Portfolio Collections Specialist

Who we are:

At Medallion Bank we finance fun We are an industrial loan bank that specializes in providing consumer loans for the purchase of recreational vehicles, boats, home improvement, and offering loan origination services to fintech partners. We work directly with thousands of dealers, contractors and financial service providers serving their customers throughout the United States. Medallion Bank is a small company with a big impact. We recognize our employees as our greatest asset and have a culture to prove it

How You Will Support The Team:

We are seeking a highly motivated and results-driven Collections Specialist to join our team. This role is responsible for managing a portfolio of delinquent subprime consumer loans, with the primary objective of minimizing losses through effective collections strategies. The ideal candidate will possess strong negotiation skills, a customer-focused approach, and the ability to work in a fast-paced environment while adhering to company policies and regulatory guidelines.

What We Are Looking For:

• Loan Recovery & Delinquency Management: Proactively contact delinquent customers via phone, email, and written correspondence to secure payments and bring accounts current. Establish contact with borrowers and set up repayment terms that are manageable for the customer and acceptable to the bank.
• Negotiation & Payment Arrangements: Work with customers to understand their financial situations and negotiate appropriate payment arrangements while maintaining compliance with company policies and regulations. Engage in skip tracing efforts to locate borrowers as well as collateral, to enable productive collection efforts.
• Skip Tracing & Investigations: Utilize various tools and techniques to locate borrowers and encourage repayment of past-due accounts.
• Documentation & Recordkeeping: Accurately document all collection efforts, customer interactions, and payment commitments in the loan servicing system.
• Customer Service & Retention: Provide professional and empathetic customer service while balancing the need for collections and recovery. Build relationships with borrowers and promote a successful loan experience despite difficult circumstances.
• Collaboration: Work closely with internal departments, including underwriting, customer service, and legal teams, to develop and execute effective recovery strategies. Determine appropriate next steps which may include the assignment of repossession, litigation, or involvement with other third-party vendors.
• Properly and accurately document account activities.
• Make recommendations to management regarding accounts needing additional attention.
• Contribute to a positive and mutually beneficial cohesion with team members. Assist in other areas of the department as required by business needs.
• Compliance & Regulatory Adherence: Ensure all collection activities comply with federal, state, and local regulations, including the Fair Debt Collection Practices Act (FDCPA) and company policies

You would be a GREAT fit with these skills:

• Responsible, honest, and strong work ethic.
• Behave in a professional manner, maintaining appropriate relationships with coworkers and colleagues.
• Ability to handle difficult conversations professionally
• Detail-oriented with strong organizational skills
• Professionally answer incoming calls and assist the caller effectively.
• Ability to nurture and manage business relationships with third party loan servicer and other vendors.
• Excellent verbal and written communication skills
• Proficiency in Microsoft Office Suite
• Ability to successfully work in a team environment.
• Bilingual (Spanish) is a plus

Preferred Level of Experience:

• Education: High school diploma or equivalent required
• Experience: Minimum of 1-2 years of experience in collections, subprime lending, or consumer finance; experience with delinquent loan recovery preferred.

What's in it for YOU?

• Environment: Office-based, with the ability to work from home 2 days a week after introductory period
• Shift: Full time, 35-40 hours per week
• May require evening and weekend availability based on business needs
• Comprehensive benefits including medical, dental, vision, disability, and life insurance
• 401K with a company match
• PTO including 11 federal paid holidays off, vacation time and sick time
• Financial Wellness Program
• Volunteer Opportunities
• Awesome company culture and co-workers who love to work here - 30% of our employees have worked at Medallion Bank for 10 years.
• Work Life Balance - We don't use that term lightly
• Company Wide Open Door Policy

Please note that if selected, you are required to pass a pre-employment background check and maintain a clear background.

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