Loan Collector/Loan Servicing Representative
Members Plus Credit Union - Medford, MA

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Members Plus Credit Union is a non-profit organization owned by over 10,000 members and serving the community for over sixty-five years. Our mission is to provide quality, innovative, competitive, and secure financial products and services to our expanding membership. We offer financial products such as checking and saving accounts, money market accounts, certificates of deposit, IRAs, and mortgage loans and consumer loan products.

We are seeking a Loan Collector/Loan Servicing Representative who will be responsible for the collections of past due mortgage loans, consumer loans and MasterCard accounts. The incumbent will be knowledgeable of the Fair Debt Collection Practices Act and regulatory collection practices and will ensure the compliance of the Credit Union's collection policy and procedures with state and federal laws. The Incumbent will work with the Credit Union's counsel, as well as third party collection agencies in handling foreclosures, repossessions and bankruptcies. In addition, will provide administrative assistance to the Vice President of Lending and assist with the sale and servicing of mortgage loans and will also assist with the preparation of loan closing documents.

Summary of Job Responsibilities:

Contact members of the Credit Union with delinquent loans at the early stages of delinquency, and remind them of their payment obligations and discuss the available options for resolving delinquent loans.

Prepare and send written correspondence with regard to delinquent loans, including but not limited, to delinquent notices, repossession and foreclosure letters.

Maintain collection system notes regarding all collection activities and code members' accounts to alert departments within the Credit Union of delinquent loans and other collection issues.

Record actions, conversations and recommendation in the collection history notes to ensure accurate and adequate information is maintained at all times.

Negotiate payment arrangements with the goal of helping members retain their assets while minimizing risk to the Credit Union.

Track and monitor bankruptcy filings on excel spreadsheet and internally flag such accounts. File proof of claims and supplemental forms; assist outside council to draft and negotiate Re-Affirmation Agreements, when necessary.

Prepare monthly delinquency reports for senior management. Attend a monthly, or more frequent, meeting with the President/CEO and assigned collection staff to review all delinquent loans and corresponding collection activities.

Recommend when collateralized loans should be repossessed or foreclosed.

Serves as a liaison with attorneys or agencies handling repossession of collateral.

Recommend accounts to be placed for collection or with attorney and authorizes legal proceedings. Supplies necessary documents.

Reviews all accounts that are to be written off as uncollectable and prepares report. Reconcile charge-offs approved by the Board of Directors to those processed through the general ledger.

Maintain files of delinquent borrowers including copies of legal documents and correspondence.

Assist the VP of Lending and AVP of Lending with all procedures related to the sale of loans to FNMA and servicing of mortgage loans.

Assist in the preparation of loan closing packages for first mortgage and home equity loan closings.


Bachelor's Degree in business or finance or the equivalent
2 or more years experience working in collections and loan operations for a credit union/banking or financial services.


Strong written and verbal communication skills
Strong attention to detail and organizational skills
Problem solving skills
Ability to meet goals and deadlines.
Profient in Microsoft Office (Word, Excel, Outlook)


Strong knowledge of collection principals and practices and Fair Debt Collection Practices Act "FDCPA".
Familiarity of standard mortgage loan products and practices

Members Plus Credit Union offers a competitive compensation and benefits package which includes; premium health and dental, medical/dependent flexible spending plan, 401(k), Roth 401(k) and match, Defined Benefit Plan (pension), life and disability insurance, AFLAC supplemental plans (cancer, hospitalization and accident insurance), tuition reimbursement, medical deductible reimbursement, paid vacation, personal, sick and holidays.

Compensation: $40,000 to $45,000, DOE

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