Employment with MOHELA - Job Detail

Responsibilities

General Statement of Duties: Responsible for direct contact with private loan (i.e., non-federally guaranteed loans) borrowers and cosigners by telephone and other media to establish a mutual agreement to bring distressed private loan accounts to resolution based on liquidity and available assets. Utilize negotiation skills to obtain payoff, settlements or acceptable arrangements of account balance based on an understanding of customer financial status. Review and analyze customer credit bureaus, property evaluations, contact credit, employment, and references or utilize skip trace procedures to increase customer contact. Determine the feasibility of potential legal action based on located assets, employment status, and other factors. Must have a thorough understanding of the Fair Debt Collection Practices Act, state and federal bankruptcy laws, and other consumer lending laws and regulations.
1. Collections- Consistently represent MOHELA in a professional, assertive, confident and courteous manner when handling outbound and inbound call activity and other communications. Communicate with borrowers and cosigners regarding repayment of their delinquent private loans. Advise borrowers and cosigners of necessary actions and strategies for loan repayment. Provide pertinent account information and history information in order to educate the borrower and/or cosigner as to the seriousness of the issue at hand. Persuade borrowers and/or cosigners to pay amounts due on accounts. Make required number of phone calls and other communication attempts daily as determined by management. Achieve collection goals including agreements, settlements and dollars collected. Locate and monitor overdue accounts, using computers and a variety of automated systems. Record information and prepare reports for the General Counsel and other management personnel about financial status of borrowers and cosigners and status of collection efforts. Refer accounts for legal action if applicable as determined in consultation with the General Counsel. Follows-up on accounts in queue to ensure payment arrangements are maintained. Contact borrowers and consigners regarding NSF checks and broken agreements
2. Skip trace Activity – Actively perform skip-tracing activities through various sources/tools in order to locate borrowers and cosigners. Understand and apply complex federal and state laws and regulations regarding skip-tracing activities. Use skip-tracing tools to locate borrowers and cosigners in the most efficient manner. Locate required number of skip accounts as determined by management. Effectively communicate with third parties to obtain location information. Profile accounts that are determined to be unable to locate or are exhausted.
3. Compliance – Ensure all accounts are worked within MOHELA standards and in compliance with state and federal laws and regulations. Maintain clear, concise and accurate documentation of all attempts and/or contacts made and received for accounts in accordance with MOHELA specifications. Maintain current knowledge of and comply with all federal and state laws and regulations governing collections including the Fair Debt Collection Practices Act, the Fair Credit Reporting Act, and the Gramm-Leach-Bliley Act. Attend training sessions as directed by management. Integrate information obtained through training sessions and policy changes into daily activities.
4. Correspondence – Sort and file correspondence, and perform miscellaneous clerical duties such as answering correspondence and writing reports. Perform various administrative functions for assigned accounts, such as recording address changes and purging the records of deceased debtors.

Requirements

• High school diploma or equivalent required. A minimum of two years experience in a multi-system collection environment and general knowledge of collection products, policies and procedures, preferably with a background collecting student loans or other consumer loan debts. Some postsecondary coursework completed preferred.
• Must have a thorough understanding of the Fair Debt Collection Practices Act, state and federal bankruptcy laws, and other consumer lending laws and regulations.
• Must possess the capability and skills to effectively deal with angry debtors, attorneys, and third parties while remaining professional at all times. Ability to handle highly confidential information. Strong organizational skills
• Previous experience working with on-line collection and loan systems preferred. Working knowledge of Microsoft Office and Internet software. Must be able to produce detailed reports and presentations regarding collections methodology and status of collections efforts using products such as Excel and Access.
• Position may require significant overtime (over 40 hours of work completed per week)

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