Collection Officer

Bell Bank•Bloomington, MN

About The Position

This position maintains the Bank’s delinquent accounts at an acceptable level. This position ensures that all repossessions, foreclosures, and collections are handled in a fair, considerate, and professional manner and that we are in compliance with all laws and regulations. This position is part of the Collection Team and works closely with other departments.

Requirements

B.A. in accounting, finance, or related field.
Three to five years of collection experience including residential real estate collection experience.
Working knowledge of loan documentation.
Proficiency with computer technology.
Ability to be a self-starter and work without direct supervision as this may include nights and weekends.
Effective time management and organizational skills.
Ability to work flexible hours as needed.

Responsibilities

Receive and review a computerized listing of all delinquent loans daily that you are assigned to work.
Report the status and any workout arrangement on the delinquent accounts in the Collection software.
Communicate with delinquent borrowers, attempting to obtain late payments, using various means of contact such as telephone, letters, and personal visits. This individual will primarily be responsible for collection of consumer purpose loans and/or residential real estate loans. This individual will also be responsible for overseeing the collection efforts of other assigned portfolios.
Utilize methods of collection under terms of the loan contract depending on the feasibility and applicability of each case if initial collection attempts do not secure required payment. This may entail extending due dates or refinancing of delinquent loans with input from the officer and their manager. This also may involve repossessing the collateral on secured items if the delinquent situation requires such action.
Properly document all collection calls, promises by the customer, any action taken, etc. Documentation must be in compliance with requirements of rules and regulations for specific portfolios (such as repossessions, foreclosures or FNMA loans).
Oversee repossessions on assigned accounts to ensure they are handled in a satisfactory manner. Document all notices sent to the customer, inspections of the repossessed property, sale of the repossessed property, and follow up on any deficiency balance.
Assist in the administration of consumer bankruptcy. Work with the bankruptcy trustee on any reaffirmation agreements, workout agreements, surrendering of the collateral, etc.
Assist with administering the Bank’s overdraft policy. Monitor overdrawn checking accounts and work with the appropriate officer to collect or charge off accounts as needed. Determine when the accounts will be charged off and sent to collection and Chex Systems.
Submit charged off loan accounts for collection when all of collection efforts have been exhausted.
Work with Deposit Services on levies/garnishments to determine the bank’s rights and whether we will apply any available funds towards the levy/garnishment or loans in default at the bank. Communicate with Deposit Services and Loan Servicing – Payment Processing on the application of funds and notices required to be provided to the customer or the entity presenting the levy/garnishment.
Work with the Special Assets Manager, SVP/Loan Administration and the Bank’s legal counsel on any loans where foreclosure proceedings may need to be initiated. Ensure Bell Bank is in compliance with all applicable laws and regulations as well as accounting guidelines.
Assist Commercial/Ag Loan Officers on the collection of commercial/agricultural loans on an as needed basis. This may include attending meetings with the customer and legal counsel to determine an appropriate workout plan.
Assist the Special Asset Manager in the preparation of the Problem Loan Agendas for the departments/locations that are assigned to you.
This position may require some after-hours work and some weekends. Must be able to work flexible hours.
Know by name and face as many customers and employees as possible, calling them by name as often as possible.
Know and practice LOCBUTN, our Golden Rules, and Bell Bank Customer Service Standards.
Know, understand, and live the company values and bottom line.
Conduct activities consistent with established Bell Bank policies, procedures and systems, the Bell Bank Employee Conduct policies, the Bank Secrecy Act and all applicable state and federal laws and regulations.
All employees are responsible for information security, including compliance with policies and standards which protect sensitive information.
Prompt and reliable attendance.
Perform other duties as assigned.