Loan Recovery Specialist

About the role

The Loan Recovery Specialist supports centralized recovery functions by driving borrower resolution strategies, loss mitigation, foreclosure prevention, and asset protection activities while helping minimize financial losses to the organization. This role coordinates with borrowers, internal partners, attorneys, agencies, vendors, investors, and other stakeholders to review borrower information and credit disputes, evaluate workout options, monitor repayment plans, forbearance plans, loan modifications, bankruptcies and collateral, execute repossessions, short sales, deed-in-lieu agreements, foreclosures OREO-related activities.

Responsibilities

Position Goals include:

• Borrower Resolution and Loss Reduction – Strategize effective borrower engagement and loss mitigation strategies that promote alternatives to foreclosure or repossession while minimizing financial losses to the organization.
• Regulatory and Compliance Excellence – Ensure all collection, recovery, foreclosure, bankruptcy, and credit dispute activities are conducted in compliance with applicable laws, regulations, and internal policies.
• Asset and Collateral Protection – Safeguard the bank’s collateral and recoverable assets through effective coordination of foreclosure, repossession, OREO, and recovery processes.
• Operational Effectiveness and Accuracy – Maintain accurate documentation, system records, and reporting to support timely decision-making, audit readiness, and operational consistency.
• Stakeholder and Vendor Collaboration – Build productive working relationships with internal teams, attorneys, agencies, vendors, and borrowers to support efficient recovery outcomes.

Key Responsibilities include:

• Loss Mitigation and Borrower Assistance: Analyze and decision loss mitigation and deferral applications, monitor compliance with repayment plans, forbearance plans, deferrals and loan modifications, educate borrowers on available options, process payments, and establish payment arrangements to cure delinquency.
• Collections, Recovery, and Bankruptcy Management: Manage delinquent accounts through collections, repayment negotiations, charge-offs, and recovery efforts, handle bankrupt accounts in compliance with federal statutes.
• Foreclosure, Repossession, and Asset Management: Lead foreclosure and repossession processes, manage OREO and other collateral.
• Third-Party Vendor and Agency Oversight: Coordinate and monitor attorney, collection agency, and vendor relationships.
• Documentation and Reporting: Maintain accurate records, system codes, credit dispute documentation, and regulatory reporting.

Qualifications

High School Diploma or equivalent required; minimum of four years of relevant experience in loss mitigation, collections, recovery, lending, or a related financial services function. Demonstrated success in delivering high-quality customer service, particularly in complex or sensitive situations. Ability to work independently while managing competing priorities and meeting established timelines. Strong organizational, analytical, and attention-to-detail skills with the ability to produce accurate documentation. Effective written and verbal communication skills appropriate for customer, vendor, and regulatory interactions.

Benefits

• Medical
• Dental
• Vision
• 401(k) Match
• Profit Sharing
• Paid Time Off
• 11 Holidays
• Tuition Reimbursement
• Free Parking throughout Tompkins Community Bank
• Employee Referrals

Pay

USD $27.00 - USD $32.00 /Hr.