Loan Recovery Specialist

Loan Recovery Specialist

Regular Full-Time Collections Rochester, NY, US

$24.00 To $31.00 Hourly

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.

• 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 the 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 guaranty the timely processing of Demands, Summons & Complaints, Judgments, and other enforcement options.
• Perform as liaison to attorneys, trustees, courts, and collection agencies to provide on-going instruction, follow-up and 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 when available; activity reports; and actual account review. Perform on-going instruction with instructions for additional work; follow-up and record updating, document 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.
• This job description is not exhaustive. The Consumer Loan Workout Specialist may be required to perform other duties as assigned.

• Education: High School Diploma. Associates Degree preferred.
• Prior
  
  Experience:
  
  3+ years in Banking, Credit Union, Collection Experience, Underwriting.
• Knowledge of all Consumer loan products:
  Installment, Lines of Credit, Residential Loans, Home Equity Lines and Loans, Second Mortgage Loans, Government Guaranteed Loans, and BBU and SBA Guaranteed loans.
• Knowledge of Bankruptcy laws, courts and document filing.
• Knowledge of State and Federal compliance mandates and due diligence requirements as governing tools to be applied to Collection Practices, Fair Lending, Privacy, SCRA, UDAAP, CFPB, Servicer Requirements, and Bank Policy and Procedures.
• High degree of accuracy and organizational skills. Thorough knowledge of JH Xperiance and Loan System. Proficient in Microsoft Office, Excel, Applications, with the ability to learn new and existing software.
• High level of verbal and written communication skills. Ability to effectively work with peers, management, and all external contacts. Must be able to conduct meaningful and productive client interactions.
• Must…