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Jobs · Finance · New York

Consumer Loan Collections Specialist

Five Star Bank · Warsaw, NY · 3 wk ago
FinanceFull-time

About the role

The Consumer Collection Adjuster 1 is responsible for managing delinquency to acceptable levels in accordance with established Department goals and objectives. Must strictly adhere to all Bank policies and procedures, in addition to all State and Federal mandates and requirements. This position will work with borrowers in providing financial counseling and to implement structured repayment plans to bring the borrower’s loan status to current and to encourage a future banking relationship. Receives extensive supervision from the Consumer Collection Manager; does not supervise others.

Responsibilities

  • Contact delinquent borrowers to arrange for timely repayment. The majority of the contact is initiated though telephone contact. Letters and approved e-mails are other permissible contact options. A measurable goal is the expectation for borrower contact via telephone: Example - An average of 135 calls per day.
  • Obtain updated borrower information. Verify information with each interaction.
  • Utilize standard collection practices when attempting to locate borrowers such as: skip tracing tools and techniques; approved social media outlets; and approved and authorized references and third parties.
  • Fully, clearly and concisely document all borrower interactions and conversations. Fully disclose all collection activity.
  • Maintain solid knowledge of regulations governing collection activity such as, but not limited to: FDCPA, SCRA, Privacy, Fair Lending, and Identity Theft. Ensure strict adherence to avoid sanctions, fines and penalties both from a Bank and personal liability standpoint.
  • Resolve delinquency; NSF items; returned electronic payments; all for the purpose of reducing delinquency and avoiding losses.
  • Create repayment/workout plans that are both good for and reasonable for the borrower and the Bank.
  • Perform daily review of delinquent queues and borrowers to identify potential serious problems; to receive immediate repayment and to schedule future payments. A measurable goal is the expectation for acquiring electronic payments: Example - 200-250 per month.
  • Define problems, collect data, establish facts. Promptly respond to all inquiries. Research borrower inquiries and resolve payment posting issues. Provide loan history information and explanations.
  • Work closely with peers across the Bank to provide the best possible borrower experience.
  • Develop solid working relationships with: Branches, Loan Servicing, Banking Center and Systems Analysts.
  • Educate borrowers on the resolution process – provide assistance and alternatives, fully describe and detail eligibility for relief options: Extensions/deferments, government established relief programs, charitable organizations, and debt counseling agencies.
  • Provide assistance to ensure the most accurate borrower information and records: Change of Address Forms, Extension/Deferment Forms, Due Date Change Requests, Authorization for Preauthorized Payments, and Repossession Request Forms.
  • Identify potential loss situations by securing pertinent borrower information, and by analyzing financial data. Determine the probability of timely repayment – income vs debt. Proactively alert management to possible fraud situations. Formulate plans and seek approval by working closely with management.
  • Perform all tasks and responsibilities by working in a partnership with peers, management, Loan Servicing and Call Center teams. Values must align with working in a true team environment to consistently deliver a superior quality of service.
  • Demonstrate the standards and principles of the Five Star Bank experience in every interaction with internal and external customers, associates, and stakeholders. Incorporate the high-performance behaviors of teamwork, leading by example, and service in every facet of work.
  • This job description is not exhaustive. The Collection Adjuster 1 – Consumer may be required to perform other duties as assigned.

Qualifications

Required: High School Diploma or equivalent; 2+ years of Collection, Banking, Customer Service, Call Center, Sales, Auto Financing, Collection Agency, Law Firm, Credit Union.

Preferred: Associate Degree in business or related field; 2+ years of Collection, Banking, Customer Service, Call Center, Sales, Auto Financing, Collection Agency, Law Firm, Credit Union.

Skills

  • Strong verbal and written communication skills.
  • Demonstrated customer service skills.
  • Basic knowledge of

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