This position is responsible for the collection of all levels and stages of delinquent residential mortgage and consumer revovoling lines of credit including home equity loans and credit card accounts, which requires gathering and analyzing financial information and making recommendations to management regarding loss mitigation, collateral valuation and recovery strategy. In addition, this position coordinates and closes loan modifications, short sales, foreclosures and repossession activities.
Collects on all levels and stages of past due accounts within compliance of federal and local collection laws and internal credit policies and procedures. Documents all collections activity within collection system. Provides regular status reports to Collections management regarding account level activities.
Contacts borrowers and their representatives to discuss past due status and develop a payment strategy to return account to current status. Assists Collectors with discussing and developing payment strategies on more complex or unique situations. Prepares and sends letters to customers detailing delinquent status as appropriate.
Recommends initiation of legal collections activities such as repossession, foreclosure or charge off. Prepares appropriate documentation for action. Works closely with collection vendor, bank counsel, repossession agents, third party collection agencies and bank insurance providers of VSI and force placed coverage. Ensures collection interest of the bank and public relations image are maintained by all parties representing or acting on the bank’s behalf.
Gathers and analyses financial information from borrowers and makes recommendations to management, secondary market investor and PMI company regarding loss mitigation opportunities. Coordinates and closes loan modifications, short sales, foreclosures and repossession activities.
Meets individual collections goals. Provides assistance, coaching and training to more junior members of the team to ensure departmental delinquency goals are achieved. Makes recommendations regarding workflows, processes and procedures to increase efficiencies and ensure compliance as well as provide a high level of customer service.
Communicates issues and provides recommendations for resolution to management.
High School Diploma or equivalent.
3-4 years relevant experience.
Strong working knowledge of state and federal regulations regarding collections and repossession including a sound understanding of bankruptcy laws and legal remedies, state meditaion and notice requirement.
Strong working knowledge of bank lending practices, documentation and policies.
Excellent analytical and problem solving skills are needed to find creative and effective solutions to collect on complex loan accounts.
Superior written, verbal and presentation skills to collaborate with external customers, vendors and all levels of management and staff.
Strong leadership skills, including the ability to train and motivate peers to achieve production goals.
Strong communication, organizational and time management skills.
People's United Bank - 15 months ago
People's United Financial is the holding company for People's United Bank (formerly People's Bank), which was founded in...