Mortgage Collector Job Description
Mortgage collectors liaise with customers to update them on their financial statuses and develop alternative payment plans. This job involves updating records with customer data, developing alternate payment methods or systems that benefit both parties, and auditing loan documents. This is an office-based job that typically takes place during regular business hours. Mortgage collectors are great communicators who are professional with customers at all times. They are competent with computers, understand the legal aspects of mortgage contracts and debt collection, and have a talent for math.
Mortgage Collector Duties and Responsibilities
Mortgage collectors perform a number of duties that vary depending on their employer. Based on job listings we analyzed, those duties typically involve:
Negotiate Payment Plans
Mortgage collectors contact customers to negotiate payment arrangements and help them avoid late payments, foreclosures, or repossessions.
Follow Relevant Regulations
Mortgage collectors follow the Fair Debt Collections Practices Act (FDCPA) and company policies when negotiating with customers. This includes working in accordance with privacy laws and legal requirements regarding mortgage contracts.
Notify Debtors of Fees
Mortgage collectors are responsible for contacting customers regarding the status of their account. They notify them of any fees that are due and inform debtors of their situation with the company.
Determine Debtors’ Financial Status
After discussing finances with customers, mortgage collectors evaluate their financial ability to pay back their debt. They offer alternative payment plans or methods to help customers with their situation.
Maintain Documents and Records of Amendments
Mortgage collectors document all incoming and outgoing collection efforts to maintain compliance with established standards. This includes keeping information such as phone numbers and mailing addresses up to date, and making sure that all correspondence is properly recorded for future case reviews.
Mortgage Collector Skills and Qualifications
Mortgage collectors have great customer service and communication skills. They also have a good understanding of the policies and regulations related to mortgage finance. Typically, employers require a degree in finance or a similar subject, as well as the following abilities:
- Customer service – mortgage collectors spend most of their time speaking to clients and customers about their concerns or issues, so a sense of empathy and excellent customer service skills are vital to success in this role
- Problem-solving skills – mortgage collectors help callers with their payment issues, so the ability to troubleshoot and find solutions to problems is beneficial
- Confidentiality – this job involves having access to private financial information, so mortgage collectors should be able to maintain confidentiality
- Attention to detail – mortgage collectors should be detail oriented and able to maintain accurate customer records and spot areas where clients can make changes or develop a more effective repayment plan
- Computer literacy – mortgage collectors use computers to update client information and maintain financial records, so a good level of computer literacy is important to this position
Mortgage Collector Education and Training
The minimum requirement to become a mortgage collector is a college degree with a focus on finance or accounting, although experience in the credit or banking industries may be accepted by some companies in place of formal education. Applicants for this job should ideally have customer service experience as well.
Mortgage Collector Salary and Outlook
The median annual salary for mortgage collectors is nearly $46,000, according to PayScale. Mortgage collectors in the 10th percentile earn around $34,000 annually, while the highest paid earn close to $75,000 a year. Those at the higher end of the pay scale can earn bonuses of up to $10,000 based on individual or team performances.
Location and tenure have the biggest impact on the pay level for this role, and almost 85 percent of employers offer medical insurance as part of their benefit packages. The Bureau of Labor Statistics predicts that this sector will grow 11 percent through 2026.
We’ve collected some of the best resources to help you learn more about developing a career as a mortgage collector:
20 Tips, Tricks, and Techniques on Successful Debt Collection – written by award-winning entrepreneur Krista T. Walsh, this book covers tips and tricks for collecting outstanding debt, keeping the peace, managing credit policies, and much more
The Complete Guide to Credit and Collection Law – when working as a mortgage collector, it’s important to have an understanding of the policies and laws related to collections, and this book outlines the subject in depth. Recently updated with the latest information, it’s packed with useful tips and advice, and is recognized as one of the most comprehensive reference manuals in the industry
Mortgage Professionals – this LinkedIn group is designed to help mortgage professionals chat with others in the industry, share knowledge on everything associated with the mortgage sector, and keep up to date with the latest news
The Mortgage Reports – aiming to help consumers navigate the often-complex world of mortgage finance, this site publishes regular content on personal finance in addition to news and advice. It’s a great site for staying up to date with the latest industry developments and trends
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