with Management and follow up on all Judgements issued, inclusive of registering and voluntary settlement agreements.
• Member Communication: Initiate contact with members who are in arrears to understand their financial situations, aid, and explore options for repayment.
• Recovery Strategies: Develops and implements effective recovery strategies, which may involve negotiating payment plans, settlements, or other arrangements to resolve delinquent accounts.
• Documentation: Maintain accurate and organized records of all communication and actions taken in relation to delinquent accounts, ensuring compliance with relevant laws and regulations.
• Asset Repossession: In cases where loans are secured by collateral, such as vehicles or real estate, the Loan Recoveries Officer may coordinate the repossession and sale of assets to recover outstanding funds.
• Legal Compliance: Ensuring that all recovery efforts comply with stated regulations, laws, as well as credit union policies and procedures.
• Reporting: Providing monthly reports to management on the status of delinquent accounts, recovery efforts, and trends. Provide ad hoc reports as required.
• Member Relations: Assumes responsibility for establishing and maintaining effective and professional business relationship with members. Resolve members requests/concerns promptly and courteously.  Offering guidance and information to members on their rights and responsibilities regarding loan delinquency, bankruptcy, and debt settlement options.
• Team Collaboration: Collaborating with Management, to streamline recovery processes and minimize delinquencies.
• Continuous Improvement: Continuously assessing and refining recovery strategies and processes to enhance efficiency and effectiveness in recovering funds.
• Products and Services; Explain the credit union’s loan products, process loan applications, on interest rates, terms and repayment options.
• Customer Service:Assumes responsibility for related duties as required or assigned. Actively cross-sells the Credit Union’s services
• Special Projects:  Assist with any other task as requested by the manager to support the overall objectives of the credit union.

QUALIFICATIONS AND EDUCATIONAL REQUIREMENTS:

• Minimum of five (5) years’ experience at a Financial Institution in a similar role.
• BSc in Business Management, Accounting or any other related field will be considered an asset.
• Must be knowledgeable in Debt Management.
• Working knowledge of Co-operative Societies/Credit Unions and relevant laws and regulations
• A minimum of two (2) years’ experience in Customer Service.
• Working interface with MS Office Suite Platform.
• Working knowledge of Emortelle

REF/CBH/SS