The Loan Collector is responsible for the daily collection of payments on assigned delinquent accounts by reviewing documentation, system information, contacting the customer by telephone and/or written correspondence, and arranging repayment schedules in order to minimize loss to the bank.
ESSENTIAL DUTIES & RESPONSIBILITIES include the following; other duties may be assigned.
Works assigned queues to collect delinquent accounts by phone or mail
Negotiates arrangements with the customer to bring accounts current
Documents Collector activity and maintains records/notes/comments within the Collection system
Produces appropriate delinquent/collection letters per established guidelines
Works closely with the customer on repayment programs
Responds to customer inquiries, requests, and problems
Skip Tracing as required to locate the customer contact information
Prepares and submits loan accounting system maintenance requests
Prepares and submits Change in Terms
Insurance processing (understand and discuss forced place insurance policies, payment changes, and refunded
As applicable, works closely with Investors and/or Insurers to resolve delinquencies
As applicable, keeps up to date on Investor and/or Insurer policy changes
Maintains delinquency ratios per established goals
Exhibits an understanding of applicable federal regulations, policies, and procedures necessary to correctly collect the debt as well as regulatory and/or Investor requirements
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
EDUCATION and/or EXPERIENCE
High School diploma or equivalent required. Prefer one or more (1+) years of experience in a financial institution with a focus on lending, collections, and/or customer service activities.
OTHER SKILLS & ABILITIES
Computer skills essential, including Word, Excel, and Outlook. Requires initiative and solid judgment with oral/written communication skills including facilitation. Ability to prioritize work and remain adaptable under pressure. Good time management and organizational skills evidenced in previous assignments. Self-starter and works under Supervisor/Team Lead direction and has strong verbal and written communication skills. Ability to appropriately escalate issues requiring problem-solving and decision making
Ability to read and interpret documents such as safety rules, operating and maintenance instructions, and procedure manuals. Ability to write routine reports and correspondence. Ability to speak effectively before groups of customers or employees of organizations.
Ability to calculate figures and amounts such as discounts, interest, commissions, proportions, percentages, area, circumference, and volume. Ability to apply concepts of basic algebra and geometry.
Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists. Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form.
While performing the duties of this job, the employee is regularly required to walk and talk or hear. The employee frequently is required to stand and sit. The employee is occasionally required to use hands to finger, handle, or feel; reach with hands and arms; and stoop, kneel, crouch, or crawl. The employee must frequently lift and/or move up to 50 pounds. Specific vision abilities required by this job include close vision.
The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
The noise level in the work environment is usually moderate.