Collections Specialist

Position Summary:

The Collections Specialist is responsible for managing delinquent retail accounts, ensuring timely recovery of outstanding balances while maintaining compliance with regulatory requirements and delivering exceptional GUEST experience. This role involves proactive communication with customers, negotiation of repayment arrangements, and collaboration with internal teams to minimize credit risk.

RESPONSIBILITIES:

• Monitor and manage delinquent accounts, including mortgage loans, consumer loans, credit cards, and deposit overdrafts. From time to time, may also be asked to assist on commercial accounts.
• Contact customers via phone, email, and written correspondence to resolve past-due accounts and negotiate repayment plans.
• Assess customer financial situations and recommend appropriate solutions, including payment extensions, restructuring, or hardship programs.
• Document all collection activities accurately in the bank's systems and maintain compliance with internal policies and applicable regulations (FDCPA, UDAAP, etc.).
• Escalate accounts for legal action or repossession when necessary, following established guidelines.
• Collaborate with branch staff and other departments to resolve customer issues and prevent future delinquencies.
• Prepare reports on collection activities, delinquency trends, and recovery performance for management review.
• Stay informed on industry best practices, regulatory changes, and collection strategies.
• Develop and maintain process documentation around collection activity and the duties of the subject role.
• Assist with Secondary Market Delinquency Reporting and Workout Solutions.

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