Loan Collections/Loan Operations Specialist (74967)

Main Street Bank•Marlborough, MA

8d•$27 - $36•Hybrid

About The Position

Under the general direction of the VP Loan Servicing & Collections Manager, the Loan Collections/Loan Operations Specialist is responsible for performing collection activities on delinquent residential and consumer loans. Follows up on problem accounts from preliminary phone calls through foreclosure as necessary. Reviews delinquent accounts and directly contacts customer to resolve delinquencies. Utilizes various techniques as circumstances come up to resolve the delinquency by collecting funds, making financial arrangements, or discussing loss mitigation alternatives. As part of the loan servicing team, this position will provide support on other job functions within the Loan Operations area performing a variety of administrative duties in support of the Commercial, Residential and Consumer loan portfolio in accordance with bank procedures and regulatory policies. Additionally, it is expected that this position will actively participate in initiatives that support the banks strategic plan while embracing the established sales and service culture to maximize their contribution to the bank’s goals. After successful completion of training and proven abilities, this position is eligible for a hybrid work arrangement with an agreed upon number of days per-month on site. Consistent availability is expected during core business hours. Work outside of regular business hours requires approval on an as needed basis to meet deadlines and fulfil the needs of both internal and external customers.

Requirements

High school diploma or equivalent with 5+ years’ experience in consumer and/or mortgage collections in a financial institution preferred and/or an operational environment.
Knowledge of Fair Debt Collection Act, Fair Credit Reporting Act and other applicable collection laws
Solid understanding of the Federal and State Regulations
Knowledge Working knowledge of FNMA and FHLMC Default Management guidelines.
Understanding of investor delinquent reporting requirements, policies, and procedures
Solid understanding of court related procedure
Understanding of collection processes and compliance
Solid understanding of Bankruptcy and Charge off processes and procedures
Good working knowledge of Data Processing Systems required (FIS preferred)
Proficient in Microsoft Office Suite products, Outlook, and the Internet
Ability to multi- task, organize, work independently, accomplish tasks, and meet deadlines despite frequent interruptions in a fast-paced environment while maintaining attention to detail.
A curious mindset that allows you to constantly learn and challenge the status quo.
Solid understanding and application of administration activities with an understanding of office procedures and ability to operate standard office equipment.
To maximize the ability to reach customers, this position requires flexibility in work scheduling.
Critical thinker who can digest complex problems, articulate risks and mitigating factors, navigate situations involving the need for trade-offs, and recommend solutions which meet the needs of all stakeholders
Highly detailed, organized and professional
Strong problems solving abilities and superior follow up skills
Ability to multi-task, prioritize and organize.
Strong communication and relationship builder
Demonstrated success in using constructive negotiation and persuasive communication to efficiently address and resolve delinquency issues.
Remain professional, patient, and resilient during difficult interactions.
Demonstrated capability to establish trust, assess issues, develop effective solutions, and uphold a positive and responsive approach in verbal, video, and written communications with debtors and stakeholders.

Responsibilities

Assumes responsibility for the effective and professional performance of collections’ functions in accordance with policy and procedures and secondary market investor guidelines.
Follows up on delinquent reports and notices by telephone, personal contact, and prepares all required collection letters, Right to Cure/Demand notices to secure a satisfactory resolution to repayment.
Determines customers’ ability to pay, obtain reason for delinquencies and works directly with Management towards permanent solutions to resolve delinquency e.g., deferrals, short term repayment plans, as well as formal loss mitigation plans, modifications, and liquidation options.
Minimizes losses by early actions.
Discusses possible financial arrangements or loss mitigation alternatives to Manager
Continues collections activities until loan becomes a bankruptcy account, is referred for foreclosure and becomes an attorney account.
Refers and reports accounts for legal actions to Manager.
Keeps Management and Watch Asset Committee informed of activities, progress attained toward established objectives, and of any significant problems.
Responsible for Delinquency Management, Default Prevention and Default Reporting related to FNMA and FHLMC guidelines and Fair Debit Collection Practices in accordance with investor guidelines as assigned
Monitors and tracks the activities of residential and consumer loans qualifying under the Servicemembers Civil Relief Act and the Military Lending Act
Documents and updates the Collection System while establishing tickler files of all collection actions taken, including telephone conversations.
Assumes responsibility of related duties as required or assigned such as credit disputes and delinquent tax tracking.
Recommends and prepares charged off and Total Debt Restructure (TDR) memo to Management Loan Committee and Executive Board and/or Board of Directors and performs required loan maintenance within the Bank’s core system
Monitors and performs necessary maintenance on bank’s core system for loans in Bankruptcy to ensure customer is in compliance with the bankruptcy plan and that the bank adheres to investor guidelines and timeframes.
Maintains property inspection records compliant with MGL requirements.
May perform and document physical drive-by inspections on delinquent borrowers and assist with monitoring of real estate tax delinquencies.
Perform basic Loan Operation tasks to support Loan Operations team members and acting as a back up to daily functions: Following retention guidelines, ensure all documents associated with tasks are scanned/imaged and archived into the cold storage system and Encompass overseeing the integrity, quality, and location of the documents.
Quality Control performing various loan maintenance/transactions to Bank’s core system related to Loan Operations Functions to include but not limited to: Loan Payments, Unapplied Funds, Payoff/Discharge, converting HELOC to repayment schedule and Autopay/ACH setup.
Reviews assigned daily reports against source documents resolving all discrepancies, ensuring the quality and integrity of information entered into the Bank’s core system is accurate as established in policy and procedures.
Ensure assigned general ledgers accounts are balanced on time researching all out of balance situations and working with team to understand reasons why.
Keep abreast of regulatory changes to ensure compliance in the areas of job responsibilities, and recommend improvements or changes as needed for compliance and/or for department efficiency
Effectively use tools and systems to be able to self-manage, organize, and complete work independently, proactively recognizing potential obstacles resolving them before they become an issue, managing to deadlines, creating action plans when not on track, enabling job functions to happen with minimal oversite and meeting conditions of satisfaction.
Readily volunteer and accept assignments to special tasks established to address specific issues and opportunities.
Use discretion in dealing with large amounts of sensitive, confidential information, while adhering to all Bank policies and procedures, consistently demonstrating our core values and service standards.
Regular and consistent attendance is required to continue the high standard of customer service.
In the performance of respective tasks and duties, the employee is expected to maintain knowledge of and ensure compliance with Bank Secrecy Act regulations and adheres to compliance procedures and internal/operational risk controls in accordance with all applicable regulatory standards, requirements and policies as well as attending all required training sessions and completing all required on-line training courses.
Other duties as assigned, performing similar or related work as directed, required, or as situation dictates.