Debt Recovery Specialist
1 month ago
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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