Debt Recovery Specialist

1 month ago


Glen Cove, New York, United States First Central Savings Bank Full time
Job Title: Debt Recovery Specialist

Overview

The First Central Savings Bank seeks an experienced Debt Recovery Specialist to join its team. This role plays a critical part in maintaining collections and assisting with portfolio management tasks.


Job Summary

We are looking for a skilled professional fluent in Mandarin who can work closely with the FVP-CRM to control delinquency levels on commercial and residential loans, accrual, and non-accrual loans.


Key Responsibilities

Collections Duties:

  • Maintain effective collection efforts to minimize delinquency levels on various loan types.
  • Collaborate with FVP-CRM to manage delinquency and develop strategies for loan recovery.
  • Work with assigned attorneys to handle bankruptcy, serious collection, foreclosure, and REO matters.
  • Issue correspondence to delinquent borrowers and guarantors as necessary, including collection letters and right-to-cure notices.
  • Conduct site visits and inspections as directed by senior management to assess loan positions and coordinate loss mitigation efforts.
  • Coordinate third-party site visits, appraisals, environmental, or engineering engagements as required.
  • Prepare credit memos requesting approvals for loss mitigation efforts on problem loans.
  • Collaborate with senior management and outside counsel to document forbearance, workout proposals, or loan restructuring to ensure compliance with bank-approved terms and conditions.
  • Coordinate note sales with investors and their attorneys.
  • Assist in preparing monthly and quarterly reports for management and regulatory purposes.
  • Review financial statements, tax returns, rent rolls, title reports, appraisals, and property inspection reports as needed.
  • Manage vendors to secure REO properties and other bank assets, such as insurance carriers, locksmiths, engineers, plumbers, electricians, painters, and architects.
  • Obtain litigation status reports and prepare submissions to senior management.
  • Review third-party invoices for accuracy.
  • Research state and local building department records as necessary.

Loan Administration Duties:

  • Perform various credit administration and portfolio management duties related to supporting lending loan assets.
  • Assist with other projects as assigned and necessary.

Requirements

To be successful in this role, you should have a strong understanding of debt recovery principles and practices. The ideal candidate will be highly organized, possess excellent communication skills, and be able to work effectively in a fast-paced environment.


Estimated Salary Range:

$65,000 - $85,000 per annum, depending on experience and qualifications.


About Us

The First Central Savings Bank is a leading financial institution dedicated to providing exceptional customer service and delivering innovative banking solutions. Our mission is to build long-term relationships with our customers and communities through trust, integrity, and expertise.



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