Collections Officer

Collections Officer

Job Purpose & Summary

The Collections Officer is responsible for assisting DUCA’s personal (unsecured and secured loans), specialized lending and small business Members in hardship situations with complex problems that take time, patience, and resilience to resolve. This position is responsible for monitoring complex impaired loans within assigned portfolio, and for contacting and negotiating agreeable payment terms with Members. The Collections Officer should exhibit empathy, professionalism, and trustworthiness, while using excellent communication and negotiation skills to provide DUCA Members with the best experience during difficult times while supporting long-term strong Member relationships.

Key Accountabilities & Duties

Working with Members experiencing Financial Difficulties:

• Communicate effectively with Members to assess clients' overall financial situation by reviewing income, assets, debts, expenses, credit reports, or other financial information, so to gain full comprehensive assessment for Members financial needs and provide various payment options.
• Communicate effectively with DUCA’s small business Members and specialized lending Members to assess clients' overall financial situation by reviewing income, assets, debts, expenses, credit reports, or other financial information, so to gain full comprehensive assessment for Members financial needs and provide various payment options.
• Negotiate payment plans and payment schedules that consider Members current financial situation, in lieu of commencing legal action.
• Counsel and educate Members on payment terms, budgeting, and balancing income and expenses to avoid future delinquencies
• Focus on Member retention and the lifecycle value of a Member relationship while mitigating risk to the Credit Unions reputation.

Working with Third Party affiliates to facilitate payments:

• Provide oversite and direction to collection agencies, bankruptcy representatives, and various companies to ensure repayment of significant defaults.
• Work with outside legal counsel to ensure payment demands/full demands and Notices of Sale are issued in an appropriate and timely manner.
• Coordinate outside service providers on DUCA legal files and Power of Sale properties (lawyers, property managers, appraisers, environmental consultants, receivers, etc.).
• Coordinate with Genworth/CMHC/Canada Guaranty on insured mortgage files and delinquency

Reports:

• Prepare the weekly loan payment/delinquency report.
• Review, update and distribute the residential/retail component of the monthly watchlist report.
• Create, maintain, and optimize reports related to DUCA’s delinquency, impairment, write off and collections activities.
• Collaborate with internal departments and external stakeholders (Financial Services Regulatory Authority of Ontario/Insurers/External Mortgage Providers/Pool Partners, etc.) to meet data requests in a timely manner and ensure compliance with DUCA’s reporting requirements.
• Other ad hoc reports as required and as DUCA’s business requirements change

Administration:

• Work with CUMIS to place or claim insurance as needed
• Process all Write-Offs and Recoveries
• Answer Member questions, draft letters, issue notices, emails, and memos, etc.
• Process Requirement to Pay and Requirement for Information to CRA
• Review the Returned Items Report daily and effect the proper reversal and processing of returned payments.
• Responsible for managing Overdraft Protection Product, Excess Overdraft Accounts and Dormant Accounts
• Responsible resolving property tax and property insurance breaches.
• Other administrative duties including scanning and/or filing and other duties as assigned from time to time.

Occupational Experience & Education Requirements

• Post-secondary education in business or administrative studies
• Courses or education in credit, legal studies, and/or finance considered an asset
• 4+ years of collections experience
• Retail banking, Small Business banking or credit experience considered an asset
• Knowledge and experience in the credit union or financial services industry an asset

Knowledge, Skills & Attributes

• Excellent customer service, relationship building, problem solving, and follow-up skills
• Excels at establishing and maintaining interpersonal relationships to develop constructive and cooperative working relationships with Members, internal and external partners
• Proficient in Microsoft Office Suite of products, specifically Word, Excel and PowerPoint
• Demonstrated ability to practice patience and empathy to better understand the needs of Members to effectively assist a difficult situation.
• Excellent communication skills – active listening, verbal and written communication to help resolve problems and answer questions.
• Analyzing Information and evaluating results to choose the best solution to solve problems
• Household budgeting and financial planning is an asset
• Experience reading and interpreting financial statements and key ratios
• High level of integrity, ethics and professionalism; must be able to handle all confidential and sensitive information with discretion and sensitivity

Working Conditions 

Normal office environment. Standard work week of 38 hours with additional time may be required to meet deadlines and project deliverables.

Department: Collections 

Primary Location: Corporate Office

Employment Status: Full-time

Hours per Week: 38

Job Grade Level: Five (5)

About DUCA

DUCA exists to help people do more, be more and achieve more with their money and their lives. We’re driven by a co-operative philosophy that puts our Members (and Owners) at the centre of every decision we make, gives them a voice in how we’re run, and rewards them for their loyalty by sharing our profits.

At DUCA, we’re dedicated to creating a positive environment where our employees have growth and development opportunities, a healthy work/life balance, opportunities to give back to the community, and a focus on doing what is right for our Members. DUCA offers a competitive total compensation package including base salary, a short-term incentive (bonus) program, a comprehensive benefits program, pension plan, and employee banking benefits.

DUCA is committed to employment equity and encourages applications from all qualified candidates. Recruitment related accommodations will be provided upon request.

Qualified applicants are encouraged to submit their application. Applications must include both a resume and cover letter.

We thank all applicants but only those considered for an interview will be contacted.