Loan Recovery Specialist

Five Star Bank•Rochester, NY

1d•$24 - $31•Hybrid

About The Position

The Consumer Loan Workout Specialist is responsible for the final disposition of charged off consumer and BBU debt to ensure maximum recovery of loan losses. This role involves conducting systematic reviews of charged-off loans, developing and implementing workout strategies, and facilitating disposition efforts with third parties such as attorneys and collection agencies. The specialist will also analyze performance reports, file claims in bankruptcy and estate cases, interpret financial data to identify attachable assets, and negotiate repayment strategies with debtors. Additionally, the role requires resolving credit bureau disputes and consumer complaints, approving remittances, and upholding the bank's customer service standards.

Requirements

High School Diploma.
3+ years of experience in Banking, Credit Union, Collection Experience, or Underwriting.
Knowledge of all Consumer loan products: Installment, Lines of Credit, Residential Loans, Home Equity Lines and Loans, Second Mortgage Loans, Government Guaranteed Loans, and BBU and SBA Guaranteed loans.
Knowledge of Bankruptcy laws, courts and document filing.
Knowledge of State and Federal compliance mandates and due diligence requirements as governing tools to be applied to Collection Practices, Fair Lending, Privacy, SCRA, UDAAP, CFPB, Servicer Requirements, and Bank Policy and Procedures.
High degree of accuracy and organizational skills.
Thorough knowledge of JH Xperiance and Loan System.
Proficient in Microsoft Office, Excel, Applications, with the ability to learn new and existing software.
High level of verbal and written communication skills.
Ability to effectively work with peers, management, and all external contacts.
Must be able to conduct meaningful and productive client interactions.
Must be well acquainted with the various Loan Notes and Contracts, Guaranty Agreements, UCC filings, Personal Guaranty’s, and Collateral Documents, for further attachment enforcement.
High degree of analytical skills to address complex problem solving.

Nice To Haves

Associates Degree preferred.

Responsibilities

Conduct systematic review of charged off Consumer, Residential and BBU loans.
Develop and implement workout strategies and plans for in-house recovery of losses.
Analyze best practice and best courses of action for maximum recovery through referral to attorneys, credit collection agencies, and other 3rd parties.
Facilitate and direct the final disposition efforts with attorneys, collection agencies, credit bureaus, outside legal counsel and other 3rd parties.
Prepare and forward referrals and supporting documentation.
Recommend summary judgments, Confessions of Judgment, and Stipulations.
Follow up to ensure prompt placement and perform due diligence to guaranty the timely processing of Demands, Summons & Complaints, Judgments, and other enforcement options.
Perform as liaison to attorneys, trustees, courts, and collection agencies to provide on-going instruction, follow-up and record updating and all communication.
Convey expectations for performance.
Collaborate with internal and external clients as well as outside counsel and advisors on a daily basis.
On a quarterly basis request, review and analyze attorney and agency performance through on-line access when available, activity reports, and actual account review.
Perform on-going instruction with instructions for additional work; follow-up and record updating, document all communication – verbal and written.
On an annual basis, assist in the physical audit of attorney firms and collection agencies.
File claims with courts: Bankruptcy, and Estate.
Prepare and submit claims.
Follow up to ensure timely receipt and filing.
Contact Attorneys and Trustees to resolve questions and disparities in proposed plans.
Analyze and interpret Credit Bureau reports, Business Bureau reports, and financial statements as well as other pertinent data to identify attachable assets.
Effectively negotiate repayment strategies, educate and counsel debtors on options and the implementation process for each option along with repercussions when further defaults occur.
Research, analyze and resolve Credit Bureau disputes and Consumer complaints.
Maintain all documentation and activity logs.
Review and approve all attorney and agency remittances to ensure payments and fees are accurately presented.
Closely monitor third party payments and fees to ensure maximum monetary return.
Demonstrate the standards and principles of the Five Star Bank experience in every interaction with internal and external customers, associates, and stakeholders.
Incorporate the high-performance behaviors of teamwork, leading by example, and service in every facet of work.
Perform other duties as assigned.

Benefits

Medical, Dental, and Vision Insurance
Health Savings Account
Flexible Spending Account(s)
Company Paid Life Insurance, Long-Term Disability, and Short-Term Disability
Voluntary Offerings: Life, Critical Illness/Specified Disease, Accident, Hospital Indemnity & Personal Accident
Tuition Reimbursement
Employee Referral Program
Wellness Reimbursement Program
Star Volunteer Program
Employee Banking and Financial Perks
Flexible Hybrid Work Schedule
Paid Time Off (PTO)
Company Paid Holidays