Late Stage Collection Specialist

WSFS Bank • Philadelphia, PA

2d • $48,416 - $79,542 • Hybrid

About The Position

NewLane Finance Company (“NewLane”) is a commercial equipment finance company, serving small and mid-size businesses nationwide. Our mantra is "Business Lending Done Right". Our strategy is to revolutionize small business lending by employing the latest technology and a motivated workforce to deliver fair and transparent financing solutions to businesses with unmatched levels of speed, convenience, and customer service. Our products and services are offered to businesses primarily through financing programs with equipment manufacturers, distributors, and dealers. NewLane is a subsidiary of WSFS Bank, a $20+ billion financial organization. NewLane is seeking an experienced Late-Stage Collections Specialist with strong skills in, but not limited to, ability to achieve targeted delinquency goals, effective communication, problem solving, attentiveness, and personal time management. The qualified candidate must possess an energetic, courteous, and professional demeanor. This position will be reporting to NewLane’s Collections Manager. NewLane’s Values: Integrity Passion Teamwork Commitment to Excellence The primary goal of NewLane’s Collections Team is to maximize the recovery of outstanding balances with diligence, consistency and integrity while supporting organizational goals and fostering collaboration within our team and company all while keeping delinquency and losses within plan. This is a hybrid position working in our Philadelphia office 3 days a week (Tuesday—Thursday) with 2 days a week remote.

Requirements

• Bachelor’s degree in business/finance or equivalent preferred.
• Minimum of 5+ years of financial services collections experience with (3) or more as a late-stage collection agent.
• High-volume business to business collection experience is a must.
• Understanding of equipment leasing terminology and documentation.
• Strong understanding of accounts receivable, payment application, and account reconciliation
• Strong proficiency in Aspire, SalesForce in addition to advanced skills in MS Office—especially Tableau, PowerPoint, and Excel (Pivot Tables and V-Lookups).
• Customer service orientation, adhering to the core values and behaviors of NewLane.
• Creative thinker and key contributor to developing and deploying collections strategies and tactics to late-stage collections.
• Excellent analysis skills—able to review metrics, results and recommend changes or alternative work efforts to combat delinquency and losses.
• Strong prioritization and execution skills
• Process improvement skills include the ability to use process improvement tools and methodologies to advance the Collection’s function.
• Technical aptitude with strong, logical, problem solving and decision-making skills.
• Highly organized and meticulous with the proven ability to multi-task.
• Strong written and verbal communication and people skills and ability to work with various staff levels within the organization.

Responsibilities

• Reporting to the Collections Manager, the Late-Stage role is responsible for collecting and managing a portfolio of 31+ delinquent accounts.
• The qualified candidate will be accountable for achieving their monthly and quarterly individual and team delinquency and loss goals.
• The qualified candidate will be involved with charge-offs, settlements, early-stage repossession, working with Asset management and our Legal Department.
• This role requires self-motivated individual with a hands-on and create problem solving skills.
• Manage assigned portfolio to department delinquency and loss goals which are aligned with NewLane’s financial budget.
• Responsible for actively monitoring their individual assigned queue, prioritizing calls, updating leadership on relevant developments, and ensuring productivity matches goals.
• Ensure individual delinquency and loss goals are understood, and all activity is aligned to achieve the overall corporate objectives.
• Assist Collections Manager and Team Leader with the management of the potential late-stage charge-off population to meet or exceed monthly goals.
• Provide timely and proactive forecasting of delinquent accounts to the Collection Manager.
• Monitor individual collection activity, identifying trends, and report on the status of outstanding balances.
• Maintaining accurate, concise records of all communications with customers in NewLane’s Servicing platform (Aspire), including detail notes on delinquency reason and follow up activities.
• Ensure all collection tools are proactively utilized such as: site inspections, legal demand/repossession letters, payment arrangements, and settlements.
• When needed, analyze corporate and personal financial data, asset values and other relevant information to assess the appropriate course of action to optimize amounts collected.
• Use innovative strategies and campaigns to reach customers.
• Collaborate with Credit, Sales, Legal and Operations on implementation of strategy and account treatment.
• Use cross-functional resources as needed—including Recovery, Asset Management, and Credit.
• Participate in monthly weekly team meetings and delinquent account reviews with Collections Manager highlighting high balance accounts, monthly progress and forecast outlook.
• Identifying and escalating complex or unresolved collection issues to appropriate personnel.
• Serves as key resource and Subject Matter Expert (SME) for all collection items related to late-stage collections.

Benefits

• WSFS provides a competitive benefits package, which includes medical, dental, and vision coverage; a 401(k) plan; life, accident, and disability insurance; flexible spending accounts (FSAs) and health savings accounts (HSAs); and wellness programs.
• Additional benefits may include paid parental leave, military leave, vacation and other paid time off, sick leave in accordance with applicable state laws, and paid holidays.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level