Education/Training: A B.S. or B.A. degree in a related field of study preferred; specialized resource recovery training. Skill(s): Proficient reading, writing, grammar, and mathematics skills; proficient interpersonal relations and communicative skills; a thorough knowledge of regulations affecting the resource recovery function; valid driver's license. Experience: A minimum of two (2) years' experience in related positions normally required. General ResponsibilitiesResponsible for the Collection and Resource Recovery function, for loans serviced, with primary responsibility for Freddie Mac mortgage collections, in order to effectively collect past-due loans and to maximize the recovery of financial resources related to such credits; documenting all collection activity and recommendations for charge off of accounts deemed as bad debts; facilitates repossessions and the liquidation of the same; facilitates the directing of accounts for legal action; communicating with appropriate personnel; maintaining and providing assigned reports, reporting collections activity to various investors and insurers and assisting borrowers with loss mitigation options. Essential Duties
- Functions to effectively collect loans, including those serviced for Freddie Mac, that are past-due and to manage such accounts until account is returned to current status or determined that repossession, liquidation, legal action or all three are deemed appropriate (while adhering to Freddie Mac guidelines) with the intent to maximize the recovery of financial resources related to problem loan accounts. Follows bank and Freddie Mac guidelines in performing duties as follows:
a. Receives and reviews periodic computerized listing of all assigned delinquent loans.b. Performs direct collection services on selected accounts.c. Maintains the collection function in order to monitor the status of delinquent loans and to insure that holders of delinquent accounts are contacted.d. Facilitates collection activities in an attempt to obtain late payments, using various means of contact such as telephone, letters, e-mails; utilizes effective human relations skills and various forms of persuasion.e. Insures maximum efforts and alternate recovery resources have been taken before assigning account to bad debt status.f. Documents all collection actions taken, such as telephone conversations, alternative financial arrangements made, letters mailed, and so forth.g. Utilizes methods of resource recovery under terms of the loan contract, depending on the feasibility and applicability of each case if initial recovery attempts do not secure required payment; extends due dates or refers customers to proper lending personnel for refinancing of delinquent loans; after discussion with lender, assigns repossession of collateral on secured items if the delinquent situation requires such action.h. Directs the foreclosure of non-resolvable delinquent accounts, ensuring that all accounting entries are made to transfer the loan from an asset to a liability.i. Notifies customer of his/her rights and amount due; also informs customer of final sale, amount, and further obligation, if any.j. Reviews bank records and transactions to resolve misapplied payments, researching account transactions to ensure that payments are properly credited; evaluates payments (regular and irregular) being made on delinquent accounts and determines how the payment will be applied, i.e., principal, interest, escrow, and late charges, or payment is unacceptable.k. Locates customers with whom the bank has lost contact; tactfully and resourcefully tries to probe for information leading to the location of the delinquent customer.l. Contributes to the soundness of the loan portfolio through prompt collection of delinquent accounts.m. Maintains control over delinquencies with respect to a satisfactory percentage of past-due accounts.n. Develops, with management personnel and appropriate advisors, resource recovery strategies.o. Works closely with the bank's lenders to improve overall lending activities and the support these activities give to the resource recovery function.
- Abides by the current laws and organizational policies and procedures designed and implemented to promote an environment which is free of sexual harassment and other forms of illegal discriminatory behavior in the work place
- Cooperates with, participates in, and supports the adherence to all internal policies, procedures, and practices in support of risk management, overall safety and soundness, and the bank's compliance with all regulatory requirements, e.g. Community Reinvestment Act (CRA), Bank Secrecy Act (BSA), Equal Credit Opportunity Act, etc.
- Complies with established operating policies and procedures in order to maintain adequate controls and to support the bank's adherence to outside regulatory and investor requirements.
- Communicates with management and staff personnel in order to integrate goals and activities.
- Responds to inquiries relating to his/her particular area, or to requests from other bank personnel, customers, etc., within given time frames and within established policy.
- Maintains appropriate records and provides assigned reports.
- Cooperates with, participates in, and supports the adherence to all internal policies, procedures, and practices in support of risk management, overall safety and soundness, and the bank's compliance with all regulatory requirements, e.g. Community Reinvestment Act (CRA), Bank Secrecy Act (BSA), Equal Credit Opportunity Act, etc.
- Complies with established operating policies and procedures in order to maintain adequate controls and to support the bank's adherence to outside regulatory and investor requirements.
- Communicates with management and staff personnel in order to integrate goals and activities.
- Responds to inquiries relating to his/her particular area, or to requests from other bank personnel, customers, etc., within given time frames and within established policy.
- Maintains appropriate records and provides assigned reports.
- Performs tasks which are supportive in nature to the essential functions of the job,
- but which may be altered or re-designed depending upon individual circumstances.