Loan Recovery Specialist

Tompkins Community Bank•Passau, New York

10d•Onsite

About The Position

The Loan Recovery Specialist supports centralized recovery functions by driving borrower resolution strategies, loss mitigation, foreclosure prevention, and asset protection activities while helping minimize financial losses to the organization. This role coordinates with borrowers, internal partners, attorneys, agencies, vendors, investors, and other stakeholders to review borrower information and credit disputes, evaluate workout options, monitor repayment plans, forbearance plans, loan modifications, bankruptcies and collateral, execute repossessions, short sales, deed-in-lieu agreements, foreclosures OREO-related activities. The position also maintains accurate documentation and reporting, supports audit and examination readiness, and helps ensure recovery activities are completed in accordance with investor guidelines, organizational standards, regulatory requirements, and applicable state and federal laws.

Requirements

High School Diploma or equivalent required; minimum of four years of relevant experience in loss mitigation, collections, recovery, lending, or a related financial services function.
Demonstrated success in delivering high-quality customer service, particularly in complex or sensitive situations.
Ability to work independently while managing competing priorities and meeting established timelines.
Strong organizational, analytical, and attention-to-detail skills with the ability to produce accurate documentation.
Effective written and verbal communication skills appropriate for customer, vendor, and regulatory interactions.
Proven ability to analyze information and recommend solutions that support both borrower outcomes and organizational objectives.

Nice To Haves

Experience in a residential lending, mortgage servicing, or loss mitigation environment preferred.

Responsibilities

Strategize effective borrower engagement and loss mitigation strategies that promote alternatives to foreclosure or repossession while minimizing financial losses to the organization.
Ensure all collection, recovery, foreclosure, bankruptcy, and credit dispute activities are conducted in compliance with applicable laws, regulations, and internal policies.
Safeguard the bank’s collateral and recoverable assets through effective coordination of foreclosure, repossession, OREO, and recovery processes.
Maintain accurate documentation, system records, and reporting to support timely decision-making, audit readiness, and operational consistency.
Build productive working relationships with internal teams, attorneys, agencies, vendors, and borrowers to support efficient recovery outcomes.
Analyze and decision loss mitigation and deferral applications. Monitor compliance with repayment plans, forbearance plans, deferrals and loan modifications.
Educate borrowers on available options, process payments, and establish payment arrangements to cure delinquency.
Manage delinquent accounts through collections, repayment negotiations, charge-offs, and recovery efforts.
Handle bankrupt accounts in compliance with federal statutes, including preparing proofs of claim and related documentation.
Lead foreclosure and repossession processes, including preparation of referral files, coordination with vendors, asset maintenance, and approval of process and bid decisions.
Manage OREO and other collateral including, insurance oversight, maintenance and sale preparation.
Coordinate and monitor attorney, collection agency, and vendor relationships.
Manage referrals, remittances, reporting, and required regulatory filings, including 1099-C reporting.
Maintain accurate records, system codes, credit dispute documentation, and regulatory reporting.