Provides support to all areas of the Lending Department as directed or where service or assistance is needed; demonstrates superior customer service with appropriate follow through with involved customers and employees.
Works closely with loan officers, Senior Management, collection agencies, credit bureaus, legal counsel and law enforcement agencies regarding collection activities performed by the Bank; submits and obtains pertinent information to and from the various agencies as required.
Responsible for the direction, development, implementation and maintenance of effective and efficient delinquency policies, practices, procedures and controls for the purpose of collecting past due loans; ensures the safeguarding of collateral and assets extended to customers through the Bank’s lending and operational products and services.
Uses approved methods, tools and available resources to locate and contact delinquent customers by telephone, in person at the Bank, or in the field; encourages payment commitments within assigned portfolio; makes strategic and actionable decisions; obtains reason for delinquency; informs customers of legal responsibilities under loan contracts; explains the consequences of delinquency, repossession or bankruptcy with customers. Knowledgeable of consumer mortgage servicing rules under Regulation X and Regulation Z regarding loss mitigation provisions.
Conducts research, ordering payment copies, credit bureau reports, statements and credit applications as necessary to support collection efforts; researches and investigates high risk accounts using skip tracing methods.
Reviews and ensures delinquencies are kept to a minimum through effective negotiating and follow up skills to help mitigate risk to the Bank; ensures assets are protected with a high level of integrity; assists in bringing past due accounts to current status to prevent receivable aging and loss potential.
Records and documents all collection efforts made by the Bank; inputs data in the Bank’s collection and auto dialer system ensuring that all active collection accounts are verified and noted accurately; prepares month end report for delinquent loan and charge-off for Senior Management and the Board of Directors; executes charge-offs upon approval.
Notes and documents any information related to existence and location of collateral or other assets which may be repossessed or recovered; initiates foreclosure, repossession, small claims and other legal actions as required; assigns collateral for repossession and assures accuracy of all invoices pertaining to repossession on assigned accounts.
Works with loan officers and customers in the development of alternative repayment plans, schedules or settlements to meet Bank objectives for the recovery of the full balance; assesses, interprets, identifies indicators and responds accordingly to data gathered from customers and other resources that may identify potential workout loans, re-ages, etc.; provides individual counseling on acceptable and convenient payment arrangements with customers; follows up with customers who have not continued agreed repayment schedule.
Monitors bankrupt loans and prepares documents to file with the bankruptcy court, and attend applicable Chapter 7, Chapter 11 or Chapter 13 hearings.
Escalates customer calls and/or problem accounts to corresponding loan officers, Bank management, repossession, legal or collection agencies as appropriate.
Maintains a superior knowledge and understanding of applicable collection laws and guidelines.
Performs a variety of routine daily tasks; reviews reports, prepares correspondence; participates in special projects.
Assists in special projects and tasks for the department as directed.
Operates computer terminal or personal computer to process account activity, determine balances and resolve problems within given authority.
Answers telephones, answers questions and directs callers to proper Bank personnel.
Assumes responsibility for various department functions in the absence of staff members or in overload situations.
This position is aligned with the routine outbound collections calling process and frequently requires guidance on non-routine situations; ensures attainment of individual, department and Bank wide goals to minimize loss and enhance loss recovery.
Performs collection activities for multiple products, utilizing various systems and methods; participates in the early, mid or late stages of the collection process to include loss mitigation, foreclosures, repossessions, pre charge-off, charge-off, recovery, bankruptcy and agency liaison collections
Bachelors or better in Finance or related field.
10 years: Related experience and/or training; or the equivalent combination of education and experience. Work related experience must consist of a collections, repossession or bankruptcy management experience in the financial services industry. Educational experience, through in-house training sessions, formal school or financial industry related curriculum, is required to be applicable to the financial industry.
Advanced experience, knowledge and training in all phases of collections, bankruptcy, repossession, fraud, skip tracing, small claims and other related areas; possess a thorough understanding of the Bank’s philosophy and policy on the collection of past due loans and the relationship of the collection effort to other departments and the overall success of the Bank.
Ability to work with minimal supervision while performing duties.
Intermediate math skills; ability to calculate interest, commissions, proportions, and percentages; balance accounts; add, subtract, multiply and divide in all units of measure, using whole numbers, common fractions and decimals; locate routine mathematical errors; compute rate, ratio and percent, including the drafting and interpretation of bar graphs.
Exceptional verbal, written and interpersonal communication skills with the ability to apply common sense to carry out instructions and instruct others, train personnel, write reports, correspondence and procedures, speak clearly to customers and employees.
Ability to deal with complex problems involving multiple facets and variables in non-standardized situations.
Basic knowledge of GAAP accounting practices and procedures.
Ability to read, analyze and interpret general business periodicals, professional journals, and technical procedures.
Ability to gather and analyze information, provide forecasts, and make projections based on available statistical and historical data; be able to communicate and present ideas and opinions based on this data to all levels of management and Bank personnel.
Effective negotiation skills necessary in the handling of unusual, difficult, and advance collection problems and situations using sound judgment; possess the ability to identify and analyze problems quickly and develop possible alternate solutions to assist and counsel customers in solving their financial problems.
Advanced knowledge of related state and federal banking compliance laws and regulations and Bank policies and procedures, including but not limited to the litigation, foreclosures, bankruptcy, and recovery of charged-off loans.
Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities
The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor’s legal duty to furnish information.