Loan Recovery Specialist

About the role

The Consumer Loan Workout Specialist is responsible for the final disposition of charged off consumer and BBU debt to ensure maximum recovery of loan losses.

Responsibilities

• Conduct systematic review of charged off Consumer, Residential and BBU loans.
• Develop and implement workout strategies and plans for in-house recovery of losses; analyze best practice and best courses of action for maximum recovery through referral to attorneys, credit collection agencies, and other third parties.
• Facilitate and direct the final disposition efforts with attorneys, collection agencies, credit bureaus, outside legal counsel and other third parties.
• Prepare and forward referrals and supporting documentation.
• Recommend summary judgments, Confessions of Judgment, and Stipulations.
• Follow up to ensure prompt placement and perform due diligence to guarantee timely processing of Demands, Summons & Complaints, Judgments, and other enforcement options.
• Act as liaison to attorneys, trustees, courts, and collection agencies to provide ongoing instruction, follow-up, record updating and all communication; convey expectations for performance.
• Collaborate with internal and external clients as well as outside counsel and advisors on a daily basis.
• On a quarterly basis request, review and analyze attorney and agency performance through online access, activity reports, and actual account review; provide ongoing instruction, follow-up and record updating, documenting all communication – verbal and written.
• On an annual basis, assist in the physical audit of attorney firms and collection agencies.
• File claims with courts: Bankruptcy, and Estate; prepare and submit; follow up to ensure timely receipt and filing; contact attorneys and trustees to resolve questions and disparities in proposed plans.
• Analyze and interpret Credit Bureau reports, Business Bureau reports, and financial statements as well as other pertinent data to identify attachable assets.
• In structuring workout options, effectively negotiate repayment strategies, educate and counsel debtors on options and the implementation process for each option along with repercussions when further defaults occur.
• Research, analyze and resolve Credit Bureau disputes and Consumer complaints; maintain all documentation and activity logs.
• Review and approve all attorney and agency remittances to ensure payments and fees are accurately presented; closely monitor third party payments and fees to ensure maximum monetary return.
• 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.

Qualifications

• Education: High School Diploma required; Associates Degree preferred.
• Prior Experience: 3+ years in Banking, Credit Union, Collection, or Underwriting.
• Knowledge of all Consumer loan products: Installment, Lines of Credit, Residential Loans, Home Equity Lines and Loans, Second Mortgage Loans