Collections Specialist

Medallion Bank•Salt Lake City, UT

9d•Hybrid

About The Position

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!

Requirements

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.
High school diploma or equivalent required
Minimum of 1-2 years of experience in collections, subprime lending, or consumer finance

Nice To Haves

Bilingual (Spanish) is a plus
experience with delinquent loan recovery preferred

Responsibilities

Responsible for managing a portfolio of delinquent subprime consumer loans, with the primary objective of minimizing losses through effective collections strategies.
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.
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.
Utilize various tools and techniques to locate borrowers and encourage repayment of past-due accounts.
Accurately document all collection efforts, customer interactions, and payment commitments in the loan servicing system.
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.
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.
Ensure all collection activities comply with federal, state, and local regulations, including the Fair Debt Collection Practices Act (FDCPA) and company policies.