Loan Workout Specialist (Part-Time)

CFSB•Benton, KY

About The Position

This is a part-time role focused on managing delinquent client accounts and mitigating losses. The specialist will establish and maintain contact with delinquent clients, assess their financial situations, and recommend appropriate workout solutions. This includes processing payments, setting up alternative arrangements, and documenting all collection activities. The role also involves preparing regulatory notices, maintaining relationships with dealer partners, and managing charged-off accounts.

Requirements

Establish and maintain weekly contact with delinquent clients through telephone, written correspondence, and other approved communication channels.
Maintain accurate customer contact information, including phone numbers, addresses, emails, and other relevant details.
Contact clients during the early stages of delinquency (approximately 10-30 days past due) and assist with payment processing, recurring payment setup, and alternative payment arrangements.
Assess client financial situations and identify appropriate escalation opportunities when long-term or permanent hardships are present.
Evaluate borrower financial circumstances and recommend appropriate workout solutions, including loan modifications, extensions, deferments, repayment plans, settlements, and other loss mitigation alternatives.
Accurately document all collection activities, client interactions, and account updates within the JHA Collection System.
Prepare and send all required regulatory notices and correspondence in compliance with applicable state and federal laws.
Develop and maintain knowledge of collection, repossession, and regulatory requirements applicable to assigned responsibilities.
Build and maintain positive working relationships with dealer partners through regular communication and responsive support.
Prepare and distribute weekly account status and delinquency reports to dealers & communicate any collection efforts since the previous week.
Process contract reassignments to dealers and execute related collateral documentation.
Prepare and send Letters of Guarantee to insurance companies as required.
Minimize losses on charged-off deposit accounts by negotiating and administering repayment arrangements with clients.
Refer charged-off deposit accounts to external collection agencies when appropriate and in accordance with established procedures and communicate any payments made directly to CFSB.
Complete all assigned tasks, training programs, and continuing education requirements within established deadlines.
Adhere to all CFSB policies, procedures, regulatory requirements, and performance standards.
Perform additional duties and responsibilities as assigned by the Team Leader.

Responsibilities

Establish and maintain weekly contact with delinquent clients through telephone, written correspondence, and other approved communication channels.
Maintain accurate customer contact information, including phone numbers, addresses, emails, and other relevant details.
Contact clients during the early stages of delinquency (approximately 10-30 days past due) and assist with payment processing, recurring payment setup, and alternative payment arrangements.
Assess client financial situations and identify appropriate escalation opportunities when long-term or permanent hardships are present.
Evaluate borrower financial circumstances and recommend appropriate workout solutions, including loan modifications, extensions, deferments, repayment plans, settlements, and other loss mitigation alternatives.
Accurately document all collection activities, client interactions, and account updates within the JHA Collection System.
Prepare and send all required regulatory notices and correspondence in compliance with applicable state and federal laws.
Develop and maintain knowledge of collection, repossession, and regulatory requirements applicable to assigned responsibilities.
Build and maintain positive working relationships with dealer partners through regular communication and responsive support.
Prepare and distribute weekly account status and delinquency reports to dealers & communicate any collection efforts since the previous week.
Process contract reassignments to dealers and execute related collateral documentation.
Prepare and send Letters of Guarantee to insurance companies as required.
Minimize losses on charged-off deposit accounts by negotiating and administering repayment arrangements with clients.
Refer charged-off deposit accounts to external collection agencies when appropriate and in accordance with established procedures and communicate any payments made directly to CFSB.
Complete all assigned tasks, training programs, and continuing education requirements within established deadlines.
Adhere to all CFSB policies, procedures, regulatory requirements, and performance standards.
Perform additional duties and responsibilities as assigned by the Team Leader.