Senior Loan Recovery Specialist

4 weeks ago


Oconomowoc, Wisconsin, United States Bank Five Nine Full time
Job Overview

Bank Five Nine is seeking a highly motivated and experienced Senior Retail Loan Collector to join our team. As a key member of our collections team, you will be responsible for proactively reaching out to customers who are at risk of missing payments to help them arrange their loan or delinquent tax payments.

This is a challenging and rewarding role that requires strong communication and negotiation skills, as well as the ability to work independently and as part of a team. You will be managing and working to resolve cases involving long-term delinquent or distressed loans, as well as negotiating high-risk accounts that are over 90 days past due.

Key Responsibilities
  • Review daily delinquency reports and contact customers regarding payments
  • Follow up on missed payment arrangements and other borrower commitments directly with the customer and document the communication
  • Analyze the extent of the potential loss created by the troubled loan, identify the problems and provide meaningful input into the plan for resolving the problems
  • Create and track standard repayment agreements while maintaining focus on directed calling campaigns and skip tracing events
  • Contact customers to pursue workout or other default resolution options
  • Identify resolutions such as forbearance agreements, loan modifications, short payoffs, deeds in lieu of foreclosure and legal settlement
  • Pursue default resolution options on loans that are in a delinquent, foreclosure, bankruptcy and/or claims status
  • Make recommendations to management for approval or denial of loan resolution strategies as necessary
  • Work directly with customers to set up/resolve issues with on-line or auto withdraw payments
  • Monitor and track delinquent loans for all investors and report on regular schedule/when needed
  • Work with CRM support group to create and maintain servicing/collections reporting needed to effectively manage processes and reduce risk
  • Monitor that all collection policies/procedures are being created, updated and followed
  • Onboard new servicing and collection vendors as needed
  • Track, manage and assist in selling REO
Requirements
  • Bachelor's Degree or equivalent experience
  • A minimum of 2 years' experience in collections
Preferred Qualifications
  • Experience with FNMA mortgages from collecting payments through workout options such as: modifications, deed-in-lieu, short sales, repayment plans, etc.
  • Comprehensive knowledge of resolution strategy and the ability to identify cash flow potential in order to reduce risk and control delinquency
  • Experience with skip-tracing and charged-off debt collection
  • Experience in loan servicing in a bank environment


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