Collections Specialist

MassMutual Federal Credit Union

Full-Time

Springfield, MA

The Opportunity:
As the Collections Specialist of MassMutual Federal Credit Union (MMFCU), you will be a valued member of a supportive, diverse, and skilled team. All MMFCU team members are committed to delivering a consistent and memorable experience to our members and potential members. You will be responsible for ensuring that the credit union operates in compliance with all applicable laws, regulations, policies, and procedures. In this role you will preserve the Credit Union’s assets by assisting in collecting on delinquent accounts, collecting delinquent loan payments and/or recovering collateral; disposing of repossessed collateral; other similar duties necessary to collections.

The Team:
The Collections team is comprised of your role as the Collections Specialist and a Collections Manager. The team is expected to work cross-functionally and collaboratively with other business units within the organization and adhere to the corporate values of the credit union.

The Impact:  

The following duties for this position are not to be construed as exclusive or all-inclusive. Other duties may be required and assigned:

•    Assist with the collection and resolution of past due consumer loans, credit cards and residential mortgages.
•    Assist in the account delinquency process to ensure notices are mailed promptly and that adequate follow-up is maintained.
•    Assist in controlling and maintaining charge offs at or below expected levels.
•    Make contact as necessary and advisable and take appropriate action to arrange a satisfactory settlement of delinquent accounts. 
•    Consult with members requesting extension of loan payments, loan modifications, and complete prescribed forms for Loan Officers. 
•    Determine that co-signer and guarantors on delinquent loans are promptly and continually notified of the status of a delinquent account that they have endorsed. 
•    Perform skip tracing activities, review, and recommend approval of accounts eligible for repossession based on established criteria.
•    Monitor delinquency trends through regular review of loan activity reports and prepare monthly collection and recovery reports for management.
•    Recommend changes or revision to Collection Policy and Procedure. Develop policy and procedure changes, as needed, to leadership.
•    Review and recommend accounts for legal action and determine activity for recovery.

•    Review and prepare accounts to be sent to collection agency for further action.
•    Responsible for liquidation of repossessed collateral via approved methods.
•    Review and collect on Overdraft and Negative Account Balances.
•    Complies with all Bank Secrecy Act (BSA) regulations and standards, and attends training as required.

Minimum Qualifications:

• High School Diploma
• 2+ years of collections experience, with knowledge of the Fair Debt Collection Practices Act, is required.
• 2+ years of experience with federal and state laws and regulations that apply to financial institutions, such as the National Credit Union Administration (NCUA) rules, the Truth in Lending Act (TILA), the Equal Credit Opportunity Act (ECOA), the Bank Secrecy Act (BSA), Servicemembers Civil Relief Act (SCRA) and the Fair Credit Reporting Act (FCRA).
   

Ideal Qualifications:

• Bachelor’s Degree
• Collections experience within credit unions
• Strong analytical, problem-solving, and decision-making skills and ability to interpret and apply complex and changing collections requirements.
• Excellent communication, presentation, and interpersonal skills and ability to communicate effectively with various audiences, such as staff, management, regulators, auditors, the board of directors and members.
• High level of integrity, ethics and professionalism and ability to maintain confidentiality and discretion.
• Familiarity with credit union system terminology and acronyms

What You Can Expect at MassMutual  

• MassMutual offers the opportunity to do meaningful work within a purpose-driven organization that values long-term impact over short-term outcomes. In this role, you can expect: 
• Clear areas of ownership and accountability, with work that connects directly to company and customer outcomes  
• A collaborative environment where perspectives are welcomed   
• Access to learning, development, and internal networks that support continuous growth and skill-building over time  
• Employee-led communities and forums that foster connection, learning, and inclusion across the organization  
• A culture grounded in integrity, responsibility, and stewardship - supported by a company with a strong legacy and a future-focused mindset 

Salary Range:

$52,606 - $63,745

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Why Join Us.

We’ve been around since 1851. During our history, we’ve learned a few things about making sure our customers are our top priority. In order to meet and exceed their expectations, we must have the best people providing the best thinking, products and services. To accomplish this, we celebrate an inclusive, vibrant and diverse culture that encourages growth, openness and opportunities for everyone. A career with MassMutual means you will be part of a strong, stable and ethical business with industry leading pay and benefits. And your voice will always be heard.

We help people secure their future and protect the ones they love. As a company owned by our policyowners, we are defined by mutuality and our vision to put customers first. It’s more than our company structure – it’s our way of life. We are a company of people protecting people. Our company exists because people are willing to share risk and resources, and rely on each other when it counts. At MassMutual, we Live Mutual.

MassMutual is an Equal Employment Opportunity employer. We welcome all persons to apply.

If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.

At MassMutual, we focus on ensuring fair, equitable pay by providing competitive salaries, along with incentive and bonus opportunities for all employees.  Your total compensation package includes either a bonus target or in a sales-focused role a Variable Incentive Compensation component.  For more information about our extensive benefits offerings please check out our Total Rewards at a Glance.